Sun Microsystems, Inc. (NASDAQ: SUNW) and Storage Technology Corporation (NYSE: STK) announced that they have entered into a definitive agreement under which Sun will acquire StorageTek. The combination will create a new global leader in comprehensive network computing and data management which collectively had total annual revenues of more than $13 billion in the past four quarters. The aquisition will deliver a systems approach to Information Lifecycle Management (ILM) to help customers better manage their growing privacy, security, compliance and policy requirements. Under the terms of the agreement approved by both boards of directors, StorageTek stockholders will receive $37 per share in cash for each StorageTek share for an aggregate value of approximately $4.1 billion, including the assumption of employee stock options. The completion of the proposed transaction is expected to occur in late summer/early fall 2005. http://www.sun.com, http://www.storagetek.com

Share