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Enterprise > Storage > News

Sun Microsystems completes StorageTek purchase

StorageTek shareholders will receive $37 per share in cash for each StorageTek share they own.

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Sun Microsystems Inc. on Wednesday said it had completed the US $4.1 billion purchase of Storage Technology Corp. after shareholders approved the acquisition on Monday.

StorageTek shareholders will receive US $37 per share in cash for each StorageTek share they own.

The purchase price includes the assumption of employee stock options, Sun Microsystems said in a statement. StorageTek's former chief executive, Pat Martin, will not join the combined company, Sun Microsystems said.

� CIOL Bureau

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