Iomega (NYSE:IOM) has entered into a definitive share purchase agreement to acquire Cayman Islands-based ExcelStor Great Wall Technology, and Shenzhen ExcelStor Technology, based in the People’s Republic of China.
ExcelStor, a subsidiary of Great Wall Technology (0074.HK), designs, develops, manufactures and distributes advanced digital storage solutions. Its principal product lines include hard disk drives (HDD), security storage and external storage. ExcelStor already manufactures a number of Iomega’s external HDD products and has manufactured Iomega's REV products since 2004.
The deal, expected to close by mid-2008, will result in ExcelStor operating as a fully-owned subsidiary of Iomega.