EMC Buys Iomega

San Diego-based Iomega and data storage giant EMC said Tuesday afternoon that EMC has agreed to acquire Iomega, in a $213M deal. EMC said it will pay $3.85 per outstanding share of Iomega. The firms said that the addition of Iomega will enhance EMC's reach and focus in the consumer and small business markets. EMC expects its tender offer for Iomega to complete in the second quarter of the year. Iomega is a provider of data storage products and services. The sale follows a buyout offer EMC made for Iomega in March, after Iomega announced a deal to merge with ExcelStor Great Wall Technology Limited.