Imation Buys TDK Recording Business
The Minnesota-based blank media company Imation announced Thursday that has purchased the recording properties and brand name of well-known rival TDK. The deal, which covers media properties such as flash media, optical media, magnetic tape, and accessories, is for $300 million. TDK will remain in existence as a separate company, with its research and development, manufacturing and OEM portions. The $300 million sale price consists of $280 million in Imation stock, and $20 million in cash; the deal is expected to close this fall.