HP, a provider of personal computing, software, services and IT infrastructure, has proposed a $1.6bn, or $24 per share in cash bid, to acquire all of the outstanding shares of the data storage company 3PAR.
HP said that the proposed transaction represents a 33.3% premium above the $1.15bn bid proposed by Dell last week.
Once approved by 3PAR’s board, the company expects the transaction to close by the end of the calendar year.
The company said that the addition of 3PAR’s storage architecture will accelerate its converged infrastructure strategy, which provides customers with intellectual property across storage, server and networking offerings.
HP EVP and general manager of Enterprise Servers, Storage and Networking Dave Donatelli said that the company’s proposal offers superior value to 3PAR’s shareholders.
"Our global reach, strong routes to market and commitment to innovation uniquely position HP as the ideal fit for 3PAR. We’ve seen great momentum with our Converged Infrastructure strategy, and 3PAR accelerates that strategy, particularly in cloud and scale-out markets," Donatelli said.
