Adaptec has failed in its bid to buy Hyundai's Symbios business after the US Federal Trade Commission (FTC) said it would narrow competition in the SCSI market.
Hyundai had hoped to make $775 million as part of its continuing plans to strip out technology components from its portfolio. At the beginning of the month it ditched its SMP subsidiary Axil, as first reported here.
Adaptec is the market leader in the SCSI market, and according to the Wall Street Journal, the FTC was concerned that the acquisition of Symbios would make its share of the market too great. Other competitors, including Mylex, were worried about the implications of the deal.
But the collapse of the deal could put jobs at Symbios, which makes chips for the SCSI market and has over 2,000 employees, in jeopardy. The deal has already cost Adaptec $20 million, and the company said that it will take a one-time charge on the costs in its current quarter. Hyundai will now seek another buyer for Symbios.
The FTC's intervention in the proposed acquisition shows that it is not only interested in giants like Microsoft and Intel, but will act to prevent any player totally dominating any market. It had proposed to seek an injunction to prevent the sale going ahead.
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