Quantum Corporation moves to acquire ATL Products
Quantum Corporation has submitted a proposal to acquire ATL Products in an all-stock transaction valued at approximately $300 million. ATL would become a wholly owned subsidiary, operating independently from Quantum's other existing businesses, and will report to Peter van Cuylenburg, president of Quantum's Specialty Storage Products Group. "The amount of digital content being managed by IS organizations is growing rapidly, making the role of storage even more critical," said Quantum CEO Michael Brown. The ATL acquisition, he said, will bolster Quantum's position to help customers manage that content through tape-automation solutions. "The combination of the Quantum and ATL tape-automation systems businesses would offer our customers the most comprehensive product line in the industry," said ATL chairman, president and CEO Kevin Daly. The acquisition will allow ATL "to better serve our customers, with the two companies able to leverage marketing, product development, distribution and support efforts." Pending shareholder approval, the transaction should be completed by September.