SanDisk to buy for $1.1 billion

SanDisk(s sndk) will buy flash storage firm fio) in a $1.1 billion transaction, the companies said on Monday.

According to a statement, will play into SanDisk’s “flash-transformed data center” plans. The deal has been approved by the board of both firms.

SanDisk is best known for its consumer drives and memory cards, but it plays in the enterprise too — last year alone it acquired SMART Storage Systems and invested in flash-based cloud gateway firm Panzura., meanwhile, has been looking like an acquisition target for a while, as the flash storage market livens up.

The all-cash deal is worth $1.1 billion net of cash assumed. SanDisk will pay $11.25 cash per share, assuming regulators all give the green light.