mojeNovosti.com
The amount is equal to about 18 percent of the company's market capitalization.
The disk drive company said the latest buyback plan increases its total current buyback authorization to $3.5 billion.
Seagate said it expects to fund the share repurchase through a combination of cash on hand, future cash flow from operations and potential alternative sources of financing.
Shares of the company were trading marginally down at $30.85 in extended trade. They closed at $31.09 on Thursday on the Nasdaq.
(Reporting by Anil D'Silva; Editing by Sreejiraj Eluvangal)
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