Seagate to become private company

Management-led buyout sells assets back to Veritas. Seagate executives said they don''t anticipate any management changes.

áStorage-drive maker Seagate Technology said Wednesday it's being taken private in a $20 billion landmark, three-way deal in which Veritas Software buys back the Veritas shares and assets that Seagate owns.

Silver Lake Partners, a private firm led byá famed Silicon Valley investor Roger McNamee, joins Seagate management and Texas Pacific Group to form a private company to acquire Seagate's operating businesses for approximately $2 billion in cash.

Our stock's value was trading at a substantial discount to the value of the assets of the company, said Steve Luczo, chief executive of Seagate SEG news, msgs, which owns 33 percent of Veritas VRTS news, msgs....

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