LaCie, the peripheral maker of Mac, revealed in an announced that Seagate, which is a hard drive manufacturer, will purchase it for an amount of $186 million. The deal will be based on cash only and has a valuation of 4.05 euros per share. Seagate will acquire LaCie’s outstanding shares from Philippe Spruch, the chief executive officer of the company, also the chairman. Currently, Spruch has 64.5 percent of LaCie’s outstanding shares.
Both companies are positive about the acquisition, as they said that the acquisition will merge two products that complement each other extremely well. As a part of the acquisition, LaCie’s premium consumer storage solutions and storage products attached to the network will be mixed with consumer storage products of Seagate, bringing forward an outstanding technology portfolio. The acquirer is also looking upon the deal as a way to increase its dominance and growth in the consumer storage market, especially in Japan and Europe. It is also looking to add software and engineering capabilities.
The offer made by Seagate gives LaCie a valuation of 146 million euros, or in terms of dollar value, $186 million, which includes acquired 49 million euros as net cash (the same as $65 million United States dollar), as of March 31st.
If the deal gets the final approval, the current chief executive officer and chairman of Spruch will become a member of Seagate’s workforce and will lead the consumer storage products division of the company. The chairman, chief executive officer and president of Seagate, Mr. Steve Luczo shared some kind words about Spruch, saying that his company is very excited to have Philippe Spruch as a part of Seagate. He referred to LaCie’s CEO as a “true visionary and leader”.
With such great expertise on one party, Seagate has great prospects for the future.