EMC
announced this week that it has agreed to acquire Iomega for $213 million in cash. Once the acquisition is complete, Iomega will serve as
the core of EMC's new Consumer/Small Business Products Division.
EMC Corporation (NYSE: EMC), the world leader in
information infrastructure solutions, and Iomega Corporation (NYSE: IOM), a global leader in data storage and protection for consumers
and small businesses, today announced a definitive agreement for EMC to acquire San Diego-based Iomega in a cash tender offer of $3.85
per outstanding share, or approximately $213 million. The addition of Iomega’s products, brand name, route to market and industry
expertise will enhance EMC’s reach and focus in the rapidly-growing consumer and small business markets.
EMC intends to commence
the tender offer in the next two weeks, with completion of the tender offer expected in the second quarter of 2008, subject to customary
closing conditions and regulatory approvals. The acquisition is expected to have no material impact on EMC financial results for the
full 2008 fiscal year.
If you'd like to read more, EMC's entire press release can be found here.
