Hard drive maker Western Digital Corp. is buying Hitachi Global Storage Technologies for $4.3 billion in cash and stock.

Western Digital said Monday that the deal includes $3.5 billion in cash, plus 25 million of its common shares. The stock is valued at $750 million based on the company's Friday closing stock price of $30.01.

Western Digital is best known for its external and portable hard drives, but also makes products for the home designed to store digital media, such as music, photos and movies.

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