Dell and EMC will finalise their merge on September 7, following China's regulatory approval, the two companies announced this Thursday morning. The new company, named Dell Technologies, will start working as soon as the merge is complete. China's Ministry of Commerce (MOFCOM) approved the merger, after EMC shareholders did the same on July 19.
“This is an historic moment for both Dell and EMC. Combined, we will be exceptionally well-positioned for growth in the most strategic areas of next generation IT including digital transformation, software-defined data centre, converged infrastructure, hybrid cloud, mobile and security,” said Michael Dell, chairman and CEO of Dell Technologies.
“Our investments in R&D and innovation, along with our 140,000 team members around the world, will give us unmatched scale, strength and flexibility, deepening our relationships with customers of all sizes.” EMC's shareholders will get $24.05 per share in cash, the companies added. EMC stock symbol will be suspended from trading on the New York Stock Exchange and will be replaced with a new symbol – DVMT. Trading will also begin September 7.
“I am 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,” said Joe Tucci, chairman and chief executive officer of EMC. “The combination of Dell and EMC creates a new powerhouse in the industry - providing the essential technology for the next era in IT.”
Image Credit: Flickr / Toshiyuki IMAI