Dell has acquired EMC in a deal valued at approximately $67 billion.
“The combination of Dell and EMC will create the world's largest privately-controlled, integrated technology company,” a Dell press release states. "The company will be a leader in the extremely attractive high-growth areas of the $2 trillion information technology market with complementary product portfolios, sales teams and R&D investment strategies.”
The New York Times reported that the deal took 50 confidential meetings around the U.S. to come to fruition and was referred to internally as “Project Emerald.”
The deal will be financed through new common equity from Michael S. Dell, MSD Partners, Silver Lake and Temasek, as well as the issuance of tracking stock and new debt financing and cash on hand.
Dell and related stockholders will own nearly 70 percent of the company's common equity, excluding tracking stock. Dell will take over as chairman and CEO of the combined company once everything is finalized.
