EMC Confirms Its Acquisition of Data Domain

EMC Corporation has entered into a definitive agreement with Data Domain, Inc. (Nasdaq: DDUP – News), provider of deduplication storage solutions, under which EMC will acquire Data Domain in a cash tender offer for $33.50 per share. The transaction is expected to have a total enterprise value of approximately $2.1 billion, net of Data Domain’s cash.

EMC’s all-cash tender offer commenced on June 2 and is scheduled to expire at 12:00 midnight Eastern Daylight Time on July 17, 2009, subject to customary tender offer conditions being satisfied. EMC also announced today that the condition to its tender offer related to the termination of the NetApp merger agreement has been satisfied.

The acquisition is expected to be neutral to EMC’s non-GAAP earnings per share in its fiscal year 2009 and accretive to its non-GAAP earnings per share in fiscal year 2010.

Following the completion of the acquisition, which is expected to occur before the end of July, Data Domain will help accelerate EMC’s pace of expansion and leadership in the fast-growing next-generation disk-based backup and archive market.

Joe Tucci, EMC Chairman, President and CEO, said: "This is a compelling acquisition from both a strategic and financial standpoint. We look forward to bringing Data Domain together with EMC to form a powerful force in next-generation disk-based backup and archive. I have tremendous respect for Data Domain’s people, technology and business, and anticipate great things ahead for our respective companies, our customers and partners."