Computer workstation firm Sun Microsystems of Santa Clara, CA, has announced a deal to buy archiving technology developer StorageTek of Louisville, CO, for $4.1 billion.
Sun will pay $37 a share for all of StorageTek's outstanding shares under an agreement that has been approved by the boards of both companies. The companies combined had total revenues of $13 billion over the last four quarters.
The firms hope the deal will combine Sun's experience in network computing with StorageTek's expertise in data management, resulting in a company that's able to help customers manage their privacy, security, compliance, and policy requirements.
The sale is expected to close in late summer or early fall of this year, subject to shareholder and regulatory approval and other customary closing conditions.
By AuntMinnie.com staff writers
June 6, 2005
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