Dell pays $1.15 billion for storage company 3PAR

  @ibtimes on

Dell Inc said on Monday it plans to buy data storage company 3PAR Inc for $18 per share in cash, or $1.15 billion, extending its storage product offering for cloud computing.

The deal marks an 87 percent premium over 3PAR's Friday closing price. It is expected to close by the end of the year, the companies said.

(Reporting by Nick Zieminski; Editing by Derek Caney)

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