Seagate has completed a $1.4 billion cash and stock options deal to acquire Samsung’s hard drive division. The deal would see Samsung license flash memory technology to Seagate for use in solid state drives (SSD), and Samsung buying hard drives from Seagate for use in its consumer computer division.

This transaction was announced in April 2011 along with a series of other agreements between Seagate and Samsung.

“Together, Seagate and Samsung have aligned our current and future product development efforts and roadmaps in order to accelerate time-to-market efficiency for new products and position us to better address the increasing demands for storage,” said Steve Luczo, Seagate chairman, president and CEO in a press release. “It is an exciting time in the industry with rapidly evolving opportunities in many markets including mobile computing, cloud computing, and solid state storage.”

“The strategic relationship will open new opportunities for the two companies by mutually complementing each other’s creative technology solutions for a broad diversity of IT applications,” said Oh-Hyun Kwon, vice chairman of Device Solutions of Samsung Electronics in a statement.

Though Seagate’s facilities were spared in the catastrophic floods in Thailand, the company has faced a myriad of financial troubles during the last fiscal year. In Q3 2010, Seagate reported a profit of $503 million. A year later that profit slumped to $103 million.

Despite this slump in profit margin, In an interview with Bloomberg in November, CEO Luczo claimed he could raise prices 40 percent because of flood related shortages; instead, he said, he would be offering increases of 20 percent to customers that commit to one- to three-year contracts.