Iomega today announced that it has entered into a definitive share purchase agreement to acquire ExcelStor Great Wall Technology Limited, a Cayman Islands company, and Shenzhen ExcelStor Technology Limited, a PRC company.
Iomega will issue approximately 84 million shares of common stock in Iomega in exchange for all outstanding ExcelStor common shares. Upon closing the transaction, GWT and its affiliates will hold approximately 43% of Iomegas common stock, making GWT the largest Iomega shareholder. The Boards of Directors of both Iomega and ExcelStor have unanimously approved the share purchase agreement.
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