Dell, EMC to finalise merger on September 7
Ten months since Dell announced it was going to buy EMC for about $67 billion, the two companies have confirmed they plan to finalise the deal on September 7, 2016.
The two companies received regulatory approval from China's Ministry of Commerce, which the companies said was the final regulatory condition they needed to close the transaction.
EMC shareholders overwhelmingly approved the transaction back in July, where about 98 percent of shareholders voted in favour of the merge, representing about 74 percent of EMC's outstanding common stock.
In a statement, the companies confirmed at closing that EMC shareholders will receive $24.05 per share in cash, in addition to a newly issued tracking stock linked to a portion of EMC's interest in VMware.
Dell Technologies, the new name of the combined companies, will begin operating immediately following the close of the transaction and will trade under the ticker symbol "DVMT" on the New York Stock Exchange. The combination of the two brands will form the "largest privately-controlled, integrated technology company".
Under the new name, there will be several brands including Dell, EMC Information Infrastructure, VMware, Pivotal, RSA, and Virtustream.
"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," said Michael Dell, chairman and CEO of Dell Technologies, in a statement.
"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."