Samsung isn’t having any trouble racking up profits through its core businesses, having just reported a record unaudited third-quarter operating profit of more than $9.2 billion. An extra $1.5 billion never hurts, of course, and that’s what Samsung just pulled in when Seagate repurchased a huge chunk of Samsung’s stake in the company earlier this week. Seagate announced in a press release that it has completed a transaction to repurchase 32.7 million public shares of its company from Samsung, representing about 9% of its outstanding shares. Following the stock repurchase, Samsung still owns 12.5 million Seagate shares. Samsung sold its hard drive business to Seagate back in 2011 for $1.38 billion, split evenly between cash and stock. Since then, Seagate shares have climbed from under $20 to a record high of $47.82 earlier this year.
Samsung collects $1.5 billion in huge Seagate stock sale
Published Oct 10th, 2013 4:15PM EDT
Image: Nan Palmero, Flickr
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Zach Epstein has been the Executive Editor at BGR for more than 15 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content. Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment.
His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.
