Dell Picks Off 3Par In All Cash Deal (DELL, PAR)

Computer maker DELL is buying data-storage company 3PAR Inc. PAR for $1.15 billion in cash, paying a whopping 86.5% premium for the company writes the Wall Street Journal. Dell will pay $18 a share for the company. 3Par closed on Friday at $9.65. Dell is making inroads into getting a bigger slice of corporate IT budgets with the purchase. 3Par builds high-end systems that help businesses store and manage their data better, known as virtualization technology. 3Par competes with companies such as EMC EMC, Hewlett-Packard HPQ and IBM IBM. Shares of 3Par are trading at $17.88 this morning on news of the deal.