HP to purchase 3PAR for $2.35 billion

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Palo Alto, Calif.—Hewlett-Packard Co. announced a definitive agreement to acquire 3PAR, a utility storage company, in a deal valued at $2.35 billion.

HP said the acquisition will strengthen its storage, server and networking portfolio. Following the acquisition, HP said it will continue to invest in 3PAR’s technology, which delivers enterprise and cloud-computing storage solutions to global clients.

The deal has been approved by the boards of both companies and is expected to close before the end of the year.

3PAR also announced that it has terminated its previous merger agreement with Dell Inc., and has paid Dell a $72 million termination fee.

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