Dell and EMC today said they intend to close the $67 billion transaction to combine the two companies on September 7. The new company will be named Dell Technologies, and it will begin operating immediately following the close of the transaction.
Today’s announcement follows regulatory approval of the merger by China’s Ministry of Commerce. That was the final stamp of approval needed to close the transaction.
EMC shareholders had approved the transaction on July 19, with about 98 percent voting in favor of the merger.
“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 prepared statement.
The combined company will count about 140,000 employees around the world. EMC laid off some employees earlier this year, in anticipation of redundancies.
The merger, which was announced in October 2015, involved complicated financing from the beginning. Dell was a private company, and EMC was a public company trading on the New York Stock Exchange. The resulting financing includes debt, as well as cash and a tracking stock.
At closing, 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 economic interest in the VMware business. Upon close of the transaction, EMC shares under the ticker symbol “EMC” will be suspended from trading on the New York Stock Exchange. Shares of the tracking stock, trading under the ticker symbol “DVMT,” are expected to begin trading on the New York Stock Exchange on Wednesday, Sept. 7.