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NetApp to buy flash storage maker SolidFire for $870 million

Shares of NetApp sank after the data storage equipment maker said it would buy SolidFire, a flash-storage systems maker, for $870 million in cash.

The deal is expected to close in the fiscal fourth quarter, the company said on Monday.

Shares of NetApp were down 3 percent in premarket trading following the announcement. (Get the latest quote here.)

CNBC contributed to this report.