InfoAnda - EMC takes control of Data Domain

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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters EMC takes control of Data Domain Mon Jul 20, 2009 10:10am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] BOSTON (Reuters) - EMC Corp, the biggest maker of corporate data storage gear, said it has acquired a majority stake in Data Domain Inc and expects to complete the acquisition of the company by month's end. It said Data Domain will become the foundation of a new product division within EMC's storage business, focused on the development and delivery of next-generation disk-based backup, recovery and archive solutions. Data Domain Chief Executive Frank Slootman will run the new division, which EMC estimates will generate $1 billion in revenue next year. EMC beat out NetApp Inc in a bidding war over Data Domain. The $2.4 billion acquisition will give EMC control of what had been the largest independent provider of technology that reduces duplicate information on storage equipment, one of the fastest growing segments of the overall sluggish storage industry. EMC said 78.2 percent of the outstanding Data Domain shares were tendered to it. It previously held a 3.9 percent stake, so it now controls 82.1 percent. EMC has extended to July 22 its offer to purchase the rest of the shares at $33.50 each. (Reporting by Jim Finkle, editing by Gerald E. McCormick and John Wallace) © Thomson Reuters 2009 All rights reserved Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Online music video site MUZU signs up global indies Also on Reuters Microsoft deal talk, optimism overshadow results Retailers fear two more years of economic woe: survey Slideshow Slideshow: One small step -- 40 years after moon landing More Technology News Microsoft deal talk, optimism overshadow results Yahoo board member Icahn wants Microsoft deal Online music video site MUZU signs up global indies Google sees YouTube profitable in near future IT spending forecasts improve, Cisco popular: UBS More Technology News... Editor's Choice Slideshow A selection of our best photos from the past 24 hours. Slideshow Most Popular on Reuters Articles Video CIT Group on cusp of $3 billion rescue A new Tour starts for beaten Armstrong Netanyahu defies U.S. on East Jerusalem settlement Human Genome's Lupus drug succeeds in trial UPDATE 2-Human Genome soars as Lupus drug succeeds in trial Clinton says U.S. will do everything to free soldier | Video U.S. recession easing but likely not over: survey | Video CIT lost in gamble to pressure FDIC Human Genome's Lupus drug succeeds in trial Clinton: U.S. will do everything to free soldier Most Popular Articles RSS Feed Video Honduras crisis talks break down German landslide sweeps away houses Bars fume over Turkey smoke ban Canadian wildfires force evacuations Video of captured U.S. soldier Miss Moscow can take the heat Cloned dogs sniff out drugs Deadly monsoon rains hit Pakistan Fans honor Jackson in Taiwan Jakarta attackers not yet identified Most Popular Videos RSS Feed We want to hear from you Join the Reuters Consumer Insight Panel and help us get to know you better Please take a moment to complete our survey Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Labs | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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