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Seagate Technology (STX) Enters $600M Asset Purchase Agreement with Avago

April 23, 2024 4:28 PM EDT

On April 23, 2024, Seagate Technology (NASDAQ: STX) and Seagate Technology LLC, a Delaware limited liability company, Seagate Technology HDD (India) Private Limited, a private company incorporated under the laws of India, and Seagate Singapore International Headquarters Pte. Ltd., a private company incorporated under the laws of Singapore, each a subsidiary of the Company (such subsidiaries, the “Seagate Sellers”), entered into an Asset Purchase Agreement (the “APA”) with Avago Technologies International Sales Pte. Limited, a private company incorporated under the laws of Singapore (“Purchaser”) and a subsidiary of Broadcom Inc. Pursuant to the APA, the Seagate Sellers have sold certain intellectual property, equipment and other assets related to the design, development, and manufacture of their system-on-chip products (the “SoC Operations”) to Purchaser for $600 million in cash, and Purchaser and its affiliates have agreed to offer employment to certain of the Seagate Sellers’ employees engaged in the SoC Operations, all subject to the terms and conditions set forth therein (such transaction, the “Transaction”).

Seagate Technology LLC and Purchaser have also restructured an existing purchasing agreement in connection with this Transaction, with remedies for each party in the event either party fails to comply with its terms, including terminating the relationship prior to its expiration.



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