Sun Microsystems has reached an agreement to acquire Storage Technology in a move to beef up the U.S. computer company's storage and data management portfolio. Under the agreement announced Thursday, Sun will pay $4.1 billion for StorageTek. In turn, StorageTek investors will receive $37 a share in cash. The acquisition is part of Sun's strategy to meet customers' needs to rationalize their datacenter purchases, helping them "free up time and dollars to focus on compliance, architectural integration, security and ... the bottom line," the company said in a statement.
News source: InfoWorld