Dell Inc will buy enterprise management software maker Quest Software Inc for $2.4 billion in cash, trumping a $2.17 billion bid by private investment firm Insight Venture Partners.
Dell sparked a bidding war in June when it offered $25.50 per share for Quest, outbidding Insight’s initial offer in March of $23 per share.
Photo: Bloomberg
Last week, Quest said a strategic bidder that it did not identify offered $27.50 per share for the company. Reuters later identified Dell as the bidder.
“The addition of Quest will enable Dell to deliver more competitive server, storage, networking and end user computing solutions and services to customers,” said John Swainson, president of Dell Software Group.
Dell said it expects the deal to close in the third quarter.
Quest shares, which have risen 43% since Insight first made its offer, fell 8 cents to $27.73 in trading before the bell on Monday. The stock closed at $27.81 on Friday on the Nasdaq.
