Dell to buy data storage company EMC for US$67B in record tech deal
Deal will create the largest privately-held integrated technology firm
ROUND ROCK, Texas—Dell Inc. is continuing its efforts redefine itself by taking hold of the fast-growing data storage industry.
The company has entered into an agreement to buy EMC Corp., a company that delivers data storage and cloud computing solutions to business customers, for approximately US$67 billion. The deal is being touted as the largest ever seen in the tech industry.
“The combination of Dell and EMC creates an enterprise solutions powerhouse bringing our customers industry leading innovation across their entire technology environment. Our new company 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,” Michael Dell, the company’s chairman and CEO, said.
The combined company would be the world’s largest privately-controlled, integrated technology firm.
“I’m tremendously proud of everything we’ve built at EMC – from humble beginnings as a Boston-based startup to a global, world-class technology company with an unyielding dedication to our customers,” Joe Tucci, chairman and CEO of EMC, said. “But the waves of change we now see in our industry are unprecedented and, to navigate this change, we must create a new company for a new era. I truly believe that the combination of EMC and Dell will prove to be a winning combination for our customers, employees, partners and shareholders.”
The deal is subject to customary conditions and is expected to close at some point next year. Currently, the EMC board of directors has approved the agreement and has recommended stockholders do the same.