Samsung collects $1.5 billion in huge Seagate stock sale

[Wireless News]

http://l1.yimg.com/bt/api/res/1.2/Pq6zPvgW5nBc1axET7PEZg--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9NzU7dz0xMzA-/http://media.zenfs.com/en_US/News/BGR_News/samsung-sign-923.jpg (http://news.yahoo.com/samsung-collects-1-5-billion-huge-seagate-stock-201559470.html)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



More... (http://news.yahoo.com/samsung-collects-1-5-billion-huge-seagate-stock-201559470.html)