Infrastructure solutions provider EMC will acquire storage and network firm Iomega for approximately £103 million, it announced today.

The tender offer is expected to begin in the next two weeks, with completion of the tender planned for the second quarter of 2008, said EMC.

Once the deal is completed, Iomega will be put at the heart of a new Small Business Products division at EMC. Iomega has traditionally focussed on providing solutions for small and mid-sized businesses and consumers, and the division will be built around its products and partner ecosystem.

Other products which will form part of the new EMC division include EMC Retrospect and EMC LifeLine software, announced the firm.

“Iomega will play a key role in EMC’s strategy to expand our information storage and management capabilities deeper into the high-growth consumer and small business markets,” said EMC president, Joe Tucci.