StorageTek Shareholders Approve Acquisition By Sun

More than 99 percent of the Louisville, Colo.-based storage vendor&s shareholders voted in favor of the $4.1 billion deal, announced in early June.

StorageTek said the two companies expect to close the acquisition on Wednesday afternoon. At that time, StorageTek would become a wholly owned subsidiary of Santa Clara, Calif.-based Sun.

Sun&s purchase of StorageTek is part of a strategy to shore up its storage business, an area where the company has lost ground steadily over the past few years. In 2004, Sun&s disk storage system sales totaled $1.2 billion, down from $1.3 billion in 2003 and $1.4 billion in 2002. During the same time, disk storage system revenue for all of Sun&s competitors rose.

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