BOTHELL — Vixel Corp., a maker of storage network hardware for computers, is being acquired by a California company for $310 million.
Under terms of the deal, Emulex Corp. of Costa Mesa, Calif., will pay $10 cash for each of Vixel’s stock shares. Any shares not bought in the initial tender offer will be acquired from shareholders later at the same price, according to Emulex.
Before the acquisition announcement, Vixel’s stock price rose 7 cents to close at $8.54 a share Wednesday. The company, however, saw its stock soar 17 percent, to nearly $10 a share, in after-hours trading.
Both Emulex and Bothell-based Vixel make equipment for storage networks, which are used for efficient storage and backup of computer data.
"They’re complementary, not competing, products," said Robin Austin, spokeswoman for Emulex.
Emulex, with 400 employees and a market capitalization of $2.5 billion, is the world’s largest supplier and developer of adapters used in storage networks. Vixel, which employs 115 people and is located in King County, makes embedded switches and other hardware for such networks.
Vixel’s acquisition follows several reorganization moves for the company in recent years. Originally launched in 1991 as a maker of optical transceivers used in fiber-optic networks, Vixel eventually got out of that business to focus on its network switches, which have been used by leading computer companies .
In 2002, Vixel sold its software division, reorganized and cut staff to reduce expenses. The sale of the software division raised money to help the company focus exclusively on storage network hardware.
Even with those changes, Vixel struggled to become profitable. For the first six months of this year, the firm lost $5.4 million, according to financial statements.
Austin said Emulex plans to keep Vixel’s Bothell facility open, though she could not comment on the possibility of layoffs once the acquisition is complete.
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