HP said that if the proposal, 33.3 percent higher than Dell's bid, is approved by the 3Par board, the deal should close by year's end.
The deal is not subject to any financing contingency, HP added.
HP officials said if the deal closes, the 3Par storage technology will be used as part of its Converged Infrastructure strategy, which includes storage, server and networking products.
"HP's proposal offers superior value to 3PAR's shareholders. Our global reach, strong routes to market and commitment to innovation uniquely position HP as the ideal fit for 3PAR," said Dave Donatelli, HP executive vice president and general manager, Enterprise Servers, Storage and Networking, in a statement.
"We've seen great momentum with our Converged Infrastructure strategy, and 3PAR accelerates that strategy, particularly in cloud and scale-out markets," he added.
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