Seagate finalizes acquisition of Longmont-based Dot Hill

LONGMONT — Seagate Technology plc (Nasdaq: STX) announced Tuesday that it has completed its $696 million acquisition of Longmont-based storage-technology company Dot Hill Systems Corp.

Dot Hill, which employs about 250 people at its 1351 S. Sunset St., headquarters, becomes a wholly owned subsidiary of Cupertino, Calif.-based Seagate, and will no longer be publicly traded. Dot Hill had traded on the Nasdaq exchange under the ticker symbol HILL.

Seagate paid $9.75 per share, or about $696 million. Dot Hill had $49 million in cash on its June 30 balance sheet, giving the deal an enterprise value of about $647 million.

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Seagate, which employs roughly 1,300 people in Longmont at its 389 Disc Drive campus, announced its plans to acquire Dot Hill in August.

It remains unclear how the acquisition will affect local employees for the two companies. Seagate last month laid off 70 people at its Longmont campus as part of a larger round of 1,000 cuts companywide.

A spokesman for Seagate said Tuesday it’s too early to know whether the acquisition will mean layoffs for either company in Longmont.