HP Wins Bid for 3PAR
Companies announce definitive merger agreement, plan to accelerate HP's Converged Infrastructure strategy, drive growth in key storage markets
Hewlett-Packard and 3PAR today made it official: they've entered into a definitive agreement under which HP will acquire 3PAR, a utility storage provider, by paying $33 per share in cash (that values 3PAR at $2.35 billion). The boards of directors of both companies have approved the transaction.
In a release, the companies said that "combining 3PAR's leading-edge utility storage products with HP's existing storage solutions will strengthen HP's unparalleled storage, server, and networking portfolio. 3PAR will accelerate HP's highly successful Converged Infrastructure strategy by driving growth in the fast-growing virtual data center and cloud computing markets. HP's global presence, commitment to innovation and proven track record of integrating acquisitions will provide growth opportunities for 3PAR going forward."
3PAR said it terminated its merger agreement with Dell Inc. and paid Dell a $72 million termination fee.
HP's tender offer will expire at 12:00 midnight Eastern time on September 24, 2010; the companies expect the acquisition will close by the end of the year.