Hard drive maker Seagate Technology today announced an exclusive agreement to acquire a controlling interest in LaCie.
In an all-cash transaction worth about £119 million ($186 million), Seagate has offered to purchase 64.5 percent of LaCie's shares.
Seagate has offered LaCie about $5.17 cents a share. That price might be boosted by another 3 percent within six months of the closing if Seagate winds up with 95 percent of LaCie's shares and voting rights.
Seagate Chairman Steve Luczo said LaCie's products would compliment Seagate's own drive products and allow it to expand its line by adding a "premium-branded" direct-attached storage (DAS) line. The move will also help Seagate develop better software.
LaCie Chairman and CEO Philippe Spruch is expected to join Seagate to run its consumer storage products organization, Luczo said.
Patrick Connolly, who currently serves as vice president and general manager of Seagate's retail group, as well as Pierre van der Elst, who currently serves as deputy general manager of LaCie, will report to Spruch.
"With the proliferation of devices and content being shared and stored today, consumer demand for high-quality branded storage solutions continues to grow," Spruch said in a statement.
"We are excited about the potential for this combination to benefit customers and employees by creating significant scale and opening up new markets. We look forward to making the resources of a much larger company available to our customers around the world."
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