NEW YORK – Dell acquires data storage company EMC Corp. for about US$67 billion.
Shareholders of EMC Corp. will receive about $33.15 per share, which includes cash plus tracking stock linked to part of EMC’s economic interest in the VMware business, according to a statement on the company’s website.
Get weekly money news
Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.
VMware will stay an independent, publicly traded company.
Michael Dell will serve as chairman and CEO of the combined business.
- Central Alberta carbon capture hub on track to be largest in Canada
- Enbridge makes US$2.55B acquisition of pipeline, storage systems in U.S. midwest
- Choose Canada, businesses urge Albertans ahead of ‘risky gamble’ referendum
- Alberta landowners challenge ‘chronic underfunding’ for orphan well cleanup
Dell Inc.’s headquarters will stay in Round Rock, Texas. The combined enterprise systems business headquarters will be in Hopkinton, Massachusetts, where EMC is based.
The deal is targeted to close in the second or third quarter of Dell’s fiscal year ending Feb. 3, 2017. It still needs approval from EMC shareholders
Comments
Want to discuss? Please read our Commenting Policy first.