Seagate to Participate in Consortium Led by Bain Capital Private Equity to Acquire Toshiba Memory Corporation

  Seagate to Participate in Consortium Led by Bain Capital Private Equity to
  Acquire Toshiba Memory Corporation

            - Commits to Provide up to $1.25 Billion in Financing

          - Expects to Enter into a Long-Term NAND Supply Agreement

Business Wire

CUPERTINO, Calif. -- September 28, 2017

Seagate Technology plc (NASDAQ: STX), a world leader in storage solutions,
today announced its participation in the consortium led by Bain Capital
Private Equity that has entered into an agreement with Toshiba Corporation to
acquire Toshiba Memory Corporation ("Toshiba Memory"). In the agreement,
Seagate has committed to provide up to $1.25 billion in financing to support
the acquisition, to be provided at closing, which is expected by March 2018.
In addition, Seagate expects to enter into a long-term NAND supply agreement
with Toshiba Memory that will provide continuity of raw NAND for Seagate's
expanding SSD product portfolio. Seagate expects this transaction to be
accretive to its earnings.

"Over the course of many years, Seagate has developed an excellent long-term
relationship with Toshiba Memory, and we have always been impressed with their
consistent leadership in advancing NAND technology," said Steve Luczo,
Seagate's chairman and chief executive officer. "We are pleased and honored to
be part of the Bain Capital consortium and to help facilitate maintaining
Toshiba Memory as a world leading independent NAND technology company. We know
that Bain Capital is dedicated to the long-term success of Toshiba Memory and
believe this acquisition is in the long-term best interests of our industry
and of storage customers worldwide."

Luczo continued, "In the coming years, the storage industry will see
significant data creation and increased storage needs, and we must be able to
support those demands. Our NAND supply agreement with Toshiba Memory will
enable Seagate to continue innovating and providing customers with storage
solutions that fit their needs, be they HDDs, SSDs, or hybrid solutions."

"Seagate has developed its NAND storage technology portfolio over the last
five years and today the Company has a broad offering of flash-based products
that are ready to scale and grow across multiple markets," said Dave Mosley,
Seagate's president and chief operating officer. "Bolstering Seagate's NAND
supply through a long-term agreement with Toshiba Memory increases the
potential for meaningful future revenue growth from Seagate's SSD storage
portfolio while providing significant value for our storage customers."

Centerview Partners is acting as financial advisor to Seagate and Wilson
Sonsini Goodrich & Rosati Professional Corporation is acting as its legal
advisor.

About Seagate

Seagate creates space for the human experience by innovating how data is
stored, shared and used. Learn more at www.seagate.com. Follow Seagate on
Twitter, Facebook, LinkedIn, Spiceworks, YouTube and subscribe to our blog.

© 2017 Seagate Technology LLC. All rights reserved. Seagate, Seagate
Technology, and the Spiral logo are registered trademarks of Seagate
Technology LLC in the United States and/or other countries. All other
trademarks or registered trademarks are the property of their respective
owners. When referring to drive capacity, one gigabyte, or GB, equals one
billion bytes and one terabyte, or TB, equals one trillion bytes. Your
computer’s operating system may use a different standard of measurement and
report a lower capacity. In addition, some of the listed capacity is used for
formatting and other functions, and thus will not be available for data
storage.

Cautionary Note Regarding Forward-Looking Statements

Some of the statements and assumptions included in this press release are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as
amended, including, in particular, statements about our plans, strategies and
prospects, continuity of long-term NAND supply, demand for our products, our
product offerings, completion of Bain Capital’s acquisition of Toshiba Memory
Corporation and estimates of industry growth. These statements identify
prospective information and may include words such as “expects,” “intends,”
“plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,”
“may,” “will,” or negative of these words, variations of these words and
comparable terminology. These forward-looking statements are based on
information available to the Company as of the date of this press release and
are based on management’s current views and assumptions. These forward-looking
statements are conditioned upon and also involve a number of known and unknown
risks, uncertainties and other factors that could cause actual results,
performance or events to differ materially from those anticipated by these
forward-looking statements. Such risks, uncertainties and other factors may be
beyond our control and may pose a risk to our operating and financial
condition, and include the risks that the acquisition of Toshiba Memory
Corporation fails to be consummated and K.K. Pangea is unable to repay the
preferred stock when due. For additional information, please see the “Risk
Factors” section of the Company’s Annual Report on Form 10-K filed with the
U.S. Securities and Exchange Commission on August 4, 2017.

View source version on businesswire.com:
http://www.businesswire.com/news/home/20170928005552/en/

Contact:

Seagate Technology plc
Kristi Labrum, 801-631-2669
Corporate Public Relations Manager
kristi.labrum@seagate.com
Press spacebar to pause and continue. Press esc to stop.