EMC secures Iomega acquisition

Agrees £108m cash deal at third attempt

EMC: two previous bids for Iomega were rejected

Business storage giant EMC has finally concluded a deal to acquire consumer storage company Iomega in a $213m (£108m) cash deal. Two previous bids of $178m (£90m) and $205m (£104m) were rejected. The acquisition is expected to close in June this year.

Iomega will form the core of EMC's new Consumer/Small Business Products Division, headed by current Iomega CEO Jonathan Huberman.

Analysts expect EMC to use Iomega’s Rev line of removable disk drives as the basis of hybrid home and branch office backup products.

The deal brought an end to the share purchase agreement between Iomega and Excelstor Great Wall Technology.