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Mergers and Acquistions News

Categories: Hardware

November 29th 2010, 17:18PM

Tech giant Apple, famous for its iPad and iPhone products, will acquire several buildings in California, US, from rival Hewlett-Packard (HP) as it looks to accommodate its rapid growth.

The acquisition of the facilities in Cupertino – a hotbed for technology firms and home of Apple's headquarters – will see the size of its base approximately double, adding 98 acres, the San Jose Mercury News said.

Apple spokesperson Steve Dowling told Reuters: "We now occupy 57 buildings in Cupertino and our campus is bursting at the seams."

The financial details of the transaction have not been released; however, according to cnet.com, real estate experts value it at around $300 million (£192 million), possibly more.

Apple moved to acquire the land when HP decided to concentrate on its Palo Alto site, freeing up the land.

Tim Bajarin, president of the consulting firm Creative Strategies, said of Apple: "They've just had spectacular growth. They are one of the companies in the valley that are hiring, and the bottom line is they need the space."ADNFCR-1833-ID-800260943-ADNFCR

 

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