Dot Hill Systems Acquired By Seagate For $694M

Longmont, Colorado-based storage systems maker Dot Hill Systems Corp. has been acquired by disk drive maker Seagate, in a deal worth $694M in cash. According to Seagate, it will pay $9.75 per share for publicly traded Dot Hill Systems, which trades on the NASDAQ at HILL. Seagate said the deal has an enterprise value of approximately $645M after accounting for the $49M in cash that Dot Hill has on its balance sheet. Dot Hill was led by Dana Kammersgard. Dot Hill was advised by Morgan Stanley & Co. LLC, Needham & Comapny LLC, and Cooley LLP in the deal; Seagate was advised by Perella Weinberg Partners and Wilson Sonsini.