EMC announces to acquire Iomega. EMC buys San Diego-based Iomega in a cash tender offer of $3.85 per outstanding share, or approximately $213 million.
The addition of Iomega’s products, brand name, route to market and industry expertise will enhance EMC’s reach and focus in the rapidly-growing consumer and small business markets.EMC intends to commence the tender offer in the next two weeks, with completion of the tender offer expected in the second quarter of 2008, subject to customary closing conditions and regulatory approvals. The acquisition is expected to have no material impact on EMC financial results for the full 2008 fiscal year.
Upon completion of the acquisition, Iomega will serve as the core of EMC’s new Consumer/Small Business Products Division. The new division (led by Jonathan Huberman and reporting to Joel Schwartz, Senior Vice President and General Manager, EMC Storage Platforms) will also include EMC Retrospect and EMC LifeLine software. EMC plans to build the division around the strength of the Iomega organization, brand, products and partner ecosystem.
EMC Corporation (NYSE: EMC) is the world’s leading developer and provider of information infrastructure technology and solutions that enable organizations of all sizes to transform the way they compete and create value from their information.
Via the EMC site.
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