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MERGERS & ACQUISITIONS
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Emulex receives approval for acquisition of New Zealand company

The company has received approval from the New Zealand Overseas Investment office to complete acquisition of Endace Limited

by Karina AlexanderPublished: February 06, 2013 09:15 AM

Costa-Mesa based Emulex Corporation, a leading producer and supplier of connectivity software, storage devices, and network adapters, has received approval from the New Zealand Overseas Investment Office for the acquisition of Endace Limited. Endace is a New Zealand-based company that specializes in network security.

The acquisition was announced in December of last year and is valued at around $130 million in U.S. dollars. The closing date for Endace shareholders to submit their shares and approve the transaction has been extended to Feb. 12.

Mike Riley, CEO of Endace, stated that the company was pleased by the general acceptance of the offer and was looking forward to the advantages of the deal in the future. "We have been very pleased by the reception that the offer has received from the Endace shareholders and our customers,” Riley said. “Our employees are also looking forward to the benefits that the acquisition will bring to Endace's business."

The New Zealand Ministry of Science and Innovation has also assured the continuation of research and development grants that Endace currently receives.

"We are pleased to have passed these major milestones in our acquisition of Endace,” said Jim McCluney, Emulex’s CEO. “Emulex looks forward to completing the acquisition."


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