Overland Storage To Acquire Tandberg Data In All Stock Deal - Quick Facts

(RTTNews) - Overland Storage (OVRL) and Tandberg Data Holdings S.à r.l. announced a definitive agreement for Overland to acquire Tandberg Data, a privately held provider of data storage and data protection solutions, in 100% stock transaction. Cyrus Capital, the owner of Tandberg Data, and other convertible debt holders will convert approximately 81% of their currently outstanding convertible debt into shares of Overland common stock at a price of $1.30 per share.

Tandberg Data Holdings S.à r.l is a global supplier of data storage and data protection solutions for small and medium-sized businesses, remote offices, departments and workgroups. Headquartered in Dortmund, Germany, Tandberg has offices around the world including the US, Japan, and France, and a manufacturing facility in China.

Eric Kelly will continue to serve as president and CEO of the combined company, Kurt Kalbfleisch will continue to serve as CFO and Randy Gast of Overland will serve in newly created position of COO. Overland's board will be expanded to seven directors, of which five will be current board members, and the other two new board members appointed by Cyrus Capital.

Eric Kelly, president and CEO of Overland Storage, said, "The Overland and Tandberg combination will accelerate our strategy of becoming a global leader in the data management and data protection industry. The combined company will offer one of the broadest product lines and service offerings in the enterprise storage marketplace."