Dell to buy 3Par for $1.15B
Dell Inc. said Monday it has agreed to buy 3Par Inc. for about $1.15 billion in cash, a premium of about 87 percent on the data-storage company's Friday closing price.
The personal computer company (NASDAQ:DELL) said it will pay $18 a share for 3Par, which makes systems that use virtualization technologies to more efficiently store data.
The Fremont-based company (NYSE:PAR) has lost money in the past five fiscal years despite growing revenue from $38.1 million in the year ended March 2006 to $194.3 million in the most recently completed year.
It posted an annual loss of $3.2 million, or 5 cents a share, in March compared to a loss of $959,000 the previous year.
To read the full press release from Dell, click here.
Filed under: money by John