HP Wins Bidding War for 3Par
Hewlett-Packard (NYSE: HPQ) announced today that it will acquire Fremont, CA-based storage virtualization company 3Par (NYSE: PAR) for for about $2.35 billion. That’s more than twice the price originally offered by Dell in mid-August; the two computer industry giants have spent the last two weeks locked in a bidding war for 3Par, with HP’s $33 per share offer ultimately winning the day. “Combining 3PAR’s leading-edge utility storage products with HP’s existing storage solutions will strengthen HP’s unparalleled storage, server and networking portfolio,” HP said in a statement. 3Par will pay a $72 million termination fee to Dell as a result of its decision to accept HP’s offer.