IBM today announced it has completed an agreement to combine its hard disk drive operations with Hitachi's, forming a new company called Hitachi Global Storage Technologies.
Under the agreement, Hitachi has purchased the majority of IBM's HDD-related assets for $2.05 billion. As planned, Hitachi paid 70% of the purchase price to IBM today. Hitachi will pay the remainder to IBM over the next three years, IBM said.
The agreement was announced last April. Headquarters for the combined venture was expected to be located in San Jose.