Seagate Technology Holdings plc (Nasdaq: STX), a prominent player in mass-capacity data storage solutions, has successfully finalized its acquisition of Intevac, Inc. (Nasdaq: IVAC), a supplier of thin-film processing systems. This strategic move, announced on March 31, 2025, underscores Seagate's commitment to enhancing its technological capabilities and expanding its product offerings in the ever-evolving data storage market.

2. Tender Offer and Merger Details

The acquisition process kicked off with a cash tender offer for all outstanding shares of Intevac, priced at $4.00 per share. This offer, which was made by Irvine Acquisition Holdings, Inc. (Merger Sub), a wholly owned subsidiary of Seagate, expired at 11:59 p.m. Eastern Time on March 28, 2025. According to Computershare, the depository agent for the tender offer, a substantial 23,968,013 shares of Intevac—approximately 87.95% of the total outstanding shares—were validly tendered and not withdrawn prior to the deadline.

Following the successful completion of the tender offer, Seagate proceeded to finalize the acquisition through a merger as outlined in the Agreement and Plan of Merger dated February 13, 2025. As a result, each share of Intevac common stock, except for those held by specific entities and stockholders exercising their appraisal rights under Delaware law, was converted into the right to receive the same $4.00 cash consideration per share. With this merger, Intevac has officially become a wholly owned subsidiary of Seagate, and its shares ceased trading on the Nasdaq Global Select Market as of March 31, 2025.

3. Implications of the Acquisition

The acquisition of Intevac is expected to bolster Seagate's technological prowess in the data storage arena. Intevac is known for its advanced thin-film processing systems, which have applications that could complement Seagate's existing product lines. This move not only expands Seagate's portfolio but also enhances its capabilities to meet the growing demands for high-capacity storage solutions across various sectors.

4. Advisory Team

In navigating this acquisition, Seagate enlisted the expertise of Wachtell, Lipton, Rosen & Katz as its legal advisor. Intevac, on the other hand, was supported by Houlihan Lokey as its financial advisor and Wilson Sonsini Goodrich & Rosati, Professional Corporation, providing legal counsel.

5. About Seagate Technology

Founded over 45 years ago, Seagate Technology has established itself as a leader in mass-capacity data storage, having shipped over four billion terabytes of data capacity. The company offers an extensive range of storage devices, systems, and services spanning from edge computing to cloud solutions. Seagate is dedicated to driving innovation in storage technology, enabling users to store and unlock the value of their data confidently.

As Seagate integrates Intevac’s technologies into its operations, stakeholders will be keenly observing how this acquisition influences the company's growth trajectory and its ability to innovate in the data storage space.

Original press release