(Bloomberg) -- Dell Inc. and EMC Corp. are set to complete the biggest technology merger in history next week, a deal that will bring together two leading providers of data-center and corporate computing equipment as they chase faster growth.
The companies have received regulatory approval from China’s Ministry of Commerce, the last major hurdle in finalizing the deal, Dell and EMC said Tuesday in a statement. The transaction, announced in October 2015, will close on Sept. 7 and the combined company will begin operating under the new name Dell Technologies.
Dell and EMC are joining forces to create a broader product lineup -- from servers to storage devices and key software services -- amid intensifying competition. Hardware companies are under escalating pressure from cloud-based offerings that enable customers to rent computing power from Amazon.com Inc. or Google, rather than buying and maintaining their own systems from the likes of Dell and EMC.
“This is an historic moment for both Dell and EMC," Michael Dell, who will be chairman and chief executive officer of Dell Technologies, said in the statement. “Our investments in R&D and innovation, along with our 140,000 team members around the world, will give us unmatched scale, strength and flexibility, deepening our relationships with customers of all sizes.”
EMC shareholders will receive $24.05 per share in cash and a tracking stock linked to a portion of EMC’s economic interest in VMware Inc., its majority-owned software business. Shares of the tracking stock, which will have the ticker “DVMT,” are expected to begin trading on Sept. 7.
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