13 October, 2015
The New York Times is calling it "the biggest takeover ever of a technology company" as Dell purchased Hopkinton based EMC for $67 billion dollars.
EMC posted the following on their website www.emc.com : "Dell Inc. and EMC Corporation have signed a definitive agreement under which Dell, together with its owners, Michael S. Dell, founder, chairman and chief executive officer of Dell, MSD Partners and Silver Lake, the global leader in technology investing, will acquire EMC Corporation, while maintaining VMware as a publicly-traded company."
The Wall Street Journal stated that Dell and EMC have been under a "relentless assault". "Mobile Devices have eaten into PC sales, which has been a key part of Dell's success and cloud computing has allowed companies to purchase and maintain their own hardware and software."
C.E.O. and Chairman of EMC Joe Tucci stated the following in a press release: “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,”..“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 transaction will allow Dell to become more involved in the vastly growing areas of data storage, content management and data security. Some of the conditions of the deal were released in the press release:
"-Brings together the industry’s leading innovators in digital transformation, software-defined data center, hybrid cloud, converged infrastructure, mobile and security
-EMC stockholders to receive approximately $33.15 per share (based on the assumptions described below) in a combination of cash as well as tracking stock linked to a portion of EMC’s economic interest in the VMware business
-VMware to remain an independent, publicly-traded company"
For the near future, the headquarters for EMC are reportedly expected to remain in Hopkinton.
You can see the full statement released by EMC here.
