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United States

Business News
May 17, 2019 / 11:56 AM / Updated 3 hours ago


HEWLETT PACKARD ENTERPRISE TO BUY SUPERCOMPUTER MAKER CRAY IN $1.30 BILLION DEAL



2 Min Read

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A trader passes by the post where Hewlett Packard Enterprise Co., is traded on
the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 25,
2016. REUTERS/Brendan McDermid

(Reuters) - Supercomputer manufacturer Cray Inc said on Friday it would be
bought by Hewlett Packard Enterprise Co in a deal valued at about $1.30 billion,
net of cash.

The $35 per share value represents a premium of 17.4% to Cray’s last close.

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HPE said it expects the deal to increase its footprint in federal business and
academia, and sell supercomputing products to its commercial clients.

The deal, expected to close by the first quarter of HPE’s fiscal year 2020, will
add to its adjusted operating profit in the first full year after closing.



As part of the deal, HPE expects to incur one-time integration costs that will
be absorbed within its fiscal year 2020 free cash flow outlook of $1.9 billion
to $2.1 billion that remains unchanged.

Seattle-headquartered Cray has U.S.-based manufacturing operations and about
1,300 employees worldwide. It earned $456 million in revenue in its last fiscal
year.

Cray’s supercomputing systems can handle massive data sets, converged modeling,
simulation, artificial intelligence, and analytics workloads.

Reporting by Arjun Panchadar in Bengaluru; Editing by Shounak Dasgupta

Our Standards:The Thomson Reuters Trust Principles.



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