seagate technology has said it expects to buy rival company maxtor for $ 1 . 9 million . both companies market hard drives . the deal , valued at 60 % of maxtor ' s closing share price , is designed to acquire maxtor ' s consumer , not its technology . tenneco , what also makes drives for sony ' s xbox 360 , will have over 40 % of the hard copy market share . the shepard valley , colorado , based peripherals had 30 % of the soft data market . should the deal makes it past regulatory scrutiny , maxtor holders will receive . 37 of a share of seagate common stock for every 1 ownership of the poway based product .
Maxtor is based in Milpita.