Hewlett-Packard announce $610 million acquisition

Hewlett-Packard has announced that it has signed a definitive agreement with Comdisco to acquire all of Comdisco’s Availability Solutions business for $610 million in cash.

Hewlett-Packard has announced that it has signed a definitive agreement with Comdisco, Inc. to acquire substantially all of Comdisco’s Availability Solutions (Technology Services) business for $610 million in cash, subject to certain closing adjustments.

The units included in the agreement provide business continuity and complementary consulting services for mission-critical environments.

In a separate development Comdisco announced that its parent company and 50 of its US domestic subsidiaries have filed voluntary petitions for relief under chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the Northern District of Illinois.

Comdisco’s operations outside of the US are not included in the filing.

The agreement between the two companies is subject to the bankruptcy sales process and bankruptcy court and regulatory approvals.

Under the terms of the transaction, HP will assume certain, limited liabilities. The transaction is expected to be accretive to HP’s cash earnings per share in its fiscal year 2002.

With this acquisition, HP expects to become the leading provider of business continuity services worldwide, able to deliver clients an integrated offering that helps them ensure the continuity of both their business processes and their underlying information technology infrastructure.