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Guru3D.com » News » Sandisk buys Fusion-io for $1.1 billion

Sandisk buys Fusion-io for $1.1 billion

by Hilbert Hagedoorn on: 06/16/2014 06:54 PM | source: | 1 comment(s)
Sandisk buys Fusion-io for $1.1 billion

NAND specialist SanDisk announced the acquisition of PCIe flash storage firm Fusion-io for $1.1 billion. Fusion-io made its debut in 2007 and was one of the first firms to push PCI Express flash storage for enterprise applications. SanDisk Corporation (NASDAQ: SNDK), a global leader in flash storage solutions, today announced a definitive agreement to acquire Fusion-io (NYSE: FIO), a leading developer of flash-based PCIe hardware and software solutions that enhance application performance in enterprise and hyperscale datacenters. 

The acquisition will be an all-cash transaction valued at approximately $1.1 billion, net of cash assumed. 

"Fusion-io will accelerate our efforts to enable the flash-transformed data center, helping companies better manage increasingly heavy data workloads at a lower total cost of ownership," said Sanjay Mehrotra, SanDisk president and CEO. "Customers will benefit from the addition of Fusion-io's leading PCIe solutions to SanDisk's vertically integrated business model. We look forward to working with the world-class engineering and go-to-market teams from Fusion-io to provide high-value solutions to customers around the world."

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. SanDisk will fund the acquisition with cash available on its balance sheet. The transaction, which has been approved by the boards of directors of both companies, is subject to customary closing conditions, including clearance from relevant regulatory authorities and the completion of the tender offer. It is expected that the transaction will close in the third quarter of SanDisk's fiscal 2014 and be accretive to non-GAAP earnings in the second half of SanDisk's fiscal 2015.

"This transaction represents a compelling opportunity for Fusion-io's employees, customers and shareholders," said Shane Robison, chairman and CEO of Fusion-io. "Fusion-io's innovative hardware and software solutions will be augmented by SanDisk's worldwide scale and vertical integration, enabling a combined company that can offer an even more compelling value proposition for customers and partners."

Goldman, Sachs & Co. acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to SanDisk. Qatalyst Partners acted as financial advisor and Wilson Sonsini Goodrich & Rosati acted as legal advisor to Fusion-io.







« Intel Braswell (Atom) released in Q1 2015 · Sandisk buys Fusion-io for $1.1 billion · Graphics card shipments to drop 30-40 percent in 2Q14 »

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Ven0m
Senior Member



Posts: 1843
Joined: 2005-08-12

#4844072 Posted on: 06/17/2014 08:27 AM
They'll have much better market penetration for sure. The question is: Will it have any positive impact on consumer-grade storage?

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