HP completes acquisition of 3PAR
US computer giant Hewlett-Packard said Monday it has completed its acquisition of data storage firm 3PAR for 2.35 billion dollars.
HP paid 33 dollars per share for Fremont, California-based 3PAR following a bidding war with another US computer titan, Dell.
The Palo Alto, California-based HP said that 3PAR became a wholly-owned subsidiary of HP after a tender offer for outstanding 3PAR shares expired at midnight on Friday.
The bidding war for 3PAR began on August 16 with an 18-dollar per share offer by Dell.
HP, the world's largest computer manufacturer, and Dell, the third-largest, are both seeking to expand their offerings to include services and storage.
With the rise of Internet-based "cloud computing," in which data is stored remotely, 3PAR was an attractive target and the bidding war for the company saw its stock triple in two weeks.
The acquisition of 3PAR gives HP an advantage in the market for advanced high-end data storage solutions, where 3PAR is the dominant player.
3PAR's technology enables large companies and government agencies to shift to "cloud" storage platforms, significantly cutting storage costs.
(c) 2010 AFP
