IT and enterprise solution provider EMC Corporation today finalized an agreement to acquire consumer and SMB storage device manufacturer Iomega for approximately $213 million.

"Iomega will play a key role in EMC's strategy to expand our information storage and management capabilities deeper into the high-growth consumer and small business markets," EMC president, chairman, and CEO, Joe Tucci said in a statement. "In addition to industry-leading products and a household consumer brand, Iomega brings to EMC a deep knowledge of and established business practices for servicing consumers and small businesses. Iomega and EMC represent a powerful combination that ultimately will benefit these customers through the protection, security and simplified management of their rapidly growing information."

The acquisition, which is set to be completed in Q2 2008, will put Iomega's existing business at the center of EMC's new consumer/SMB divition, set to be led by Iomega's CEO, Jonathan Huberman.

Said Huberman of the acquisition,

Today begins an exciting new future for Iomega and our customers. Once the acquisition is final, Iomega will be able to fully leverage EMC's vast assets to grow our business globally. EMC brings to Iomega a new opportunity for accelerated innovation that will translate into new product capabilities for Iomega's extensive customer base. Through the renowned Iomega brand; thousands of retail, direct marketing and distribution channel partners; and Iomega's talented people, EMC will be able to extend its reach into the high-growth consumer and small business market segments.

The successful bid values the Iomega's outstanding shares at $3.85 a piece. It follows a rejected offer in January from EMC for $3.25 each.