3PAR goes to HP

Stephen Withers
Friday, 03 September 2010 08:56

IT Industry - Listed Tech

HP has outbid Dell for storage provider 3PAR. A cash offer of $US2.35 billion did the trick.

A definitive agreement between HP and 3PAR will see the utility storage supplier become part of the world's largest technology company. Dell was also looking to acquire 3PAR, but HP's $US33 per share offer - valuing the company at $US2.34 billion - clinched the deal.

Dell's original bid for 3PAR was $US18 per share at a time when the market price was below $US10. After HP became involved, that ratcheted up to $US32 before HP's $US33 offer closed the sale.

The acquisition should be completed by the end of the year.

"As part of HP, 3PAR's agile, efficient storage solutions will truly thrive, particularly given HP's ability to accelerate investment in our products and reach new customers around the world," said David Scott, president and chief executive officer at 3PAR.

"3PAR has built a reputation for delivering enterprises and cloud computing service providers the ability to do more with less. HP's global reach, strong routes to market and our shared culture of innovation will allow even more organisations to experience the transformative value of 3PAR's technology," he added.

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