The PC maker which went from public to a private company in 2013 had announced in October a year ago its plan to acquire storage company EMC which holds majority stake in companies like VMware among others for about $67 billion in cash and stock deal.
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The largest merger between technology companies in history is close at hand.
Dell Technologies, the name of the new combined company, will begin operating immediately following the close of the transaction, Dell said in a statement on Tuesday.
Antitrust regulators in both the United States and the European Union already had OK’d the deal, and EMC shareholders in July overwhelming approved it. Dell founder and CEO Michael Dell said the approval was “an historic moment for both Dell and EMC”. The companies recently crossed their last regulatory hurdle when China’s Ministry of Commerce signed off on the deal.
“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”, added Dell. It follows a vote in favour by shareholders in EMC just last month, and reports earlier in the year that Dell was scrambling to raise the funds to finance the deal.
For Joe Tucci, chairman and chief executive officer of EMC, the acquisition is a momentous milestone he is very proud of.
Still, when all is said and done, CEO Michael Dell will have realized his longstanding ambition to grow his company beyond its roots as a PC manufacturer into a major enterprise tech powerhouse on equal footing with rivals like Hewlett Packard Enterprise, Cisco, IBM. However, company’s PC consumer business will continue to operate under the Dell brand.
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EMC is one of the top storage technology vendors with different companies under it. RSA is EMC’s security division; VMware is a cloud and virtualization software company and Pivotal a cloud infrastructure firm.
