It’s official, SGI has just issued a press release stating that Rackable has court approval to purchase SGI’s Assets. The final amount was $42.5Million in cash plus “certain liabilities”.
FREMONT, Calif. and SUNNYVALE, Calif., April 30, 2009 – Rackable Systems, Inc. (NASDAQ:RACK), a leading provider of ecological servers and storage products for medium to large-scale data centers, today announced that it received court approval to acquire substantially all of the assets of Silicon Graphics, Inc. (SGI) for $42.5 million in cash, plus the assumption of certain liabilities associated with the acquired assets.
The sale, pursuant to an amended asset purchase agreement as approved today in U.S. Bankruptcy Court in New York, allows Rackable Systems to complete the previously announced transaction under Section 363 of the U.S. Bankruptcy Code. The acquisition is anticipated to be completed by approximately May 8, 2009, subject to closing conditions.
“We are pleased with today’s news,” said Mark J. Barrenechea, president and CEO of Rackable Systems. “With this acquisition, Rackable will be positioned to solve the most demanding business and technology challenges our customers confront today. We believe we will have a stronger company with differentiated product lines and professional services; reaching commercial, government and scientific sectors on a worldwide basis.”
Rackable and SGI customers will benefit from a comprehensive portfolio of hardware, software and services, enabling the deployment of technologies for large-scale data storage and management, clustered compute scale-out, shared memory systems, visualization solutions, data center solutions and HPC productivity tools.
To learn more and for further updates, please visit www.rackable.com/sgi.
via SGI – Press Releases: Rackable Systems Receives Court Approval to Purchase Silicon Graphics Assets.
Let’s hope that Rackable is smart enough to send ALL of the SGI leadership packing!!!