3PAR has paid a $72 million termination fee to Dell in order to cancel a proposed merger and complete a deal with HP instead with an enterprise value of $2.35 billion.
HP has made a cash tender offer to 3PAR of $33 per share. The two companies have entered into a definitive agreement and the transaction has been approved by both boards of directors.
David Scott, president and chief executive officer, 3PAR said:
“As part of HP, 3PAR’s agile, efficient storage solutions will truly thrive, particularly given HP’s ability to accelerate investment in our products and reach new customers around the world. 3PAR has built a reputation for delivering enterprises and cloud computing service providers the ability to do more with less. HP’s global reach, strong routes to market and our shared culture of innovation will allow even more organizations to experience the transformative value of 3PAR’s technology.”
The interest of both Dell and HP in storage solutions reflects the popularity of cloud computing and the clamour for new dynamic technologies in this area.