Today Seagate Technology announced it has completed its previously announced acquisition of Dot Hill Systems, makers of innovative software and hardware storage systems.
Under the terms of the definitive agreement signed between Seagate and Dot Hill, an indirect wholly owned subsidiary of Seagate commenced a tender offer for all of the outstanding shares of Dot Hill in an all-cash transaction valued at $9.75 per share, or a total of approximately $696 million on a fully-diluted equity value basis.
The tender offer and the second step merger contemplated by Seagate’s definitive agreement with Dot Hill were completed on October 6, 2015. As a result, Dot Hill has become an indirect wholly owned subsidiary of Seagate and will no longer be listed for trading on the NASDAQ Global Market.
According to Seagate, Dot Hill will become part of its cloud systems and electronics solutions business
Seagate Technology PLC reported $13.74 billion in revenue in its last fiscal year, which ended in July. Dot Hill Systems, of Longmont, Colorado, had $217.7 million in revenue in 2014.