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SanDisk to Buy Fusion-io for $1.1 Billion

SanDisk Corp. agreed to buy Fusion-io Inc. for about $1.1 billion, gaining a provider of storage systems to Facebook Inc. and Apple Inc. and a route to grow its data center business.

The all-cash offer is for $11.25 a share -- 21 percent higher than Fusion-io’s closing price on June 13 -- and the deal has been approved by the boards, the companies said today in a statement. Fusion-io’s shares rose above the offer price in New York trading, signaling investors may anticipate a counter-bid.