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Sun Microsystems completes StorageTek purchase

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1 September 2005 02:30PM
Tags: sun | microsystems | storagetek | storage | sun

Sun Microsystems on Wednesday said it had completed the US$4.1 billion purchase of Storage Technology Corp after shareholders approved the acquisition on Monday.

SAN FRANCISCO (Reuters) - Sun Microsystems Inc on Wednesday said it had completed the US$4.1 billion purchase of Storage Technology Corp after shareholders approved the acquisition on Monday.

StorageTek shareholders will receive US$37 per share in cash for each StorageTek share they own.

The purchase price includes the assumption of employee stock options, Sun Microsystems said in a statement. StorageTek's former chief executive, Pat Martin, will not join the combined company, Sun Microsystems said.

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