Seagate Technology, a leading innovator of mass-capacity data storage, and Intevac, Inc., a supplier of thin-film processing systems, today announced that Seagate has entered into a definitive agreement to acquire Intevac in an all-cash transaction for $4.00 per share (the "Transaction"). In connection with the closing of the Transaction, Intevac will pay a one-time special dividend of $0.052 per share. The payment of the special dividend is expected to occur on or about the closing of the Transaction. Separately, Intevac's Board of Directors has declared a regular quarterly dividend of $0.05 per share, which will be paid on March 13, 2025, to Intevac stockholders of record as of February 28, 2025.

The Transaction and the special dividend deliver aggregate consideration to Intevac stockholders of $4.052 per share, or $4.102 per share including Intevac's regular quarterly dividend. This represents a premium of 45% to Intevac's closing price of $2.83 per share on December 11, 2024, one day prior to Intevac's announcement that it had renewed its focus on pursuing strategic options, a premium of approximately 21% to Intevac's closing price of $3.38 per share on February 12, 2025 and an aggregate value of approximately $119 million including both dividends. As a result of the Transaction, Intevac will no longer hold its earnings call, which was previously scheduled for February 25, 2025.