Dell Inc. and private-equity firm Silver Lake will buy EMC for roughly $67 billion in cash and stock, marking the biggest technology-industry takeover ever.
Joe Tucci, EMC’s long-time Chief Executive, will be chairman and CEO of EMC until the transaction closes. Upon completion, Mr. Dell will lead the combined company as chairman and CEO.
VMware, in which EMC owns about 80%, will remain a publicly traded company. Some have speculated that Dell could sell part of the VMware stake it is acquiring, possibly to help fund the massive deal but apparently Dell intends to keep that structure intact. “Our mission and strategy remain unchanged,” VMware chief executive Pat Gelsinger said. He reiterated that VMware will remain a publicly traded company.