StorageTek sold its major interest in Global-USI.

Terms of a letter of intent call for Hathaway Corp. to acquire Storage Technology's interest in Global-Ultimacc Systems in a mainly cash deal. Specific terms were not disclosed. The transaction is subject to a definitive agreement that must be completed on or before Feb. 28. It also must be cleared by the bankruptcy court because StorageTek is operating under the protection of Chapter 11.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World
53°