Samsung collects $1.5 billion in huge Seagate stock sale
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.
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