GEC NEWS WIREDell and EMC intend to close the transaction to combine Dell and EMC on Wednesday, September 7, 2016. Dell Technologies, the name of the new combined company, will begin operating immediately following the close of the transaction.
“This is a historic moment for both Dell and EMC. 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,” said Michael Dell, Chairman and CEO of Dell Technologies. “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.”
“I am 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,” said Joe Tucci, Chairman and CEO of EMC. “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. Upon close of the transaction, EMC shares under the ticker symbol “EMC” will be suspended from trading on the New York Stock Exchange. Shares of the tracking stock, trading under the ticker symbol “DVMT,” are expected to begin trading on the New York Stock Exchange on Wednesday, September 7.
