Shares of Cray Inc (NASDAQ:CRAY) surged after the supercomputer developer announced an agreement to be acquired by Hewlett Packard Enterprise Company (NYSE:HPE) in a $1.3 billion deal.
The agreement is worth $35 per share, a 17% premium on its Thursday close.
Its stock shot up Friday to $35.22.
“This is an amazing opportunity to bring together Cray’s leading-edge technology and HPE’s wide reach and deep product portfolio, providing customers of all sizes with integrated solutions and unique supercomputing technology to address the full spectrum of their data-intensive needs,” CEO Peter Ungaro said. “HPE and Cray share a commitment to customer-centric innovation and a vision to create the global leader for the future of high performance computing and AI."
HPE, which split from HP Inc in 2017, sells servers and enterprise services.
Cray is a Seattle-based manufacturer of high-performance computing products. Earlier this month, it wona contract with the US department to build a supercomputer at the Oak Ridge National Laboratory in Tennessee.
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