Seagate Rumored To Be in Buyout Talks With TPG Capital
Hard drive maker Seagate Technology Plc said on Thursday it is in talks to be taken private by an undisclosed buyer, and two sources familiar with the matter said those talks involve buyout firm TPG Capital. If a deal is clinched, it would be one of the biggest leveraged buyouts of the year. The firm had a market capitalization of over $6 billion, based on its share price at the close of trading on Thursday.
TPG Capital and rival private equity firm Silver Lake previously held early-stage discussions about buying the hard-drive manufacturer, a source familiar with the matter told Reuters in September. The talks were early-stage and faltered, that source said at the time. Other private equity firms could also be interested in Seagate such as Bain Capital, a source familiar with the situation said. Bain has been involved in other large technology deals such as chipmaker NXP Semiconductors and Sungard Data Systems.
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