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Hewlett Packard completes Cray acquisition

Hewlett Packard Enterprise Co. completed its acquisition of supercomputing solutions provider Cray Inc. earlier than expected, according to a company press release.

Hewlett Packard paid $35.00 per share, in a transaction valued at about $1.4 billion, net of cash. As part of the acquisition, Cray president and CEO Peter Ungaro will join Hewlett Packard as head of the high-performance computing and AI business unit in Hybrid IT.

Hewlett Packard Enterprise expects the acquisition will help it expand in the high-performance computing segment of the market, which is expected to grow from about $28 billion in 2018 to roughly $35 billion in 2021.