Wednesday, August 19, 2015

Seagate Buys Dot Hill Systems For $694M

Cupertino-based disk drive giant Seagate said late Tuesday that it has acquired Dot Hill Systems Corp., a developer of storage arrays. The deal was worth $694M in cash, or $9.75 per share for Dot Hill, which trades on the NASDAQ as HILL. The deal has an enterprise value of $645M after accounting for cash on Dot Hill's books. Dot Hill was advised by Morgan Stanley & Co. LLC, Needham & Comapny LLC, and Cooley LLP in the deal; Seagate was advised by Perella Weinberg Partners and Wilson Sonsini.