The announcement Tuesday follows approval of the transaction by Chinese regulators, the final step in the deal first announced in October 2015.
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Dell has set a date for its historic EMC acquisition.
Dell will complete its acquisition of EMC on September 7, ending almost a year of approvals and decades of history for the two companies that will combine to become Dell Technologies.
“Combined, we will be exceptionally well-positioned for growth in the most strategic areas of next generation IT including digital transformation, software-defined data centre, converged infrastructure, hybrid cloud, mobile and security”, he says.
On 19 July, the transaction gained near unanimous support from EMC shareholders, 98 percent of whom approved the transaction, accounting for 74 percent of EMC’s outstanding common stock.
A recent study from research firm IDC noted that the merger is complementary in nature and represents one of the biggest in IT history; the mix of Dell’s traditional strength in the IT midmarket and EMC’s standing in the large enterprise space will provide “new opportunities” for customers.
Dell, which is privately held, is buying EMC and its federation of subsidiaries, including RSA Security, software development company Pivotal Software and a controlling stake in virtualization software vendor VMware.
“I am proud of everything we’ve built at EMC – from humble beginnings as a Boston-based startup to a global, world-class technology company with an unyielding dedication to our customers”, said Joe Tucci, Chairman and CEO – EMC.
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EMC will be known as Dell EMC when the deal closes, with the Dell name remaining in place for its PC and consumer businesses. Dell Technologies’ major competitors will include Hewlett Packard Enterprise, IBM, and Cisco Systems. Per the terms of the deal, EMC shareholders will receive $24.05 per share in cash along with tracking stock related to a portion of EMC’s economic interest in VMware, Inc. VMW. Shares of the tracking stock, which will have the ticker “DVMT”, are expected to begin trading on September 7.
