EMC To Buy Data Domain For $2.1B
Hopkinton data storage giant EMC Corp.'s two-day-old, $2.1 billion cash offer has apparently won the battle for California-based Data Domain Inc.
The two companies have entered into a definitive agreement for Data Domain to be acquired by EMC for $33.50 per share.
EMC said it expects the acquisition to be complete by the end of the month. The buy allows EMC to greatly expand its presence in the market for disk-based data backup and de-duplication software. De-duplication systems allow users to prevent making unnecessary copies of computer files.
EMC has been battling for possession of Data Domain with NetApp, a Sunnyvale, Calif. company that reached an agreement to purchase Data Domain for $25 per share in early spring.
When EMC offered $30 per share, NetApp matched that price.
EMC made its $2.1 billion, all-cash offer Monday. NetApp's arrangement offered a mix of cash and company stock.
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