StorageTek shareholders approve acquisition by Sun

Shareholders of StorageTek has approved the company’s acquisition by Sun Microsystems. More than 99 percent of the Louisville, Colo.-based storage vendor’s shareholders voted in favor of the $4.1 billion deal, announced in early June.

StorageTek said the two companies expect to close the acquisition in two days. At that time, StorageTek would become a wholly owned subsidiary of Santa Clara, Calif.-based Sun.

Sun’s purchase of StorageTek is part of a strategy to shore up its storage business, an area where the company has lost ground steadily over the past few years. In 2004, Sun’s disk storage system sales totaled $1.2 billion, down from $1.3 billion in 2003 and $1.4 billion in 2002. During the same time, disk storage system revenue for all of Sun’s competitors rose.


Please enter your comment!
Please enter your name here