Seagate Technology and Samsung Electronics announced that the two companies have signed a definitive agreement on April 19, 2011, according to a press release by Seagate. As per the agreement, Samsung will sell its HDD (Hard Disk Drive) unit to Seagate for approximately US$1.38 billion. Two supply agreements are also included in the deal, under which, Samsung will supply Seagate with NAND flash memory chips for Seagate's solid state drives, and Seagate will provide disc drives to Samsung for its PCs, notebook PCs and consumer electronics. Transactions are slated to complete by the end of 2011.