Irvine, Calif. - Western Digital Corp. (WDC) has completed its acquisition of Viviti Technologies (formerly Hitachi Global Storage Technologies), effective March 8, for $3.9 billion in cash.
WDC said the deal also included 25 million shares of its common stock valued at approximately $900 million.
Hitachi Ltd. now owns approximately 10 percent of WD shares outstanding, and it has the right to designate two individuals to the board of directors of Western Digital, according to a release.
The new Western Digital will operate with WD Technologies and HGST as wholly owned subsidiaries. Aggregated revenues of the two companies in 2011 were $15 billion.
WD CEO John Coyne heads up the new office as the CEO. Steve Milligan will be president, Tim Leyden will be COO, and Wolfgang Nickl will be chief financial officer.