It's official. Dell Inc. will complete its acquisition of EMC Corp. (NYSE: EMC) next Wednesday, Sept. 7, the companies announced Tuesday after securing regulatory approval from China.
The combined companies, called Dell Technologies, will be operating immediately thereafter.
Next week's closing would mark the end of a nearly year-long journey since Dell announced its intent to purchase the Massachusetts data storage giant. And it comes just a day after Michael Dell said the deal was on track to close but offered few other details at the VMware conference in Las Vegas.
“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 center, converged infrastructure, hybrid cloud, mobile and security,” Dell, chairman and CEO of Dell Technologies, said in a news release. “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.”
When the deal closes next week, EMC shareholders, who overwhelmingly approved the deal, will get $24.05 per share in cash along with newly-issued tracking stock that's tied to EMC's stake in VMware. Dell estimated EMC shareholders would get 0.111 shares of that tracking stock for each share of EMC they own.
EMC's ticker will be suspended from trading once the deal is done and the tracking stock will trade under "DVMT."