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SanDisk to buy Fusion-io for $1.1 billion

Staff writer |
SanDisk Corporation announced a definitive agreement to acquire Fusion-io. The acquisition will be an all-cash transaction valued at approximately $1.1 billion, net of cash assumed.

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Under the terms of the agreement, SanDisk will commence a tender offer for all outstanding shares of Fusion-io for $11.25 per share in cash. SanDisk will fund the acquisition with cash available on its balance sheet. The transaction, which has been approved by the boards of directors of both companies, is subject to customary closing conditions, including clearance from relevant regulatory authorities and the completion of the tender offer.

It is expected that the transaction will close in the third quarter of SanDisk’s fiscal 2014 and be accretive to non-GAAP earnings in the second half of SanDisk’s fiscal 2015.

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