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EMC squares $1.1bn DG buy out

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EMC is to buy Data General (DG) for $1.1 billion in stock, the companies announced today. EMC will issue 0.3262 of a share of common stock for each DG shares. The deal values DG at around $19.58 per share, based on EMC's 6 August closing stock price. Through the deal, EMC will swallow DG's CLARiiON storage products. DG's AviiON server business will operate as a separate unit of EMC, the companies said. EMC also plans to use DG's R&D knowledge in Intel-based systems across its existing product range. Completion of the buyout is expected before the end of the year. EMC said it expected the acquisition to boost profits for 2000 and 2001. DG shares closed at $13.19 on Friday on the New York Stock Exchange and EMC closed at $60.06. Michael Ruettgers, EMC president and CEO, said: "Data General's products have proven technology leadership in the mid-range storage market, particularly in the Windows NT and UNIX environments, but have lacked the global distribution and support needed to achieve their full market potential." ®

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