Dell And EMC announced on 12th October that Dell has agreed to acquire EMC in a cash-and-shares deal valuing the company at US$67 billion, Michael Dell will become chairman and CEO of the merged company.
Under the terms of the deal, EMC shareholders will receive cash and shares in a VMware tracking stock. VMware will continue to operate as an independent company under Pat Gelsinger.
Dell stands to benefit from a number of synergies with EMC, EMC CEO Joe Tucci said: "It's pretty amazing how many companies Dell is the number one reseller for, and it's also amazing how many of those technologies our products can substitute for."
The deal will combine the world's biggest enterprise storage vendor with one of the largest server makers, forming a company that can serve a broad range of enterprise needs. It will take Dell's storage portfolio upmarket and help to resolve organizational issues vexing EMC.