Seagate join Bain Captial consortium in Toshiba purchase

Seagate's $1.25 billion investment will enable a long-term NAND supply contract with Toshiba Memory.

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Yesterday we reported that Toshiba had sold its memory division for $18 billion to the Bain Capital consortium, Seagate have today confirmed their participation in the Bain Capital consortium to acquire Toshiba Memory Corporation. Seagate have committed $1.25 billion in funding to the group by March 2018, in return Seagate expect that this will enable a long-term NAND supply agreement with Toshiba Memory that will provide NAND flash chips for Seagate's expanding SSD portfolio.

Seagate join Bain Captial consortium in Toshiba purchase |

"Over the course of many years, Seagate has developed an excellent long-term relationship with Toshiba Memory, and we have always been impressed with their consistent leadership in advancing NAND technology," said Steve Luczo, Seagate's chairman and chief executive officer. "We are pleased and honored to be part of the Bain Capital consortium and to help facilitate maintaining Toshiba Memory as a world leading independent NAND technology company. We know that Bain Capital is dedicated to the long-term success of Toshiba Memory and believe this acquisition is in the long-term best interests of our industry and of storage customers worldwide."

Luczo continued, "In the coming years, the storage industry will see significant data creation and increased storage needs, and we must be able to support those demands. Our NAND supply agreement with Toshiba Memory will enable Seagate to continue innovating and providing customers with storage solutions that fit their needs, be they HDDs, SSDs, or hybrid solutions."

Shaun is a long time PC, tech, and gaming enthusiast. With an electrical trade background, Shaun has had experience with some of the latest automation technology and is looking forward to a new challenge. Shaun is excited to bring TweakTown's audience the most extensive and latest news.

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