By Colin Kellaher
Disk-drive maker Seagate Technology Holdings has struck a deal to buy Intevac, a supplier of thin-film processing systems, for about $108 million in cash.
Seagate on Thursday said it will pay $4 a share for Intevac, an 18% premium to Wednesday's closing price of $3.38 for the Santa Clara, Calif., company.
The purchase price is also 41% above Intevac's closing price of $2.83 on Dec. 11, the day before the company said it had renewed its focus on pursuing strategic options.
Seagate, based in Fremont, Calif., said Intevac plans to pay a special dividend of 5.2 cents on or about the closing date of the deal, slated for late March or early April.
Trading in shares of Intevac was halted premarket on Thursday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
February 13, 2025 08:21 ET (13:21 GMT)
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