(Reuters) - Electronic storage device maker Seagate Technology Plc (STX.O) plans to buy a 64.5 percent stake in France-based digital storage devices maker LaCie ELED.PA in a $186 million deal, which will help it expand in Japan and Europe.
The deal value includes acquired net cash of $65 million.
Seagate, which competes with Western Digital Corp WDC.N, hopes to expand in the consumer storage market, particularly in Europe and Japan, through the deal.
The company has offered LaCie 0.45 euro (57 cents) per share in cash, excluding adjustment depending on the cash and debt position of LaCie — a premium of 29 percent to LaCie’s closing price on Tuesday.
The deal is expected to close in the third calendar quarter of 2012.
Following the close of the deal, LaCie Chief Executive Philippe Spruch would join Seagate and lead the company’s consumer storage products organization.
Shares of Seagate were down 2 percent at $25.89 in early trade on Wednesday on the Nasdaq.
Reporting by Chandni Doulatramani in Bangalore; Editing by Joyjeet Das