Exabyte Sold To Tandberg Data For $28M

Boulder, Colorado-based Exabyte said today that it has agreed to be purchased by Tandberg Data, a wholly-owned subsidiary of Tandberg Data ASA. The asset purchase deal is worth $28M. Exabyte, which put itself on the block in June, said that the agreement has been approved by its board of directors, and is subject to approval by its shareholders. Exabyte said that the proceeds of the sale will go to pay off its loan agreement with Wells Fargo Business Credit, as well as repayment obligations on notes payable to Imation, Hitachi, and Solectron, for a total of approximately $22.5M in cash to the firm. Exabyte said that all of its employees will be offered positions with Tandberg. Exabyte is a provider of tape backup hardware and technology.