Hard Money Loans

Palo Alto, CA, United States (AHN) – HP has acquired 3PAR Inc. for a price of $33 a share in cash or an enterprise value of $2.35 billion, the company announced Tuesday.

A leading global provider of utility storage, 3PAR technologies expand HP’s storage portfolio into enterprise-class public and private cloud computing environments that are considered key growth markets for the computer giant.

A tender offer by an HP subsidiary for all outstanding shares of 3PAR followed by the merger resulted in 3PAR becoming a wholly-owned subsidiary of HP.

The tender offer expired at midnight EDT on Friday with some 55.9 million shares, representing some 87.8 percent of 3PAR’s outstanding shares not withdrawn in the offer. HP had accepted for payment all tendered shares.

HP completed the 3PAR acquisition following the exercise of top-up option contemplated by merger agreement.

“3PAR brings market-differentiating technology to HP that will enable clients to maximize storage utilization, balance workloads and automate storage tiering. This allows clients to improve productivity and more efficiently operate their storage networks,” HP said in a statement.

“As part of HP Converged Infrastructure portfolio which integrates servers, storage, networking and management technologies, 3PAR solutions will further strengthen HP’s ability to simplify data center environments for clients,” the firm added.

View full post on Economy, Business And Finance Stories