Apple has moved to expand its presence in Cupertino by acquiring Hewlett-Packard's recently vacated 98 acre campus.
According to Mercury News, Apple, which posted a whopping $65 billion in sales, is rapidly expanding its workforce and needs more land to accommodate it.
The land acquisition will roughly double the size of Apple's campus in Cupertino. The former HP campus is located across the street from a 50 acre stretch of land acquired by Apple for building its second campus.
Apple spokesperson Steve Dowling told Mercury News: “We now occupy 57 buildings in Cupertino and our campus is bursting at the seams. These offices will give us more space for our employees as we continue to grow.”
Apple and HP both refrained from disclosing the price of the deal but real estate experts said that HP might have asked for $300 million plus for the land. However, considering the slow commercial real estate market, the price might have been less.