Hewlett-Packard has agreed to acquire WiFi provider Aruba Networks for $2.7 Billion.
“By combining Aruba’s world-class wireless mobility solutions with HP’s leading switching portfolio, HP will offer the simplest, most secure networking solutions to help enterprises easily deploy next-generation mobile networks,” HP’s CEO Meg Whitman said in a release.
Aruba investors will get $24.67 a share, the companies said Monday in a statement.
The deal, which is expected to close in the second half of this year.
Under terms of the deal, Hewlett-Packard will pay $24.67 in cash for each outstanding Aruba share, which is below Friday’s closing price of $24.81
Aruba is a leading provider of next-generation network access solutions for the mobile enterprise.It was founded in 2002 by Keerti Melkote and Pankaj Manglik.The company has over 1,200 employees and is headquartered in Sunnyvale, California.
Aruba had revenues of $729 million in fiscal 2014, and has reported compound annual revenue growth of 30 percent over the last five years.
