Cleary Gottlieb is representing Citigroup Global Markets as financial advisor to Maxtor Corp. in its stock-for-stock merger with Seagate Technology. In the deal, valued at $1.9 billion, each Maxtor share will convert to 0.39 of a Seagate share.
Seagate is the leading hard disk drive manufacturer with approximately 30% of the market. Maxtor is the number three producer with approximately 17% of the market.