approved the transaction with investment group
Silver Lake Partners
that will take Seagate private.
In the proposed three-party transaction, Seagate's operating assets will be sold to a company formed by a group of private equity firms led by Silver Lake. The remainder of Seagate will be acquired by a Veritas unit.
The transaction, which is expected to close within the week, was valued at about $20 billion when it was announced in March.
Seagate's shares, which are listed on the
New York Stock Exchange
recently traded at $52.25, down $4.25, or 7.5%. Veritas fell $9.25, or 8.6%, to $98 in