Seagate Prices IPO

SCOTTS VALLEY, Calif. -- Seagate Technology (NYSE: STX) announced today the initial public offering of 72,500,000 of its common shares, 24,000,000 of which are being sold by the company and 48,500,000 of which are being sold by the company's parent as selling shareholder, at a price of $12 per share. The selling shareholder has granted the underwriters the right to purchase up to an additional 10,875,000 shares at the initial public offering price. The offering was made through an underwriting syndicate led by Morgan Stanley & Co. Incorporated and Salomon Smith Barney Inc., who acted as joint book-running managers. Goldman, Sachs & Co. and J.P. Morgan Securities Inc. acted as co-lead managers. Bear, Stearns & Co. Inc., Credit Suisse First Boston Corporation, Lehman Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Thomas Weisel Partners LLC acted as co-managers. Seagate Technology designs, manufactures and distributes rigid disc drives for enterprise, personal computer and consumer electronics applications. Seagate Technology Inc.