In a press release this morning, SanDisk Corporation (NASDAQ:SNDK) said it will buy Fusion-IO, Inc. (NYSE:FIO) in a deal worth about $1.1 billion, net of assumed cash. The two companies said they have entered into a definitive agreement for the all-cash offer.
SanDisk to begin a tender offer
Under the terms of the agreement, SanDisk Corporation (NASDAQ:SNDK) will begin a tender offer to buy all of Fusion-IO, Inc. (NYSE:FIO)’s outstanding shares for $11.25 each. The company said it will fund the transaction using some of the cash that’s on its balance sheet. SanDisk management said the Fusion-IO acquisition will speed up their plans to transform enterprise data centers into flash-based systems and help companies manage their rising data workloads at lower costs.
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“Customers will benefit from the addition of Fusion-io’s leading PCIe solutions to SanDisk’s vertically integrated business model,” said SanDisk Corporation (NASDAQ: