By Lisa Kerner
Charlotte, N.C., May 20 - NetApp Inc. announced that it agreed to acquire Data Domain Inc. for $25 per share in a cash-and-stock deal valued at approximately $1.5 billion, net of Data Domain's cash.
Data Domain's board of director has approved the transaction, which is expected to close in the next 60 to 120 days, the companies said.
NetApp said it will operate Data Domain as a product line within NetApp's product operations organization.
"Our objective will be to amplify Data Domain's success, grow Data Domain's revenues as quickly as today's economy will allow, and create systems and incentives within NetApp to nurture Data Domain to its fullest potential," NetApp chairman and chief executive officer Dan Warmenhoven said in a news release.
NetApp is a Sunnyvale, Calif.-based data storage company.
Data Domain provides deduplication storage appliances for disk-based backup, archiving and network-based disaster recovery. The company is located in Santa Clara, Calif.
| Acquirer: | NetApp Inc.
|
| Target: | Data Domain Inc.
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| Announcement date: | May 20
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| Price per share: | $25.00
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| Expected closing: | 60 to 120 days
|
| Stock price of target: | Nasdaq: DDUP: $17.43 on May 19
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