Seagate, Maxtor merge approved

Seagate and Maxtor shareholders have approved the merger agreement under which Seagate will acquire Maxtor.

With all required regulatory and shareholder approvals now secured, it is expected that the transaction will close in two or three business days and that Maxtor shares will cease to be listed on the New York Stock Exchange before the market opens on Monday, May 22, 2006.

The company will hold a conference call on May 22 to discuss the deal, which will be available on replay from the company's website.

"Seagate has approached this transaction much differently than traditional mergers and acquisitions. This combination will deliver greater scale by leveraging Seagate's successful business model and is not intended to be a traditional integration of product lines or operations," said Bill Watkins, Seagate's President and CEO.

"We believe the combined company is best positioned to deliver to global customers a more compelling, diverse set of products at more competitive prices, to meet the growing demand for storage," he added.