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.
