Storage Vendors Merging in $1.7 Billion Stock Deal

BOSTON (05/08/2000) - In a move to expand its Fibre Channel line of storage-area networking devices, QLogic Corp. today announced a deal to acquire Ancor Communications Inc. in a stock swap worth about $1.7 billion at current prices.

Based in Aliso Viejo, California, QLogic makes connectivity products such as Fibre Channel host bus adapters and had revenue of $143 million in the first nine months of its fiscal year, which ended in March. Financial results for the full fiscal year are due to be announced on Wednesday, the company said.

Ancor, in Eden Prairie, Minnesota, develops Fibre Channel switches for storage-area networks and reported sales of $13.7 million last year. QLogic said it expects to complete the acquisition by the end of September.

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