Iomega, a supplier of portable computer storage media best known for its "Zip" and "Jaz" drives, announced today that it had reached an agreement with EMC Corporation over a cash tender acquisition offer of $3.85 per outstanding share, or approximately $213 million. Joe Tucci, EMC Chairman, President and CEO, said, "Iomega will play a key role in EMC's strategy to expand our information storage and management capabilities deeper into the high-growth consumer and small business markets."
Upon completion of the acquisition, Iomega will serve as the core of EMC's new Consumer/Small Business Products Division, which will be led by Jonathan Huberman, CEO of Iomega. "Today begins an exciting new future for Iomega and our customers. Once the acquisition is final, Iomega will be able to fully leverage EMC's vast assets to grow our business globally," Huberman said in the press release.