WSJ.com - Sun to Buy StorageTek For About $4.1 Billion

WSJ.com - Sun to Buy StorageTek For About $4.1 Billion: "Computer maker Sun Microsystems Inc. announced plans to acquire Storage Technology Corp. in a deal the companies valued at $4.1 billion.
The companies said the combination will create a 'new global leader' in network computing and data management, which together had annual revenue of more than $13 billion in the past four quarters. Under the terms of the deal, StorageTek stockholders will receive $37 a share for a total of $4.1 billion, including assumption of employee stock options. The deal is expected to close in late summer or early fall, the companies said."

Big day for storage news -- also in today's WSJ:
Start-Up Bets There Is Room For More in Storage
"A start-up funded by software billionaire Larry Ellison plans to boldly go where many have gone before, and vanished.
The question it faces: Does the world need another supplier of data-storage hardware, even one with deep pockets?
Some answers are expected soon from Pillar Data Systems Inc., a long-secretive Silicon Valley company that began generating buzz in 2002 when $100 million in funding by one of Mr. Ellison's investment firms was disclosed. His commitment was subsequently boosted to $150 million."