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NetApp to acquire Data Domain for approximately $1.5 billion

Thursday, May 21, 2009

NetApp, a provider of storage and data management systems, has entered into a definitive agreement to acquire all of the outstanding common stock of Data Domain, a provider of deduplication storage systems, for $25 per share in cash and stock.

The cash and stock transaction is valued at approximately $1.5 billion, net of Data Domain’s cash.

NetApp intends to operate Data Domain as a product line within its product operations organisation. The Data Domain sales organisation will be integrated with NetApp sales to access new accounts.

The transaction is expected to complete in the third quarter of 2009 subject to customary closing conditions including regulatory approval.

Article sourced from www.cbronline.com, click here to read full story.

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