Seagate Technology (NASDAQ: STX) of Cupertino, Calif. a storage solutions company, announced on Tuesday that it had wrapped up its purchase of Dot Hill Systems Corp. of Longmont, a supplier of software and hardware storage systems.
The acquisition was first announced in August.
Under the terms of the agreement signed between between the companies, Seagate bought all of the outstanding shares of Dot Hill in an all-cash transaction valued at $9.75 per share, or a total of approximately $696 million.
As a result of the acquisition, Dot Hill became a wholly owned subsidiary of Seagate and will no longer be listed for trading on the NASDAQ Global Market, where it has been listed as HILL.
Dot Hill spokesperson Jodi Bochert said the company would have no comment this week on how the acquisition will impact company staffing levels, saying that the details of the acquisition need to be finalized first.
Dot Hill was founded in 1984, and went public in 2000. The company headquarters is at 1351 Sunset St.
Seagate was trading at $46 a share at mid-day on Tuesday.
