Dell sets official date for EMC acquisition
Dell has set a date for its historic EMC acquisition. The transaction to combine the two companies will officially close on Wednesday the 7th of September.
Dell Technologies, the name of the new combined company, will begin operating immediately - following the close of the transaction.
The announcement follows regulatory transaction approval by China's Ministry of Commerce (MOFCOM), which has officially granted clearance.
MOFCOM approval was the final regulatory condition to closing the transaction.
EMC shareholders approved the transaction in July, with 98% of votes cast in favour of the merger. This number represented approx 74% percent of EMC's outstanding common stock.
Michael Dell, chairman and CEO of Dell Technologies, says it's a historic moment for the two companies.
“Combined, we will be exceptionally well-positioned for growth in the most strategic areas of next generation IT including digital transformation, software-defined data center, converged infrastructure, hybrid cloud, mobile and security,” he says.
“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.
For Joe Tucci, chairman and chief executive officer of EMC, the acquisition is a momentous milestone he is very proud of.
“From humble beginnings as a Boston-based startup to a global, world-class technology company with an unyielding dedication to our customers,” he says.
“The combination of Dell and EMC creates a new powerhouse in the industry - providing the essential technology for the next era in IT.
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 economic interest in the VMware business