HP to acquire 3PAR for $24 per share in cash

BANGALORE Mon Aug 23, 2010 7:53am EDT

A logo of HP is seen outside Hewlett-Packard Belgian headquarters in Diegem, near Brussels, January 12, 2010. REUTERS/Thierry Roge

A logo of HP is seen outside Hewlett-Packard Belgian headquarters in Diegem, near Brussels, January 12, 2010.

Credit: Reuters/Thierry Roge

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BANGALORE (Reuters) - HP (HPQ.N) proposed to acquire 3PAR for $24 per share in cash and said it expects the transaction to close by the end of the calendar year.

*Says deal has enterprise value of $1.6 billion

* Says deal not subject to any financing contingency and has been approved by HP's board of directors

* Says transaction will accelerate hp's converged infrastructure strategy

* Says proposal provides a significant premium to the Dell transaction

* Says combination will bolster hp's storage offerings and diversify its portfolio across key growth markets

* Says merger agreement with the same terms as transaction with Dell but eliminates the termination fee

* Says bid conditioned to 3par's board of directors' approval * Says expects the transaction to close by the end of the calendar year

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