EMC proposes to acquire Data Domain

BENGALURU, INDIA: EMC proposed to acquire all of the outstanding common stock of Data Domain for $30.00 per share in cash, in a transaction with a total enterprise value of approximately $1.8 billion, net of Data Domain’s cash. EMC’s all-cash offer represents a 20 percent premium to the cash and stock offer made by NetApp for Data Domain on May 20, 2009.

EMC’s proposal is not subject to a financing or due diligence contingency, and the company will use existing cash balances to finance the transaction. EMC is promptly commencing a tender offer for all outstanding Data Domain common stock in order to expedite the timing of this transaction. The proposal was unanimously approved by the EMC Board of Directors.

Joe Tucci, Chairman, President and CEO, EMC said, “Strategically, this combination will further enhance our ability to broaden EMC’s best-in-class storage portfolio for the benefit of EMC and Data Domain customers and this, in turn, will accelerate EMC’s top and bottomline growth rates. Our substantially superior proposal is a win-win for both companies.”

EMC has made this offer to acquire Data Domain for its revenue base, its data protection-focused management team and sales force and its storage software technology that will help to accelerate both companies’ ability to deliver industry-leading next-generation disk-based backup and archiving solutions for customers.