NEW YORK (CNNMoney.com) -- Dell Inc. said Monday it has agreed to acquire data-storage company 3PAR for $1.15 billion, a move the computer maker says could cut its data management costs by 50%.
Dell (DELL, Fortune 500) said Monday it will begin a tender offer to buy all of the outstanding common stock of 3PAR for $18 a share in cash. The price is an 86.5% premium to 3PAR's closing price Friday of $9.65.
Shares of Fremont, Calif.-based 3PAR (PAR) shot up more than 85% in premarket trading to $17.89. Dell shares were flat.
"We have aligned our storage offerings over the last several years to provide our customers choice and value," said Brad Anderson, senior vice president of Dell's enterprise product group.
The 3PAR purchase came after Dell's 2008 acquisition of data-storage company Equal Logic and a continued partnership with storage network firm EMC.
The historically black school will cover 50% of the cost of a a student's final semester if they graduate early or on time, starting next year. More
If the Supreme Court rules that enrollees on the federal Obamacare exchange can't get subsidies, it could destroy the individual insurance market. The court will hold hearing on King v. Burwell on Wednesday. More
Startup HEAL promises a doctor at your doorstep in under 60 minutes, for a flat fee of just $99. More