06.05.2005 08:00 AM
Sun Microsystems to acquire StorageTek for $4.1 Billion

Sun Microsystems has agreed to acquire the assets of Storage Technology for $4.1 billion in stock, creating a network computing and data management services that collectively had total annual revenues of more than $13 billion in the past four quarters. StorageTek by itself is a $2.2 billion global company.

Following completion of the transaction, which is subject to regulatory approval and is expected to occur in late summer/early fall 2005, StorageTek will become fully integrated within Sun’s organization. In the interim, a joint team of representatives from both companies will develop integration plans that build upon the technological, product and cultural synergies, and the best business and product development practices of both companies.

The combined company offers customers a comprehensive range of products, services and solutions for securely managing mission-critical data assets.

Under the terms of the agreement — approved by both boards of directors — StorageTek stockholders will receive $37 per share in cash for each StorageTek share for an aggregate value of approximately $4.1 billion, including the assumption of employee stock options. Sun expects the transaction to be accretive to non-GAAP earnings in the first 12 months following the closing.

For more information, visit www.sun.com/investors and www.storagetek.com.

Back to the top

Post New Comment
If you are already a member, or would like to receive email alerts as new comments are
made, please login or register.

Enter the code shown above:

(Note: If you cannot read the numbers in the above
image, reload the page to generate a new one.)

No Comments Found

Tuesday 03:07 PM
WMUR-TV Says FAA Drone Rules Preclude ENG
The FAA’s current rules and proposed ban on flight over people, requirement of visual line of sight and restriction on nighttime flying, effectively prohibit broadcasters from using UAS for newsgathering. ~ WMUR-TV General Manager Jeff Bartlett

D. Pagan Communications /   Friday 10:35 AM
Blue Line is Hot on the Trail of DPA Microphones
Clyne Media, Inc /   Thursday 09:51 PM
Focusrite Expands RedNet Range

Featured Articles
Discover TV Technology