EMC to Acquire Iomega

April 9, 2008: EMC has signed a definitive agreement to acquire Iomega Corporation for US $213 Million (AU $228 Million).

Made famous by their Zip and Jaz drives, Iomega has been around for 28 years and has evolved into a major provider of data storage solutions and protection. EMC’s announcement is for a cast tender offer of US $3.85 (AU $4.15) per share for a total value of US $213 Million (AU $228 Million).

“Iomega will play a key role in EMC’s strategy to expand our information storage and management capabilities deeper into the high-growth consumer and small business markets,” said Joe Tucci, chairman, president and CEO, EMC.

According to Tucci, Iomega and EMC represent a powerful combination that ultimately will benefit these customers through the protection, security and management of information.

Once the acquisition is complete, Iomega will serve as the core of EMC's newly established Consumer and Small Business products division. The two companies have a long history together, having been in a partnership since 2004.

“EMC brings to Iomega a new opportunity for accelerated innovation that will translate into new product capabilities for Iomega’s extensive customer base,” said Jonathan Huberman, CEO, Iomega.

The deal is still subject to regulatory and closing conditions.

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