Sun Microsystems, Inc. announced it has completed its acquisition of StorageTek following approval of StorageTek stockholders. Under the terms of the agreement, StorageTek stockholders will receive $37 per share in cash for each StorageTek share for an aggregate value of approximately $4.1 billion, including the assumption of employee stock options. Trading of StorageTek common stock has been suspended.
"By combining with StorageTek and leveraging its 35 years of leadership in the storage and data management market with Sun's 24 years in network computing solutions, Sun becomes an instant heavyweight in the global storage market," said Scott McNealy, Chairman and Chief Executive Officer, Sun Microsystems, Inc. "Few companies are better positioned to help enterprises manage the complexities of information management. StorageTek knows how to store it and Sun knows how to put that data to work better than any other company on the planet."
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