Paul Hastings on Samsung's Seagate Share Sale
Paul Hastings has advised Samsung Electronics Co. Ltd. on its $1.5 billion sale of shares in Seagate Technology Plc. back to the U.S. hard drive company.
Samsung acquired the shares in 2011, when it sold its hard drive business to Seagate for $1.38 billion in a half-cash, half-stock deal. In a private share redemption, the Korean electronics giant unloaded 32.7 million ordinary Seagate shares, equal to about 9 percent of the company’s shares outstanding. Samsung still owns 12.5 million shares in Seagate.
The redemption is part of a larger share buyback plan at Seagate, but the company’s share price has more than doubled in the last two years, resulting in a significant profit for Samsung.
Seoul partners Daniel Sae-Chin Kim and Dong Chul Kim, along with Palo Alto partner Jeff Hartlin and London partner Garrett Hayes, led the Paul Hastings team on the deal.
Wilson Sonsini Goodrich & Rosati acted for Seagate.