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Shares of supercomputer seller Cray power up on $1.3 billion HP Enterprise acquisition

Proactive Investors Friday, 17 May 2019 ()
Shares of Cray Inc (NASDAQ:CRAY) surged after the supercomputer developer announced an agreement to be acquired by Hewlett Packard Enterprise Company (NYSE:HPE) in a $1.3 billion deal. The agreement is worth $35 per share, a 17% premium on its Thursday close. Its stock shot up Friday to $35.22. “This is an amazing opportunity to bring together Cray’s leading-edge technology and HPE’s wide reach and deep product portfolio, providing customers of all sizes with integrated solutions and unique supercomputing technology to address the full spectrum of their data-intensive needs,” CEO Peter Ungaro said. “HPE and Cray share a commitment to customer-centric innovation and a vision to create the global leader for the future of high performance computing and AI." HPE, which split from HP Inc in 2017, sells servers and enterprise services. Cray is a Seattle-based manufacturer of high-performance computing products. Earlier this month, it wona contract with the US department to build a supercomputer at the Oak Ridge National Laboratory in Tennessee. Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com Follow him on Twitter @andrew_kessel
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News video: Hewlett Packard Enterprise To Purchase Cray in $1.30 Billion Deal

Hewlett Packard Enterprise To Purchase Cray in $1.30 Billion Deal 00:32

Reuters reports that Hewlett Packard Enterprise Co will purchase supercomputer manufacturer Cray Inc. The deal was announced on Friday by Cray and is valued at approximately $1.30 billion, net of cash. The purchase is expected to close by the first quarter of HPE’s fiscal year 2020. Hewlett Packard...

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