Sun Microsystems To Acquire StorageTek For $4.1 Billion

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

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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.

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