EMC storage for $67 billion bought by Dell

EMC storage for $67 billion bought by Dell


NEW YORK: Computer giant Dell Inc announced it was purchasing cloud computing business EMC Corporation for $67 billion, the largest ever takeover in the technology industry.

The purchase “will create the world’s largest privately-managed, integrated technology firm,” Dell said in a statement. The firm “will be a leader in the incredibly appealing high-growth regions of the $2 trillion information technology marketplace with complementary product portfolios, sales teams and R&D investment strategies.”

Stockholders of EMC, the world’s largest provider of data storage systems, will receive around $33.15 per share, the statement read.

The new company “will be extremely 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,” Dell CEO Michael Dell said.

While EMC CEO Joe Tucci will continue in his place before the transaction closes, Dell will likely be the chairman and chief executive officer of the combined firm.

Dell led it to become a worldwide heavyweight known for direct service and created the business from his dorm room in the University of Texas.

In 2013, he led a $24.9 billion buyout to take the company private as it attempts a transformation amid diminishing PC sales and the shift to mobile computing.