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Sun to buy out StorageTek

Sun Microsystems is to buy StorageTek in a £2.26bn deal that will create a giant network computing and data management firm

Sun Microsystems is to buy StorageTek in a £2.26bn deal that will create a giant network computing and data management firm.

 

The two firms had combined revenues of more than £7.16bn over the past 12 months.

 

Sun’s chairman and chief executive, Scott McNealy, said the company’s technical and financial strength put it in a good position to act as a consolidator in the IT industry.

 

“This acquisition is part of an ongoing strategy to respond to customers seeking to rationalise their datacenter purchases to free up time and dollars to focus on compliance, architectural integration, security and, of course, the bottom line,” he said.

 

Patrick Martin, chairman, president and chief executive of StorageTek, said the deal would be in the best interests of his company’s customers, shareholders and employees.

 

The deal is expected to be completed by the autumn, when the StorageTek will be completely merged into Sun.

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