Seagate Technology has acquired hard drive equipment manufacturer Intevac for $119 million.

Under the terms of the agreement, which was unanimously approved by Intevac’s board of directors and largest shareholders, Seagate will pay $4 per share and purchase “at least one share more than 50 percent” of the publicly traded Intevac’s issued and outstanding shares.

Seagate will purchase the rest of the shares at a later date. The company says it expects the acquisition to close in late March or early April 2025, subject to customary closing conditions.

Houlihan Lokey is serving as financial advisor to Intevac, and Wilson Sonsini Goodrich & Rosati, Professional Corporation is the company’s legal advisor. Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Seagate.

Founded in 1991, Intevac is a producer of thin-film process technology which is used to create the read/write heads of hard disk drives (HDDs). The company’s 200 Lean system is used in the production of heat-assisted magnetic recording (HAMR), a technology which is set to double the capacity of HDDs by increasing the density of the data they can hold.

Seagate launched its first HAMR hard drive, which uses the company’s Mozaic 3+ HAMR technology, in December 2024 and shipped its first samples in late January 2025.

In a statement from January, Seagate CEO Dave Mosley said: “We’re in the midst of a seismic shift in the way data is stored and managed. Unprecedented levels of data creation – due to continued cloud expansion and early AI adoption – demand long-term data retention and access to ensure trustworthy data-driven outcomes.”

He added: “Seagate is laser-focused on delivering the storage scale required for the applications of the future.”