EMC Corporation, world leader in information infrastructure solutions, and Iomega Corporation, best known with its ZIP drive, are joining forces in a definitive agreement for EMC to acquire San Diego-based Iomega in a cash tender offer of $3.85 per outstanding share, or approximately $213 million. The addition of Iomega's products, brand name, route to market and industry expertise will enhance EMC's reach and focus in the rapidly-growing consumer and small business markets. Upon completion of the acquisition, Iomega will serve as the core of EMC's new Consumer/Small Business Products Division. The new division (led by Jonathan Huberman and reporting to Joel Schwartz, Senior Vice President and General Manager, EMC Storage Platforms) will also include EMC Retrospect and EMC LifeLine software. EMC plans to build the division around the strength of the Iomega organization, brand, products and partner ecosystem. Find more information about the acquisition here.