FTC seeks details on Seagate's Samsung unit buy

CIOL Bureau
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CALIFORNIA, USA: Seagate Technology plc said the U.S. Federal Trade Commission (FTC) has sought additional information on the company's proposed $1.4 billion buy of Samsung's hard disk unit.


Seagate said the "second request" from the FTC would extend the Hart-Scott-Rodino waiting period until 30 days after the company complies with the request.

Seagate said in a filing that the FTC request pertains to its asset purchase agreement with Samsung and the related share issue.

Seagate had agreed to issue about 45.2 million shares - valued at $687.5 million - to Samsung Electronics as part of the deal.