Dell has agreed to purchase EMC (NYSE: EMC) through an approximately $67 billion cash-and-stock transaction as both companies seek to createÂ a new enterprise-focused information technology business.
Michael Dell said Monday the combined company will pursue growth in the hybrid cloud, mobile, Â software-based data center, converged infrastructure, security and digital transformation market areas.
Round Rock, Texas-based Dell expects to wrap up the acquisition between the months of May and October 2016 and plans to maintain EMC subsidiary VMware as an independent, publicly traded business after the deal closes.
The board of directors at EMC has approved the proposed merger.
Dell plans to finance the deal with cash on hand, tracking stock, loans, and new common shares of Michael Dell, his investment firm MSD Partners, Silver Lake and Singapore state-owned Temasek.
Shareholders will receive $24.05 in cash and 0.111 in targeted stock for each share held in EMC.
The transaction is still subject to approvals of EMC shareholders and regulatory agencies.