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Oct 12 2015

Dell and EMC Agree on Merger

Dell and EMC today officially announced they have signed a definitive agreement under which Dell will acquire EMC Corporation, while maintaining VMware as a publicly-traded company.

Under the terms of the agreement, EMC shareholders would receive a total combined consideration of $33.15 per EMC share, two thirds of which ($24.05) are paid in cash while the rest is VMware tracking stock. The total transaction is valued at approximately $67 billion – a $13.4 billion premium over EMC's total value at Friday's close of the U.S. stock market and the biggest amount that has ever been paid in an IT industry takeover.

According to the official joint press release, the "combination of Dell and EMC will create the world's largest privately-controlled, integrated technology company," which is set out to be "a leader in the extremely attractive high-growth areas of the $2 trillion information technology market," namely "digital transformation, software-defined data center, hybrid cloud, converged infrastructure, mobile and security." As it stands, EMC will bring to the table all its operations – including, for instance, RSA, and VCE – with the exception of VMware. Here, Dell will 'only' hold an 81% majority, while the rest of the shares remain publicly traded stocks. However, both parties (or rather, all three) expect that "Dell's solutions and go-to-market channels" will help to speed up VMware's growth "across all of its businesses."

The new behemoth will be led by Michael Dell; EMC's Joe Tucci keeps his positions as chairman and CEO of the acquired company until the transaction closes. While the merger has been agreed on among C-level execs, it is still subject to customary conditions, including receipt of required regulatory and EMC stockholder approvals. The transaction is expected to close between May and October 2016.

For a more detailed analysis, check out this article on the New York Times' Deal B%k (author: Michael J. de la Merced). A noir-style take on things can be found at The Register.

 
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