- Seagate (STX -0.7%) paid Samsung $1.51B to repurchase 32.7M shares at a price of $46.03. The buyback allows Seagate to retire 9.1% of its outstanding shares. (8-K) (PR)
- Samsung continues to own 12.5M Seagate shares, courtesy of the former's 2011 sale of its hard drive unit to the latter. Samsung chip division chief Seh-Woong Jeong will remain on Seagate's board.
- Seagate has been aggressively buying back shares over the last two years (though its pace slowed to $42M in the June quarter), and has promised to return ~70% of its FY14 (ends June '14) operating cash flow to shareholders. The company had $2.3B in cash/investments on its balance sheet as of June 28, and $2.78B in debt.
From other sites
at CNBC.com (Jan 16, 2015)
Video at CNBC.com (Jan 16, 2015)
at CNBC.com (Jan 12, 2015)
at CNBC.com (Dec 2, 2014)
Video at CNBC.com (Dec 2, 2014)
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