EMC to Cut Jobs as Part of Dell Takeover

As part of its impending takeover by Dell, the Hopkinton-based 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.

Dell and EMC confirmed the sale in October to the tune of $67 billion.

The takeover at $67 billion made it the “largest tech takeover of its kind,” according to the Boston Business Journal.

Under the deal, Dell, Silver Lake and MSD Partners acquire the data company, and will maintain VMware, of which EMC owns 80 percent.

In the announcement, Dell said the takeover, “brings together the industry’s leading innovators in digital transformation, software-defined data center, hybrid cloud, converged infrastructure, mobile and security.

Under the terms of the agreement, EMC shareholders 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.

VMware will remain an independent, publicly-traded company.

Photo Credit: EMC