Houlihan Lokey Advises Intevac Inc.

Houlihan Lokey is pleased to announce that Intevac, Inc. (NASDAQ:IVAC; Intevac) has been acquired by Seagate Technology Holdings PLC (NASDAQ:STX; Seagate) in a transaction valued at approximately $119 million. The transaction was announced on February 13, 2025, and closed on March 31, 2025.

Intevac is a global leader in thin-film deposition systems and manufacturing platforms, specializing in providing high-productivity solutions for the hard disk drive (HDD) industry. Its flagship 200 Lean® platform is a critical tool for HDD media production, enabling advanced heat-assisted magnetic recording technology and supporting technology roadmaps for leading HDD manufacturers.

Following the successful completion of the previously announced tender offer, Seagate acquired Intevac in an all-cash transaction for $4.00 per share. In addition, Intevac stockholders received a one-time special dividend of $0.052 per share and a regular quarterly dividend of $0.05 per share, bringing total consideration to $4.102 per share. The transaction represents a 45% premium to Intevac’s closing price on December 11, 2024, one day prior to Intevac’s announcement that it had renewed its focus on pursuing strategic options. Intevac’s board of directors unanimously approved the transaction and recommended that all stockholders tender their shares in the offer. In addition, two of Intevac’s largest stockholders, Palogic Value Management, LP, and Bleichroeder LP, who together represented approximately 22% of Intevac’s outstanding shares, entered into customary agreements to support the transaction.

Seagate is a leading innovator of mass-capacity data storage, including HDD. This combination further enhances Seagate’s ability to deliver next-generation data storage solutions while driving operational efficiency.

Houlihan Lokey served as financial advisor to Intevac as well as rendered a fairness opinion to the special committee.

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