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SanDisk buys storage rival Fusion-io for $1.6 bn
by Staff Writers
New York (AFP) June 16, 2014


Level 3 to boost backbone with $7.3 bn deal
New York (AFP) June 16, 2014 - US telecom operator Level 3 Communications announced plans Monday to buy Internet business provider TW Telecom in a deal worth $7.3 billion, including debt.

The deal boost's Level 3's position as the underlying or backbone provider for telecom carriers, governments and enterprises.

The deal provides TW Telecom with cash and stock and creates a firm with some $25 billion in enterprise value, a joint statement said.

"We believe this is a financially compelling and very strategic acquisition for Level 3 that will enhance our ability to continue to gain market share," said Jeff Storey, president and chief executive of Level 3.

"The transaction further solidifies Level 3's position as a premier global communications provider to the enterprise, government and carrier market, combining TW Telecom's extensive local operations and assets in North America with Level 3's global assets and capabilities."

TW is a former unit of Time Warner Communications, which manages corporate computer networks.

The plan, which requires shareholder and regulatory approval, is expected to close after this year.

US computer storage company SanDisk said Monday it was buying flash memory firm Fusion-io for $1.6 billion.

The deal will help SanDisk, a maker of memory cards used for computers, smartphones and other devices, to boost its flash memory capacity with the acquisition of Fusion-io, which provides a wide array of products and services for businesses.

Fusion-io was founded in 2006, by Apple co-founder Steve Wozniak and others, to help provide solutions for the growing amounts of data that was overloading storage systems.

"Fusion-io will accelerate our efforts to enable the flash-transformed data center, helping companies better manage increasingly heavy data workloads at a lower total cost of ownership," said Sanjay Mehrotra, SanDisk president and chief executive

The deal was approved by the boards of both companies, and is expected to close later this year, a joint statement said.

SanDisk said the deal should provide a positive impact for its results immediately following the acquisition.

SanDisk had first quarter revenues of $1.51 billion, while Fusion-io recorded $100 million in the latest fiscal quarter.

lo-rl/

SANDISK

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