Dell and EMC announced plans to close the $67 billion merger between the two companies – the biggest merger between technology companies in history – on Wednesday, September 7. The announcement Tuesday follows approval of the transaction by Chinese regulators, the final step in the deal first announced in October 2015.
The new company will operate as Dell Technologies.
News reports that the two IT giants were close to announcing a closing date for the deal started circulating Monday, as EMC’s subsidiary VMware kicked off its annual VMworld conference in Las Vegas.
“Combined, we will be exceptionally well-positioned for growth in the most strategic areas of next generation IT including digital transformation, software-defined data center, converged infrastructure, hybrid cloud, mobile and security,” Dell chairman and CEO, Michael Dell, said in a statement. “Our investments in R&D and innovation, along with our 140,000 team members around the world, will give us unmatched scale, strength and flexibility, deepening our relationships with customers of all sizes.
EMC shareholders will receive $24.05 per share in cash plus tracking stock linked to EMC’s stake in VMware, which is about 80 percent. Once the transaction closes, EMC shares will no longer trade on the New York Stock Exchange.
Dell itself went private in 2013 in a $25 billion buyout by Michael Dell and private equity firm Silver Lake.