Seagate, Veritas Shareholders Approve Merger
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.
