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.