In an acquisition that promises to create a combined company with over $1 billion in annual revenue, storage manufacturer Iomega has "entered into a definitive share purchase agreement" with ExcelStor Great Wall Technology Limited -- another storage firm headquartered in Beijing but doing business out of the Cayman Islands. ExcelStor, a subsidiary of the $2.6 billion Great Wall Technology Company Limited, has been manufacturing certain external hard drives for Iomega since 2004. The deal, still subject to approval, would create an organization with a 3,000-member workforce, led by Iomega's current executives joined by former ExcelStor management in the positions of Executive Chairman and Chief Administrative Officer.

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Iomega buying ExcelStor, becoming $1 billion company