Dell plan sends 3Par stock soaring

In midday trading shares of 3PAR, based in Fremont, Calif., were at $17.93, up $8.28, or nearly 86 percent.

Dell said in a release 3Par's cloud-computing storage technology complements its own data storage products.

"We have aligned our storage offerings over the last several years to provide our customers choice and value," Brad Anderson, senior vice president of Dell's enterprise product group, said in the news release. "3Par brings the same values of performance, agility and ease-of-use to higher-end, virtualized storage deployments."

Terms of the acquisition, which amounts to $18 per 3PAR share, were approved by the board of directors of each company, Dell said.

Dell officials said it plans to make 3PAR an key part of its storage portfolio, including PowerVault, EqualLogic and Dell/EMC.

The transaction, subject to customary closing conditions, is expected to be consummated before the end of the year.

Copyright 2010 United Press International, Inc. (UPI).