SanDisk Corporation (NASDAQ: SNDK), a provider of flash storage solutions, is to acquire Fusion-io (NYSE: FIO), a developer of flash-based PCIe hardware and software solutions to enhance application performance in enterprise and hyperscale datacenters.
The all-cash transaction was valued at approximately $1.1bn. Under the terms of the agreement, SanDisk will commence a tender offer for all outstanding shares of Fusion-io for $11.25 per share in cash. The acquisition, which has been approved by the boards of directors of both companies, is subject to customary closing conditions, and will close in the third quarter of SanDisk’s fiscal 2014.
Led by Sanjay Mehrotra, SanDisk president and CEO, SanDisk is a Fortune 500 and S&P 500 global leader in flash storage solutions for large data centers, and embedded in advanced smart phones, tablets and PCs.
Led by Shane Robison, chairman and CEO, Fusion-io provides flash memory products to more than 7,000 customers in over 80 countries.