Seagate Technology plc (NASDAQ:STX) (the “Company” or “Seagate”) today
announced that its Board of Directors has authorized the Company to
repurchase up to $2.5 billion of its outstanding ordinary shares (the
“April 2015 Authorization”). As a result of the April 2015
Authorization, Seagate currently has an aggregate authority to
repurchase approximately $3.1 billion of its ordinary shares. Share
repurchases under the April 2015 Authorization may be made through a
variety of methods, which may include open market purchases, privately
negotiated transactions, block trades, accelerated share repurchase
transactions, or by any combination of such methods. The timing and
actual number of shares repurchased will depend on a variety of factors
including the ordinary share price, corporate and regulatory
requirements and other market and economic conditions. The share
repurchase authorization may be suspended or discontinued at any time.
“The repurchase authorization reflects the confidence that the Board and
the executive management team have in Seagate’s ability to generate
cash, while still investing in innovation and growth opportunities,”
said Steve Luczo, Seagate’s chairman and chief executive officer.
About Seagate
Seagate creates space for the human experience by innovating how data is
stored, shared and used. Learn more at www.seagate.com.
©2015 Seagate Technology LLC. All rights reserved. Seagate,
Seagate Technology and the Seagate logo, are trademarks or registered
trademarks of Seagate Technology LLC or its affiliates in the United
States and/or other countries. All other trademarks or registered
trademarks are the property of their respective owners.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements are based on information available to Seagate
as of the date of this press release. Current expectations, forecasts
and assumptions involve a number of risks, uncertainties, and other
factors that could cause actual results to differ materially from those
anticipated by these forward-looking statements. Such risks,
uncertainties, and other factors may be beyond the Company’s control.
These forward-looking statements are based on information available to
Seagate as of the date of this press release. In particular, such
statements include whether and when the Company may exercise its
authority to repurchase its ordinary shares and the methods and timing
of such potential purchases. Information concerning risks, uncertainties
and other factors that could cause results to differ materially from
those projected in the forward-looking statements is contained in the
Company’s Report on Form 10-K filed with the U.S. Securities and
Exchange Commission on August 7, 2014, the “Risk Factors” section of
which is incorporated into this document by reference and other
documents filed with or furnished to the Securities and Exchange
Commission. These forward-looking statements should not be relied upon
as representing the Company’s views as of any subsequent date and the
Company undertakes no obligation to update forward-looking statements to
reflect events or circumstances after the date they were made.
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