(WEB HOST INDUSTRY REVIEW) — In what could be the end of an ongoing bidding war with rival HP (www.hp.com), Dell (www.dell.com) announced on Thursday that data storage firm 3PAR (www.3par.com) has accepted its increased offer to acquire the storage firm for $24.30 per share in cash, or approximately $1.6 billion.
Last week HP countered Dell’s initial offer to buy 3PAR with a bid for $24 per share, which was a 33-percent premium over Dell’s $18-per-share bid.
Dell’s previous agreement with 3PAR contained a provision for matching competing bids. The companies have now signed an amendment to the agreement reflecting the new offer price.
3PAR provides storage solutions with advanced data management features for multi-tenant cloud-computing environments.
The acquisition continues Dell’s series of acquisitions in IP and infrastructure needed to provide customers with a comprehensive and differentiated set of storage solutions.
By acquiring 3PAR, Dell is able to complement and extend its range of storage solutions, providing customers with a unified enterprise environment.
Dell says that its global brand and broad global customer reach will significantly accelerate 3PAR’s revenue growth.
“Storage is at the forefront of this strategy,” says Dave Johnson, senior vice president of Dell corporate strategy. “With the 3PAR acquisition, Dell with have the broadest set of differentiated storage solutions in the market today.”
The acquisition is expected to close before the end of the year.
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