Seagate to trade again through IPO
cbs.marketwatch.com{66C22588-7ACF-4B06-AC37-CAC7CB148141}&siteid=go2net
By Chris Kraeuter, CBS.MarketWatch.com
Last Update: 7:47 PM ET Oct. 11, 2002
SCOTTS VALLEY, Calif. (CBS.MW) - Seagate Technology, taken private two years ago in a $20 billion deal, will be offered back to investors through a public offering estimated at $1 billion.
Seagate, a maker of hard disc drives, filed a registration statement with the Securities and Exchange Commission on Friday for an IPO to be held "at such a time as market conditions permit."
Two years ago, Seagate went private in a complicated deal involving Veritas Software (VRTS: news, chart, profile), Silver Lake Partners and the Texas Pacific Group. Read full story.
At the time, Silver Lake and the Texas Pacific Group paid $2 billion in cash for Seagate's operating businesses. Also, Seagate owned 33 percent of Veritas, as well as investment securities in SanDisk, Gadzoox and a couple of other companies. Those holdings were sold to Veritas for new shares of Veritas.
A portion of the IPO shares will be sold by Seagate and a portion will be sold by its parent. Proceeds will be used to make payments on its deferred compensation plan and for general corporate purposes, including acquisitions.
Current shareholders in Seagate are listed as Texas Pacific, August Capital, Goldman Sachs, and J.P. Morgan Partners and management.
Joint book-runners on the IPO will be Morgan Stanley and Salomon Smith Barney while co-leads will be Goldman Sachs and J.P. Morgan.
Chris Kraeuter is a reporter for CBS.MarketWatch.com in San Francisco.
© 1997-2002 MarketWatch.com, Inc. All rights reserved. Disclaimer. See our Privacy Policy - updated 6/25/02.
CBS and the CBS "eye device" are registered trademarks of CBS Broadcasting, Inc.
Intraday data provided by S&P Comstock and subject to terms of use.
Historical and current end-of-day data provided by FT Interactive Data.
Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges.
SEHK intraday data is provided by S&P Comstock and is at least 60-minutes delayed.
All quotes are in local exchange time. |
