It further said: "As Dot Hill has on its balance sheet approximately $49 million in cash as of June 30, 2015, the transaction reflects an enterprise value of approximately $645 million." Seagate President of Cloud Systems and Electronics Solutions Phil Brace said: "Dot Hill's innovative storage systems and IP portfolio are a strategic addition to our storage technology portfolio, enabling us to accelerate the growth of Seagate's OEM-focused cloud storage system and solutions business." Elaborating on the transaction, the statement said: "Following the successful completion of the tender offer, Seagate will acquire all remaining shares not tendered in the tender offer through a second-step merger at the same price as to be paid to stockholders tendering their shares in the tender offer." The transaction is expected to close during the fourth calendar quarter of 2015, subject to the satisfaction of customary closing conditions and the receipt of certain regulatory approvals.