SanDisk Corporation, a world-leading producer of flash storage devices, is announcing that it has completed the previously-announced acquisition of Fusion-io. Fusion-io is a leading producer of flash-based PCIe solid-state devices and software solutions that accelerate performance for enterprise and hyperscale datacenters.
Under the agreement’s terms, SanDisk has completed the acquisition for $11.25 per share for the outstanding shares of Fusion-io, and has assumed unvested, in-the-money equity awards. The total aggregate value of the acquisition comes in at approximately $1.1 billion, net of cash assumed.
Sanjay Mehrotra, president and chief executive officer of SanDisk, states that “I am delighted to welcome the employees of Fusion-io to SanDisk. The tremendous engineering and go-to-market talent of the Fusion-io team will accelerate our efforts to enable the flash-transformed data center. Together we will offer our customers the broadest set of enterprise flash solutions in the industry.”
Fusion-io’s financial results from 7/23/2014 through 9/28/2014 will be included in SanDisk’s third quarter financial results. SanDisk anticipates that it will exclusively use non-captive NAND for the Fusion-io business for at least the next several quarters. This likely represents completion of Fusion-io’s existing supply agreements.
SanDisk and Fusion-io completed the acquisition by merging a subsidiary of SanDisk with and into Fusion-io, with Fusion-io continuing on as the surviving corporation. As a result of this merger, Fusion-io has become a wholly-owned subsidiary of SanDisk. You can view the SanDisk press release announcing the completion of the acquisition here.