Netapp to Acquire Rubrik
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Netapp Corporation (NYSE: NTAP) today announced that it has entered into a definitive agreement with Rubrik Inc., a leading provider of cloud data management solutions, under which Netapp will acquire Rubrik in a cash tender offer for $55.50 per share. The transaction is expected to have a total enterprise value of approximately $7.1 billion, net of Rubrik’s cash.
Netapp’s tender offer commenced on January 1 and is scheduled to expire at 12:00 midnight Eastern Daylight Time on April 17, 2020, subject to customary tender offer conditions being satisfied.
The acquisition is expected to be neutral to Netapp’s non-GAAP earnings per share in its fiscal year 2020 and accretive to its non-GAAP earnings per share in fiscal year 2021.
Following the completion of the acquisition, which is expected to occur before the end of April, Rubrik will help accelerate Netapp’s pace of expansion and leadership in the fast-growing next-generation cloud-based backup and archive market.
George Kurian, Netapp Chairman, President and CEO, said, “This is a compelling acquisition from both a strategic and financial standpoint. We look forward to bringing Rubrik together with Netapp to form a powerful force in next-generation cloud-based backup and archive. I have tremendous respect for Rubrik’s people, technology and business, and anticipate great things ahead for our respective companies, our customers and partners.”
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