HP completes acquisition of 3PAR for $2.35 billion
September 27th, 2010 - 9:55 pm ICT by BNO NewsPALO ALTO, CALIFORNIA (BNO NEWS) — Hewlett-Packard (HP) on Monday announced that it has completed the acquisition of 3PAR Inc. for a price of $33 per share in cash, or an enterprise value of $2.35 billion.
The acquisition was completed by means of a tender offer by an HP subsidiary for all of the outstanding shares of 3PAR followed by the merger of that purchasing subsidiary with 3PAR, as a result of which it became a wholly-owned subsidiary of HP.
The tender offer expired at midnight EDT on Friday and approximately 55.9 million shares, representing approximately 87.8 percent of 3PAR’s outstanding shares, were tendered and not withdrawn in the offer.
HP has accepted for payment all tendered shares and completed the merger with 3PAR following the exercise of the top-up option contemplated by the merger agreement.
3PAR technologies expand HP’s storage portfolio into enterprise-class public and private cloud computing environments, which are key growth markets for HP.
Complementary with HP’s current storage portfolio, 3PAR, a leading global provider of utility storage, brings market-differentiating technology to HP that will enable clients to maximize storage utilization, balance workloads and automate storage tiering.
HP said further details on product integration will be announced at a later date.
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