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International flash storage provider SanDisk is in the process of acquiring flash-based hardware and software company Fusion-io for US$1.1bn.

SanDisk said the acquisition will be an all-cash transaction – funded with cash available on its balance sheet.

The transaction has been approved by the boards of directors from both companies and is subject to closing conditions.

Fusion-io's chairman and CEO Shane Robison said the company's innovative hardware and software solutions will be augmented by SanDisk’s worldwide scale and vertical integration.

"This will create a combined company that can offer an even more compelling value proposition for customers and partners," Robison said.

SanDisk president and CEO Sanjay Mehrotra said Fusion-io will accelerate SanDisk’s efforts to enable the flash-transformed data center.

“This will help companies better manage increasingly heavy data workloads at a lower total cost of ownership,” said Mehrotra.

“Customers will benefit from the addition of Fusion-io’s PCIe solutions to SanDisk’s vertically integrated business model.”

It is expected that the transaction will close in SanDisk’s Q3 2014.

At the beginning of the month Fusion-io released its Atomic Series, which it claims can achieve unparalleled performance and double the capacity on the smallest available NAND footprint for appliance and server environment.