Seagate Completes Private Share Redemption Transaction with Samsung
 

Seagate Technology plc, a world leader in hard disk drives and storage solutions, today announced a private share redemption transaction with Samsung Electronics Co., Ltd. in the amount of 32.7 million ordinary shares, representing approximately 9% of Seagate's shares outstanding as of the end of the fiscal first quarter 2014. Following the transaction, Samsung will continue to own approximately 12.5 million shares of Seagate and Dr. Seh-Woong Jeong, Executive Vice President at the Systems LSI Division of Samsung Electronics will remain on the Seagate Board of Directors.

"We are pleased that Samsung intends to continue to be a long-term strategic shareholder and valued business partner with Seagate. Our success with the Samsung hard disk drive products that we acquired has exceeded our expectations and we are very encouraged with our joint product development for enterprise solid state drives. We look forward to continuing to benefit from Dr. Jeong's counsel and guidance as part of our Board of Directors and we are very optimistic about the future of our flash technology partnership," said Steve Luczo, Seagate Chairman, President and Chief Executive Officer.

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