Business & Tech
Talks Over: Dell Will Buy EMC for $67 Billion
Dell has been in talks with EMC to take over the data company. They're reached an agreement to do so.
Photo Credit: EMC
The talks are over, and now it’s confirmed. Dell Inc. announced on Monday that it will buy EMC Corp., based in Hopkinton, for $67 billion.
The takeover at $67 billion makes it the “largest tech takeover of its kind,” according to the Boston Business Journal.
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Under the deal, Dell, Silver Lake and MSD Partners will 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.
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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.
The EMC Board of Directors approved the merger agreement and intends to recommend that stockholders of EMC approve the agreement.
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