Seagate to buy Xyratex for $374 mln

Mon Dec 23, 2013 8:39am EST

Dec 23 (Reuters) - Hard-disk drive maker Seagate Technology Plc said it would buy network and storage equipment maker Xyratex Ltd for about $374 million in cash.

Seagate's offer of $13.25 per share is at a premium of 27 percent to Xyratex's closing price on Friday.