US: Dell Closes $60 billion Merger with EMC

Dell Wednesday said it completed its $60 billion deal to acquire EMC Corp., the largest technology merger in history.

The new company, to be named Dell Technologies, aims to be a one-stop shop for information technology sold to business. The company employs about 140,000 people globally and will maintain operations in Hopkinton, Mass., where EMC was located. With $74 billion in revenue, Dell Technologies will be the world’s largest privately controlled tech company.

“With the supply chain that we have and the go-to-market strength and the scale, we feel very well positioned both in the new areas of technology and in the existing areas of technology today,” said Dell Technologies CEO Michael Dell in an interview.

As the corporate computing market shifts to newer technologies and cloud services, Mr. Dell said he anticipates consolidation in the market for conventional servers and storage hardware. “We know how to win in consolidation,” he said, adding, “we’ve proven that and we’re going to prove it again.”

The deal, announced Oct. 12, took nearly 11 months to complete. Dell and its partner investment firm Silver Lake raised more than $40 billion in debt. The company also brought in more than $5 billion through agreements to sell its IT-services business and software divisions.

Full Content: The Wall Street Journal

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