Sun Microsystems announced Thursday they plan to buy-out data management competitor StorageTek for $4.1 billion.
The acquisition, pending shareholder approval, will double the size of Sun and increase the company’s client base beyond Solaris and Java. Sun officials said in a statement that the consolidated company will offer customers a more comprehensive range of services and solutions for their networking computer needs.
Under the terms of the agreement, Sun will pay StorageTek shareholders $37 per share in cash, including employee stock options.
“Sun’s technical and financial strength puts us in a great position to act as a consolidators in the IT industry,” said Scott McNealy, Sun’s chairman and CEO, in a statement Thursday.