Dell and private equity firm Silver Lake are pairing to acquire EMC, a data storage provider, in what is the largest tech deal of all time. EMC is being purchased for $67 billion, or $33.15 per share.The acquisition is scheduled to formally close between May and October 2016.
This acquisition will make Dell the third largest enterprise technology vendor in the U.S., behind Hewlitt-Packard and IBM. EMC is suspected to increase Dell’s overall company value by increasing overall storage revenue, in turn making Dell the most competitive it has ever been towards other tech giants.
Michael Dell will serve as CEO and chairman after the formal closing, and EMC’s CEO Joe Tucci will continue to lead as chairman and CEO of EMC until formal closing. No other changes in executive management have been reported.