Skip to main content

Seagate, Veritas Shareholders Approve Merger

  • Author:
  • Publish date:

Shareholders of

Veritas Software

(VRTS) - Get Virtus Investment Partners Inc. Report

and

Seagate Technology

(SEG)

approved the transaction with investment group

Silver Lake Partners

Scroll to Continue

TheStreet Recommends

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.