Business storage giant EMC has finally
concluded a deal to acquire consumer storage company
Iomega in a $213m (£108m) cash deal. Two
previous bids of $178m (£90m) and $205m (£104m) were rejected. The acquisition
is expected to close in June this year.
Iomega will form the core of EMC's new Consumer/Small Business Products
Division, headed by current Iomega CEO Jonathan Huberman.
Analysts expect EMC to use Iomega’s Rev line of removable disk drives as the
basis of hybrid home and branch office backup products.
The deal brought an end to the share purchase agreement between Iomega and
Excelstor Great Wall Technology.
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