NetApp, Inc. (NASDAQ:NTAP) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
On September8, 2017, NetApp, Inc., a Delaware corporation (“Seller”), and Google Inc., a Delaware corporation (“Buyer”), entered into an Agreement of Purchase and Sale and Joint Escrow Instructions (the “Purchase Agreement”). The Purchase Agreement has an effective date of September 11, 2017. The Purchase Agreement relates to the sale by Seller and purchase by Buyer of the following properties and related land in Sunnyvale, California: (i)an approximately 126,760 square foot building located at 495 East Java Drive; (ii)an approximately 133,021 square foot building located at 475 East Java Drive; (iii)an approximately 121,185 square foot building located at 1330 Geneva Drive; and (iv)unimproved land located near these buildings (collectively, the “Property”).
The total purchase price for the Property is $318.7 million, of which $223.1 million is payable at the first closing and $95.6 million is payable at the second closing. The closings are subject to due diligence, certain termination rights and customary closing conditions, including, in the case of the second closing, local governmental approval of the subdivision of a common lot. The first closing is expected to occur no later than January21, 2018, and the second closing is expected to occur no later than October31, 2018. The date of each closing can be extended under certain circumstances, as set forth in the Purchase Agreement. to the Purchase Agreement, Seller, as tenant, will lease back from Buyer, as landlord, one of the buildings for a limited term.
The foregoing constitutes a description of the terms and conditions of the agreement that are material to the Seller. A complete copy of the Purchase Agreement will be filed as an exhibit to Seller’s next applicable periodic report.
About NetApp, Inc. (NASDAQ:NTAP)
NetApp, Inc. (NetApp) provides software, systems and services to manage and store customer data. The Company enables enterprises, service providers, governmental organizations, and partners to envision, deploy and evolve their information technology (IT) environments. The Company offers a portfolio of products and services that satisfy a range of customer workloads across different data types and deployment models. Its data management and storage offerings help manage business productivity, performance and profitability, while providing investment protection and asset utilization. The Company’s FlexPod portfolio includes FlexPod Datacenter for core enterprise data centers and service providers, FlexPod Express for medium-sized businesses and branch offices, and FlexPod Select for data-intensive workloads. The portfolio is validated with hypervisors, operating systems, systems management tools and cloud management platforms.