COBT: Sun Microsystems to Buy Cobalt in $2 Billion Stock Deal

Looks like Cobalt Networks (COBT Quote) opened up the blinds, because they're letting Sun Microsystems (SUNW Quote) in.

Today, Sun announced that it would buy the California-based server appliance products company in a $2 billion stock deal designed to help Sun get a jump into the growing server appliance market.

Under the deal, two shares of Cobalt will be converted into a single Sun share. The transaction will be treated like a purchase and is expected to be completed by the second quarter of 2001.