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Imation buys storage systems provider Nexsan for $120 million

(Reuters) - Storage and data security company Imation Corp bought Nexsan Corp, a privately held provider of disk-based storage systems, for about $120 million in cash and stock.

Imation will pay $105 million in cash and $15 million in stock, the company said in a statement.

Shares of Imation closed at $4.67 on the New York Stock Exchange on Monday.

(Reporting by Supantha Mukherjee in Bangalore; Editing by Joyjeet Das)

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