Business Context and Reporting Period
This Form 8-K Current Report was filed by NetApp, Inc. on November 18, 2009. The filing discloses the entry into a material definitive agreement by NetApp India Private Limited, a wholly-owned subsidiary of NetApp, Inc.
Key Financial Metrics
The filing details a specific capital expenditure transaction rather than periodic financial performance metrics.
- Transaction Type: Purchase of real estate (15 acres of land in Bangalore, India).
- Total Purchase Price: Rs. 121,50,00,000 (approximately $26.2 million).
- Initial Deposit: 20% of the aggregate purchase price deposited into an escrow fund on November 21, 2009.
- Revenue, Profit, Cash Flow, Margins, Debt, Liquidity: The filing text does not provide a clear value for these metrics.
Material Changes
The material change reported is the execution of an Agreement to Sell with Bhoruka Financial Services Limited. This represents a new contractual obligation for the acquisition of land assets in India, contingent upon the satisfaction of closing conditions.
Outlook, Risks, and Contingencies
Contingencies: The completion of the sale is subject to the satisfaction of conditions described in the Agreement. The transaction is not yet closed as of the filing date.
Risks: The filing notes that the description of the Agreement is qualified in its entirety by the terms and conditions of the Agreement itself, which is attached as Exhibit 10.1.
Management Commentary: No forward-looking guidance or management commentary regarding financial outlook is provided in this specific filing.
Investor Verification Checklist
- Verify the specific closing conditions outlined in Exhibit 10.1 (Agreement to Sell) that must be met before the transaction finalizes.
- Confirm the exact amount of the 20% escrow deposit and the timeline for the remaining payment.
- Review the intended use of the 15 acres of land in Bangalore to assess strategic alignment with NetApp's operations.
- Check subsequent filings for updates on the closing status of this real estate acquisition.