Dell's plan to acquire EMC has cleared its final hurdle, gaining a blessing from regulatory authorities in China and set to close September 7.
The new company, going by the name Dell Technology, is looking to dominate next-generation enterprise computing, including hybrid cloud, mobile and security, Dell chairman and CEO Michael Dell said. The companies will have 140,000 staff worldwide.
Dell, which is privately held, is buying EMC and its federation of subsidiaries, including RSA Security, software development company Pivotal Software and a controlling stake in virtualization software vendor VMware.
Dell and VMware CEO Pat Gelsinger spoke at a joint press conference at VMworld in Las Vegas on Monday, where they made assurances that the two companies would partner closely, but also continue to work independently and foster their separate -- and sometimes competing -- partner ecosystems. They also identified the service provider market as a fertile growth area, with NFV being a particular strength. (See VMware & Dell CEOs See Massive NFV Opportunity and Dell-EMC-VMware Merger Could Push Comms to Kids' Table.)
At closing, EMC shareholders will receive $24.05 per share in cash in addition to a newly issued tracking stock linked to a portion of EMC's interest in VMware. At that time, EMC shares will be suspended from trading on the New York stock Exchange, while the tracking stock will begin trading under the symbol DVMT.
Announced in October 2015, the companies said at the time that the deal would close within a year. (See Dell Buys EMC for $67B in Biggest Tech Deal Ever.)
— Mitch Wagner, , Editor, Light Reading Enterprise Cloud