HP to buy Wi-Fi gear maker Aruba Networks for $2.7 billion

HP has had a dismal record for big acquisitions, having written off multibillion-dollar acquisitions of Autonomy and technology outsourcing provider EDS, which it bought in 2008. With the purchase of Aruba, HP is boosting its share of the wireless local area network market as more companies allow employees to access work systems through their wireless devices. The all-cash offer of $24.67 per share is a premium of 34.4 percent to Aruba's close on Feb. 24, the day before Bloomberg reported that a deal was in the works. Evercore served as financial adviser to Aruba.

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