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Western Digital to acquire sTec for $6.85 per share

Western Digital (WDC) and sTec (STEC) announced that they have entered into a definitive merger agreement under which sTec will be acquired by HGST, a wholly-owned subsidiary of Western Digital. sTec will be acquired for approximately $340M in cash, which equates to $6.85 per share. This represents approximately $207M in enterprise value, net of sTec's cash as of March 31. Closing of the acquisition, which is subject to customary conditions, is expected to occur in the third or fourth calendar quarter of 2013.