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Tuesday, 13 October 2015 07:29

Dell to acquire EMC for US$67 billion in record takeover Featured


After a week of speculation and rumours, privately-owned iconic computer company Dell has announced that it will acquire storage colossus EMC for a record US67 billion in the largest ever corporate takeover.

Rumours had been circulating over the past week that Dell was in talks to buy EMC and they were confirmed last night in a joint statement by the two companies in New York last night.

EMC was believed to be looking for a buyer for many months but Dell only came into the equation recently.

The deal will be financed with the help of private equity firm Silver Lake.

According to a Wall Street Journal report, Michael Dell, who took the company he founded private in 2012, will need to raise US$45 billion to finance the massive takeover. And the company already had a reported US$12 billion in debt, prompting at least one analyst to express surprise that financing for the deal would be approved.

The takeover bid US$33.15 per share, accepted by EMC, values the company at a 28% premium to its overnight market cap.

Virtualisation leader VMware, which is 80% owned by EMC, will continue as a listed company, with Dell the largest shareholder, according to the announcement.

It will also provide a convenient exit for longstanding 68 year old EMC CEO Joe Tucci, who was said to be planning his retirement.

EMC, which had already flagged that it was contemplating a large number of layoffs in order to cut nearly US$1 billion in expenses will now pass the torch to Dell, which is likely to result in an even larger number of retrenchments as a result of the consolidation.

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Stan Beer

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Stan Beer co-founded iTWire in 2005. With 35 plus years of experience working in IT and Australian technology media, Beer has published articles in most of the IT publications that have mattered, including the AFR, The Australian, SMH, The Age, as well as a multitude of trade publications.

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