2005年12月21日,希捷和迈拓今天共同宣布,双方已达成共识进行合并,从而组成全球真正意义上的第一大硬盘厂商,预计此次交易涉及金额会达到19亿美元。
事实上,这和5年前迈拓耗资10.8亿美元并购昆腾的那场收购战惊人的相似。这一次,希捷也是以股票置换的方式进行购并,交易结束后,希捷为存续公司,迈拓则将逐渐消失在世界硬盘历史的长河中。
根据双方董事会约定,迈拓的股东可以用1股迈拓股票兑换0.37股希捷股票。此项交易完成之后,原希捷股东将拥有新公司84%股份,原迈拓股东则拥有新公司16%股份。希捷官方发言人表示,合并后的新公司将节省3亿美元的年度运行费用,并且可以带来更多的创新和动力。
据悉,新公司的名称将沿用“希捷”,而在交易结束后,新公司的董事长、首席执行官、总裁都将由希捷现任董事长、首席执行官、总裁继续担任,而迈拓现任总裁兼首席执行官 C.S. Park将担任新公司的事业部总经理。
据估计,此项交易将耗费希捷价值19亿美元的股票,而为了清盘,迈拓将耗费至少3亿美元。此项交易将在2006年下半年完成,交易完成之前,希捷和迈拓依然各自独立运营。
有趣的是,在希捷和迈拓联合声明发布之后,希捷官方网站已经在第一时间在醒目位置刊登了新闻,而迈拓官方网站则只字未提。
关于希捷:
希捷于1979年成立,它是首家专为台式电脑制造5.25英寸硬盘的公司。作为世界最大的硬盘、磁盘和读写磁头制造商,希捷公司处于信息世界的中心。希捷公司成功地依靠垂直整合策略——设计、开发和应用存储产品的核心技术,而不是单纯地依靠其它供应商。希捷的制胜关键是不断开发先进的硬盘驱动器产品。它在1英寸、2.5英寸、3英寸等不同尺寸规格的内接和外接产品领域都是市场的领导者。产品的存储容量从2.5GD 到500GB,应用范围从价格敏感的台式电脑、消费电子产品(从手持式设备到家庭影音设备)、便携式存储、笔记本电脑及企业网络服务器。希捷国际科技在以下地点拥有研发和制造厂:加利福尼亚州的硅谷、宾夕法尼亚州的匹兹堡、科罗拉多州的朗莫、明尼苏达州的布鲁明顿和谢科皮市、北爱尔兰和新加坡。在以下地点有生产和客户服务部门:加利福尼亚、科罗拉多、明尼苏达、俄克拉何马、北爱尔兰、中国、印度尼西亚、马来西亚、新加坡和泰国。
关于迈拓:
迈拓成立于1982年,专业提供世界领先的数据存储革新方案。产品包括3.5英寸硬盘驱动器、存储器、高性能伺服器及其相关消费电子产品。迈拓的销售网络遍布全球,在德国,英国,法国,新加坡,中国,印度,新西兰,韩国,澳大利亚以及日本都设有销售办事处。在新加坡,迈拓拥有两个大型生产基地,拥有员工总数达9,000人。2003年3月,迈拓宣布将在苏州工业园区投资建厂。迈拓科技(苏州)有限公司将致力于制造台式电脑硬盘驱动器,部分产品将会销往国内市场。迈拓苏州工厂占地220万平方英尺(合约20万平方米)。预计到2005年底,迈拓科技(苏州)有限公司的员工总人数将达6000左右。
附:官方联合声明原文
Scotts Valley, CA, and Milpitas, CA, December 21, 2005 – Seagate (NYSE: STX) and Maxtor (NYSE: MXO) today jointly announced they have entered into a definitive agreement under which Seagate will acquire Maxtor in an all stock transaction. Under the terms of the agreement, which has been unanimously approved by the boards of directors of both companies, Maxtor shareholders will receive .37 shares of Seagate common stock for each Maxtor share they own. When the transaction is completed Seagate shareholders will own approximately 84% and Maxtor shareholders will own approximately 16% of the combined company. The value of the transaction is approximately $1.9 billion.
The combination of Seagate and Maxtor will build on Seagate’s foundation as the premier global hard disc drive company, leveraging the strength of Seagate’s significant operating scale to drive product innovation, maximize operational efficiencies, and realize significant cost synergies. These capabilities will enable the combined company to compete more effectively as the highly competitive data storage industry addresses the challenges and opportunities for significant growth that lie ahead. The combined company will be well-positioned to accelerate delivery of a diverse set of compelling and cost-effective solutions to the growing customer base for data storage products.
The combined company is expected to generate significant synergies, and the transaction is expected to be at least 10-20% accretive to Seagate on a cash EPS basis after the first full year of combined operations. As with other past combinations of disc drive manufacturers, revenue attrition is anticipated to result from this combination. Synergy estimates take into account anticipated revenue attrition. It is estimated that the incremental revenues will generate gross margins that are in line with the high end of Seagate’s stand-alone model. In addition, the combined company expects to achieve approximately $300 million of annual operating expense savings in connection with the transaction after the first full year of integration.
“Seagate is excited about the opportunity to achieve greater scale, reduce supply chain costs, and leverage combined R&D efforts across a broader product set. With the increased scale of the combined company, we can reduce overall product costs and provide more innovative products at more competitive prices,” said Bill Watkins, Seagate CEO. “We believe this is a strategic combination that will provide value for our shareholders as well as benefits for our customers.”
“We believe this combination offers an exciting opportunity for our two companies to come together in a transaction that maximizes value for our stockholders, through the combination of an attractive premium and through future value enhancement of the combined company’s operations,” said Dr. C.S. Park, Maxtor chairman and CEO. “Together, we will leverage our combined technical resources to deliver to our customers an even more compelling and diverse set of products, and get them to market more quickly and cost effectively.”
Steve Luczo, Seagate chairman, said "Seagate's board of directors is very enthusiastic about this unique combination and believes it will provide value for shareholders of both companies. This transaction has significant strategic and financial benefits, and the combined company will be better positioned to anticipate and serve the needs of the global customer base in the highly competitive data storage market."
Seagate’s executive management team will continue to serve in their current roles. The combined company will retain the Seagate name and executive offices will be located in Scotts Valley, California. Dr. Park will become a director of Seagate upon the closing of the transaction. Seagate’s chairman, CEO, executive vice presidents, and the principal equity investors affiliated with certain of Seagate’s Directors have committed to vote their shares in favor of the acquisition.
The transaction is expected to be completed in the second half of calendar 2006, subject to obtaining shareholder approvals and customary regulatory approvals. There is a termination fee of $300 million payable to Maxtor under certain conditions. The transaction is intended to be tax-free to Maxtor shareholders.
Prior to the closing, Seagate and Maxtor will operate as separate businesses.
Seagate's previously announced outlook for the December quarter of $2.2 billion in revenue and earnings per share in the range of $0.53-$0.57, excluding non-cash stock based compensation, remains unchanged. Additionally, Seagate confirms its recently announced guidance for fiscal year 2006 earnings per share outlook of approximately $2.00, excluding non-cash stock based compensation.
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