Samsung has agreed a deal to sell it’s Hard Drive business to competitor Seagate in a deal said to be worth $1.375 Billion. The arrangement also ensures that both companies enter into an exclusive hardware supply partnership. Seagate will provide for all of Samsung’s storage needs for its entire computer lineup and Samsung will provide NAND flash memory solutions to Seagate.

The particulars of the deal see Samsung turn over their hard drive business to Samsung in exchange for for a 9.6% stake in the company, which is said to be worth nearly $700 million. In a joint statement both companies concluded that it “will enable both companies to better align their current and future product development efforts and roadmaps, accelerate time-to-market for new products and position the companies to better address rapidly evolving opportunities in markets including…mobile computing, cloud computing and solid state storage.” Samsung are said to be shifting focus from traditional hard drive storage to NAND-based flash storage, solar cells and next-gen displays like their revolutionary transparent display.

With less players in the hard drive storage game this consolidation could see an impact on consumers in terms of less price competition.

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