EMC Takes Majority Control Of Data Domain
EMC Corp. of Hopkinton has acquired a majority stake in Data Domain Inc., the California firm it plans to acquire by the end of the month for $2.1 billion.
EMC said it plans to make Data Domain a $1 billion division of EMC under Frank Slootman, Data Domain's president and CEO, by 2010. The operation will be part of EMC's storage division and will develop disk-based back-up, recovery and archive technology.
When EMC's initial tender offer expired Friday, Data Domain shareholders had sold the company more than 50 million shares. That gave EMC possession of 82 percent of Data Domain's outstanding shares. A new offering period was begun today and expires Wednesday.
EMC outbid California-based rival NetApp for possession of Data Domain earlier this month.
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