Dell Officially Acquires EMC, Now Dell EMC; Job Cuts Coming

HOPKINTON, MA—Dell Technologies on Wednesday, Sept. 7, announced completion of the acquisition of EMC Corporation, which is headquartered in Hopkinton, stating in a press release that it is "creating a unique family of businesses that provides the essential infrastructure for organizations to build their digital future, transform IT and protect their most important asset, information."

The combinations expands Dell's technology portfolio, solving more complex problems for customers in the industry's fast-growing areas of hybrid cloud, software-defined data center, converged infrastructure, platform-as-a-service, data analytics, mobility and cybersecurity, said the announcement.

Dell confirmed the sale last October, announcing that it would buy EMC Corp. for $67 billion.

At the beginning of this year, EMC Corp. said it would cut jobs in 2016 as part of its business restructure. The job cuts would save $850 million per year, but EMC did not indicate how many would be affected by the layoff, reported MetroWest Daily News. EMC has 9,700 Massachusetts workers, said the Boston Business Journal.

Bloomberg reported that Dell Technologies will cut 2,000-3,000 jobs, with most cuts in the United States. The layoffs will be concentrated in marketing, administrative division and the supply chain, said Bloomberg.

Dell Technologies serves 98 percent of the Fortune 500 and comprises several market leading businesses, said the announcement. The two largest, and most well-known, are the Dell client solutions business and the Dell EMC infrastructure solutions business – both of which are supported by Dell EMC Services.

Michael Dell, chairman and CEO of Dell Technologies, said in a press release, "We are at the dawn of the next industrial revolution. Our world is becoming more intelligent and more connected by the minute, and ultimately will become intertwined with a vast Internet of Things, paving the way for our customers to do incredible things. This is why we created Dell Technologies. We have the products, services, talent and global scale to be a catalyst for change and guide customers, large and small, on their digital journey."

When the transaction closed, EMC shareholders received $24.05 per share in cash in addition to tracking stock linked to a portion of EMC’s economic interest in the VMware business.

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