Applied Micro Circuits Corporation has signed a definitive agreement to acquire 3ware, a provider of Serial ATA (SATA) storage solutions for storage applications such as disk-to-disk backup, near-line storage, network-attached storage (NAS), video, and high-performance computing.
Under the terms of the agreement, AMCC will acquire all outstanding shares of 3ware for approximately $150 million in cash and will assume stock options based on an exchange ratio to be determined at closing.
The transaction is subject to certain customary closing conditions and regulatory approvals, and is expected to close at or around April 1, 2004. It is not expected to affect AMCC’s March quarter results.
The boards of directors of both AMCC and 3ware have both approved the acquisition agreement.
3ware currently employs approximately 70 people, the majority in its Sunnyvale, CA headquarters. The 3ware team, including President and CEO Faye Pairman, will report to Brent Little, AMCC’s senior vice president and SAN general manager, as part of AMCC’s global SAN business.