In a prepared statement, Michael Capellas, Compaq chairman and CEO, said he was "gratified that Compaq shareholders have seen the power behind the merger." He says the corporations' complementary strengths "provide a truly unique opportunity to reshape the information technology industry. At the end of the day, this merger is about market leadership. We are ready to move forward."

GlobeSt.com has learned that HP plans to house its engineering operations and product development, such as the development of industry stand servers and Intel-based businesses, at the 1,000-acre Compaq corporate campus. The campus consists of roughly 300 developed acres on the west side of Texas 249 in the city's far northwest submarket. The east side contains about 700 acres of undeveloped land. Compaq began developing the space in 1983 and currently has 23 buildings on the property.

The combined company will have top worldwide revenue positions in servers, access devices (PCs and handhelds), imaging and printing as well as leading revenue positions in IT services, storage and management software. It will boast pro forma assets of roughly $56.4 billion, annual revenues of $87.4 billion and annual operating earnings of $3.9 billion. The company will combine to 145,000 employees, but layoffs of at least 10% are expected as a result of the merger.