Mergers and Acquistions News
Categories: Hardware
May 14th 2009, 15:53PM
The European Commission has announced that it has approved the acquisition by Toshiba Corporation of Fujitsu's hard disk drive (HDD) business.
Under the EU Merger Regulation it was decided that the transaction would not significantly impede competition within the European economic area.
The definitive agreement, which was agreed at the end of last month, has an estimated transfer value of 30 billion yen (£207 million) and will see Toshiba handle the sales and marketing of all Fujitsu's HDD products.
Some 800 Fujitsu employees in Japan and 7,000 worldwide will transfer to Toshiba.
While the transaction will render the combined entity the number one producer of mobile HDDs, a market investigation by the European Commission found that the HDD market is competitive enough to weather the acquisition.
Following the transaction, which is scheduled to take place on July 1st, Toshiba is expected to continue to face significant competitors in the market.
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