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Western Digital To Acquire Hitachi Global Storage

3/07/2011 09:28:30 AM Eastern

New York - Western Digital today announced it has entered into an
agreement to purchase Hitachi Global Storage.

The cash and stock deal is valued at about $4.3 billion. Western
Digital will pay Hitachi Ltd., the parent of Hitachi Global Storage, $3.5
billion in cash and $25 million in Western Digital stock. This will give
Hitachi Ltd. a 10 percent stake in Western Digital when the transaction is
completed.

The new company will retain the Western Digital name and remain
headquartered in Irvine, Calif., with Western Digital CEO John Coyne at the
helm.

Western Digital is the worldwide leader in hard-disk-drive unit
shipments, with Hitachi Global Storage No. 3, according to iSuppli. Seagate is
in second place.