Seagate Technology Acquires Intevac for $75.46 Million in Cash

Seagate Technology Holdings plc (STX) entered a merger agreement on February 13, 2025, to acquire Intevac, Inc. (IVAC) through a cash tender offer valued at about $75.46 million.

Deal Structure:

Under the terms of the agreement, Seagate will acquire all of Intevac’s outstanding shares for $4 per share in cash, representing a premium of 21.36% from the stock’s last close.

At the closing of the merger, Intevac will pay a one-time special dividend of $0.052 per share. Separately, Intevac’s Board has declared a regular quarterly dividend of $0.05 per share, which will be paid on March 13, 2025. The special dividend and the regular quarterly dividend are in addition to the $4 cash consideration in the Transaction.

Company Profile:

Intevac is a provider of thin-film processing systems and digital night-vision technologies, specializing in advanced equipment for hard disk drives, defense, and other high-tech industries.

Seagate is a global provider of mass-capacity data storage solutions, offering a comprehensive portfolio of hard drives, solid-state drives, and edge-to-cloud storage systems for consumers and enterprises worldwide.

Deal Details and Timeline:

Two of Intevac’s largest stockholders, Palogic Value Fund and Bleichroeder, who own about 22% of the company’s outstanding shares, have entered agreements to support the merger.

The deal is expected to close in late March or early April 2025.

Houlihan Lokey served as a financial advisor, and Wilson Sonsini Goodrich & Rosati provided legal counsel to Intevac. Meanwhile, Seagate Technology received legal counsel from Wachtell, Lipton, Rosen & Katz.

Seagate Technology is set to pay 1.37 times the sales for Intevac.

Deal Metrics:

For an in-depth analysis of this merger and acquisition transaction, please visit the Deal Metrics page:

Deal Metrics for the acquisition of Intevac, Inc. (IVAC) by Seagate Technology Holdings plc (STX)

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• A chart depicting the spread history of the merger from its announcement to completion or failure.
• Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And a whole lot more.

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Editor’s Note: Baranjot Kaur contributed to this article