HP Completes Acquisition of 3PAR

Accelerates HP Converged Infrastructure strategy and expands company's solutions portfolio for cloud computing and service provider markets.

HP, a technology solutions provider, today announced that it has completed the acquisition of 3PAR Inc., a provider of utility storage, for a price of $33 per share in cash, or an enterprise value of $2.35 billion.

The company claims that 3PAR technologies expand its storage portfolio into enterprise-class public and private cloud computing environments, which are its key growth markets. Complementary with the company's current storage portfolio, 3PAR brings market-differentiating technology to the company 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.

It mentions that with a worldwide sales and channel network, coupled with extensive service operations, the company is uniquely positioned to rapidly expand 3PAR's market opportunity. As part of the HP Converged Infrastructure portfolio, which integrates servers, storage, networking and management technologies, 3PAR solutions will further strengthen its ability to simplify data center environments for clients. The company adds that further details on product integration will be announced at a later date.

According to it, the acquisition was completed by means of a tender offer by a company subsidiary for all of the outstanding shares of 3PAR followed by the merger of that purchasing subsidiary with 3PAR, as a result of which 3PAR became a wholly-owned subsidiary of the company. The tender offer expired at midnight, New York City time, on Sept. 24, 2010. As of that time, approximately 55.9 million shares, representing approximately 87.8 percent of 3PAR's outstanding shares, were tendered and not withdrawn in the offer. The company has accepted for payment all tendered shares. It completed the merger with 3PAR following the exercise of the top-up option contemplated by the merger agreement.