Seagate, Veritas Shareholders Approve Merger

Shareholders of

Veritas Software

(VRTS) - Get Report

and

Seagate Technology

(SEG)

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

Nasdaq

trading.