The transaction is valued at $18 per share in cash – marking a 86.5% premium to company’s Friday closing price of $9.65 – or approximately $1.13 billion.
3PAR provides a virtualized utility storage platform that enables customers to significant drive down cloud computing infrastructure, storage and associated management costs. Dell in a statement said the company will help it extend its own storage capabilities – its product portfolio includes PowerVault, EqualLogic and Dell/EMC.
3PAR was founded in 1999 and is headquartered in Fremont, California.
Terms of the acquisition were approved by the board of directors of both companies. Dell says it plans to maintain and invest in additional engineering and sales capability and that there are no plans to move the current operations.