Hewlett-Packard to Purchase 3Par for $2.35 Billion

Technology company Hewlett-Packard (HPQ) will purchase utility storage company 3Par Inc (PAR) for $2.35 billion or $33 a share.

The agreement between the two companies ends 3Par's merger agreement with chip-maker Dell Inc. (DELL), with 3Par agreeing to pay Dell $72 million as a termination fee.

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HP's purchase of 3Par will boost the PC maker's presence in the market for virtual data center and cloud computing.

"HP and 3PAR is a winning combination that will accelerate HP's Converged Infrastructure strategy," HP's Dave Donatelli, executive vice president and general manager, Enterprise Servers, Storage and Networking, said in a statement.

HP's cash tender offer began on Aug. 27 and is set to expire at midnight, New York City time, on Sept. 24.