BRIEFLY / TECHNOLOGY : Seagate to Acquire Rest of Software Unit

Seagate Technology Inc. said it will buy the rest of its software unit, gaining control of an investment it can use for acquisitions or sell to raise cash. The company will acquire the 6.5% of its Seagate software unit it doesn’t now own for 8 million shares, or about $280 million, and take a $216-million charge as a result. Seagate also will get full ownership of 61 million shares of Veritas Software Corp. shares, valued at about $4 billion, owned by the software unit. Seagate is expected to report a loss this quarter and is slashing prices to compete with rivals in the worst bout of price-cutting in recent years. The purchase gives Seagate unhindered access to Veritas shares, which it can sell or use to buy other companies. By owning all of the software unit, a Seagate sale of the Veritas stock would not need approval of the unit’s shareholders or option holders. That would make a share sale less complicated and give Seagate the full proceeds, company officials said. Seagate declined to comment on which company, if any, it may be interested in buying or specific moves that it plans. Shares of Scotts Valley, Calif.-based Seagate rose $1.75 to close at $35.75 on the New York Stock Exchange.