HP To Buy Opsware for $1.6 Billion -- Redmondmag.com

HP To Buy Opsware for $1.6 Billion

By The Associated Press
07/23/2007

Computer and printer company Hewlett-Packard Co. said Monday it will buy data center automation software company Opsware Inc. for about $1.6 billion.

HP is offering $14.25 per share in cash in a tender offer for Opsware, a 38.6 percent premium over Opsware's closing price of $10.28 on Friday.

Opsware shares climbed $3.77, or 36.7 percent, to $14.05 in premarket trading, while Hewlett-Packard lost 4 cents to $48.50.

Opsware will fold into HP's software business after the deal closes, HP said, helping to increase the size of its business technology optimization software portfolio.

The company said it anticipates naming Opsware Chief Executive Ben Horowitz as head of its business technology optimization group after the deal is completed.

HP said it expects the purchase to be completed before the end of its fourth fiscal quarter.

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