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Dell to buy out EMC in record $67bn technology deal

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Dell-EMC combine to form world’s largest privately-controlled, integrated technology company

Dell Inc with MSD Partners and Silver Lake announced to acquire data storage maker EMC Corporation for a record technology deal of about $67bn.

“Dell Inc and EMC Corporation have signed a definitive agreement under which Dell, together with its owners, Michael S. Dell, founder, chairman and chief executive officer of Dell, MSD Partners and Silver Lake, the global leader in technology investing, will acquire EMC Corporation, while maintaining VMware as a publicly-traded company,” the company said in an official release.

Under the terms of the agreement, EMC shareholders will receive $24.05 per share in cash in addition to tracking stock linked to a portion of EMC’s economic interest in the VMware business.

The EMC Board of Directors approved the merger agreement.

“The combination of Dell and EMC will create the world’s largest privately-controlled, integrated technology company. The company will be a leader in the extremely attractive high-growth areas of the $2 trillion information technology market with complementary product portfolios, sales teams and R&D investment strategies,” the company added.

““The combination of Dell and EMC creates an enterprise solutions powerhouse bringing our customers industry leading innovation across their entire technology environment. Our new company 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,” Michael S. Dell, founder, chairman and chief executive officer of Dell said.

Joe Tucci, chairman and chief executive officer of EMC said, “The waves of change we now see in our industry are unprecedented and, to navigate this change, we must create a new company for a new era. I truly believe that the combination of EMC and Dell will prove to be a winning combination for our customers, employees, partners and shareholders.”

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