Data Domain accepts EMC takeover bid

NetApp and Data Domain entered into an acquisition agreement last month and Data Domain said Wednesday that it would pay a 57-million-dollar "termination fee" to NetApp for pulling out of the agreement.
The Santa Clara, California-based Data Domain was founded in 2001 and employs 800 people.
With annual revenue of 14.56 billion dollars and 33,000 employees, EMC is the world's leading information management and storage company.
The Sunnyvale, California-based NetApp is considerably smaller than EMC, with annual revenue of 3.54 billion dollars.
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