Quest To Buy Data Protection Software Company BakBone For $55 Million

Quest Software is to acquire BakBone Software , a San Diego, CA-based provider of data protection software. Quest in a statement says it expects to pay approximately $55 million, including the payment of certain debt obligations and net of anticipated cash on hand. BakBone shareholders will receive $0.33 per common share and $1.29 per preferred share following the closing of the acquisition, which is expected to occur in the first quarter of 2011.