Sep 7, 2010 : HP to Acquire 3PAR
📅 - Acquisition will strengthen the company's storage, server and networking portfolio.
HP, a technology solutions provider, recently announced that it has entered into a definitive agreement with 3PAR Inc., a provider of utility storage, under which it will purchase 3PAR through a cash tender offer of $33 per share in cash, or an enterprise value of $2.35 billion. The company adds that the transaction has been approved by the boards of directors of both companies.
It states that combining 3PAR's utility storage products with the company's existing storage solutions will strengthen its storage, server and networking portfolio. 3PAR will accelerate the company's Converged Infrastructure strategy by driving growth in the fast-growing virtual data center and cloud computing markets. Its global presence, commitment to innovation and proven track record of integrating acquisitions will provide growth opportunities for 3PAR going forward.
According to the company, 3PAR has terminated its merger agreement with Dell Inc. and paid Dell the $72 million termination fee required to be paid to Dell as a condition to terminating the merger agreement.
It further states that the company's cash tender offer commenced on August 27, 2010 and it is scheduled to expire at 12:00 midnight, New York City time on September 24, 2010, subject to customary tender offer conditions being satisfied. The final closing of the acquisition is expected to occur by the end of the calendar year. The company avers that the conditions to its tender offer related to (1) the termination of 3PAR's merger agreement with Dell and the execution of a definitive merger agreement with it, and (2) the inapplicability of Section 203 of the Delaware General Corporation Law to the company's tender offer and proposed merger with 3PAR were satisfied.
"HP and 3PAR is a winning combination that will accelerate HP's Converged Infrastructure strategy and bolster our ability to provide customers with the industry's highest levels of performance, efficiency and reliability," said Dave Donatelli, Executive Vice President and General Manager, Enterprise Servers, Storage and Networking, HP. "We intend to invest in 3PAR's technology to create long-term value for our stakeholders."
"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, 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 organizations to experience the transformative value of 3PAR's technology."
HP, a technology solutions provider, recently announced that it has entered into a definitive agreement with 3PAR Inc., a provider of utility storage, under which it will purchase 3PAR through a cash tender offer of $33 per share in cash, or an enterprise value of $2.35 billion. The company adds that the transaction has been approved by the boards of directors of both companies.
It states that combining 3PAR's utility storage products with the company's existing storage solutions will strengthen its storage, server and networking portfolio. 3PAR will accelerate the company's Converged Infrastructure strategy by driving growth in the fast-growing virtual data center and cloud computing markets. Its global presence, commitment to innovation and proven track record of integrating acquisitions will provide growth opportunities for 3PAR going forward.
According to the company, 3PAR has terminated its merger agreement with Dell Inc. and paid Dell the $72 million termination fee required to be paid to Dell as a condition to terminating the merger agreement.
It further states that the company's cash tender offer commenced on August 27, 2010 and it is scheduled to expire at 12:00 midnight, New York City time on September 24, 2010, subject to customary tender offer conditions being satisfied. The final closing of the acquisition is expected to occur by the end of the calendar year. The company avers that the conditions to its tender offer related to (1) the termination of 3PAR's merger agreement with Dell and the execution of a definitive merger agreement with it, and (2) the inapplicability of Section 203 of the Delaware General Corporation Law to the company's tender offer and proposed merger with 3PAR were satisfied.
"HP and 3PAR is a winning combination that will accelerate HP's Converged Infrastructure strategy and bolster our ability to provide customers with the industry's highest levels of performance, efficiency and reliability," said Dave Donatelli, Executive Vice President and General Manager, Enterprise Servers, Storage and Networking, HP. "We intend to invest in 3PAR's technology to create long-term value for our stakeholders."
"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, 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 organizations to experience the transformative value of 3PAR's technology."
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