Seagate Technology to Sell Assets to Broadcom Subsidiary for $600 Million
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Dow Jones
By Ben Glickman
Seagate Technology Holdings has agreed to sell intellectual property and equipment assets to a Broadcom subsidiary for $600 million in cash.
Fremont, Calif.-based Seagate said in a regulatory filing on Tuesday that the assets were related to the design, development and manufacturing of system-on-chip products. Broadcom's subsidiary agreed to offer jobs to certain employees associated with those operations.
Seagate said it had restructured an existing purchasing agreement in connection with the deal, adding remedies for either party if the other doesn't meet the terms of the deal.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
April 23, 2024 16:54 ET (20:54 GMT)
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