Hewlett-Packard will acquire networking company Aruba Networks in a deal valued at $2.7 billion, the companies said Monday, as the personal computer maker continues to shift toward offering services for the enterprise market.
HP will scoop up Aruba for $24.67 a share in cash, reads a joint statement. The deal is expected to close during the second half of HP’s fiscal year.
“By combining Aruba’s world-class wireless mobility solutions with HP’s leading switching portfolio, HP will offer the simplest, most secure networking solutions to help enterprises easily deploy next-generation mobile networks,” HP’s CEO Meg Whitman said in a release.
Shares of HP climbed 0.83% in pre-market trading, while shares of Aruba Networks slipped 1.5%.
Aruba Networks, based in Sunnyvale, California, specializes in wireless networking, notably in the mobile market. The company has 1,800 employees, and reported revenue of $729 million last fiscal year.
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SOURCE: USA Today, Brett Molina