Samsung Wants To Sell Hard Drive Business For $1.5 Billion
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The Wall Street Journal is reporting that Samsung Electronics Co. is considering selling its money-losing hard-disk-drive business to raise cash to invest in new growth areas. If Samsung sells the unit to one of the existing hard drive manufacturers that means that there would be just three companies left: Seagate, Toshiba and Western Digital!
Samsung is looking to sell the unit for $1.5 billion, but it may consider a deal under $1 billion, the person said. A potential buyer for the business is hard-disk maker Seagate Technology Inc., the person said. A spokesman for the Scotts Valley, Calif.-based company declined to comment.
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