Sun Microsystems completes StorageTek purchase

Sun Microsystems Inc. on Wednesday said it had completed the $4.1 billion purchase of Storage Technology Corp. after shareholders approved the acquisition on Monday. StorageTek shareholders will receive $37 per share in cash for each StorageTek share they own. The purchase price includes the assumption of employee stock options, Sun Microsystems said in a statement. StorageTek's former chief executive, Pat Martin, will not join the combined company, Sun Microsystems said.