Though solid-state drives (SSDs) are likely to dominate the market in the years ahead, HDDs aren't going away anytime soon, said Reinsel. "This acquisition should keep WD in the pole position for a very long time," he said.

"WD has never fumbled an acquisition that I can remember, and they've done plenty. I would look for them to be successful with this one as well," Reinsel added.

Shattuck sees numerous synergies between the two companies.

"They offer us tremendous scale," he said. "In this industry that's increasingly commoditized, scale helps us enhance our leadership with respect to cost. And, by combining our [intellectual property], we can achieve product expansion at a faster pace."

But Shattuck also acknowledged a good deal of overlap, particularly in the consumer HDD space. He would not say whether that would result in product consolidation or personnel layoffs. "It's too early to comment on that," he said.