Thursday, June 02, 2005

Sun Micro to buy StorageTek for $4.1 bln

Duncan Martell writes for Reuters:

Network computer maker Sun Microsystems Inc. said on Thursday it agreed to buy Storage Technology Corp. for $4.1 billion in cash, bolstering its presence in the fast-growing market for data storage.

Santa Clara, California-based Sun will pay $37 per share for Louisville, Colorado-based Storage Technology, also known as StorageTek, and the price includes the assumption of StorageTek employee stock options. The $37 price is an 18.5 percent premium to StorageTek's closing price on Wednesday.


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