Dell Inc. has agreed to buy 3Par in an all-cash deal valued at approximately $1.15 billion, the companies said Monday.
Dell will pay $18 per share for 3Par's common stock, an 86 percent premium over Friday's closing price of $9.65.
Fremont-based 3Par is a maker of high-efficiency IT storage systems.
The boards of both companies have approved the terms.The deal is expected to close before the end of the year, subject to customary closing conditions.
The transaction is expected to be accretive to Dell's non-GAAP earnings in its fiscal year 2012.
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