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Salt Lake City – SanDisk Corporation announced on Monday a definitive agreement to acquire Fusion-io in an all-cash transaction valued at about $1.1 billion, net of cash assumed.
Based in Salt Lake, Fusion-io is a developer of flash-based PCIe hardware and software solutions that enhance application performance in enterprise and hyperscale datacenters. SanDisk is a California-based Fortune 500 company that specializes in flash storage solutions.
“Fusion-io will accelerate our efforts to enable the flash-transformed data center, helping companies better manage increasingly heavy data workloads at a lower total cost of ownership,” said Sanjay Mehrotra, SanDisk president and CEO.
Under the terms of the agreement, SanDisk will commence a tender offer for all outstanding shares of Fusion-io for $11.25 per share in cash. SanDisk will fund the acquisition with cash available on its balance sheet. The transaction has been approved by the boards of directors of both companies. It is expected that the transaction will close in the third quarter of SanDisk’s fiscal 2014.
“This transaction represents a compelling opportunity for Fusion-io’s employees, customers and shareholders,” said Shane Robison, chairman and CEO of Fusion-io. “Fusion-io’s innovative hardware and software solutions will be augmented by SanDisk’s worldwide scale and vertical integration, enabling a combined company that can offer an even more compelling value proposition for customers and partners.”