More than 61 percent of shareholders approved the transaction earlier today. It will allow Dell to become a publicly listed company without a formal initial public offering.
After months of negotiations — and a very public effort by investor Carl Ichan to kill the proposal — the infrastructure giant last month sweetened the deal, offering shareholders a maximum of $120 a share in cash and stock, up from $109.
The transaction is expected to close on Dec. 28. At that time Dell Technologies Class C shares will begin trading on the New York Stock Exchange under the ticker symbol DELL.
“With this vote, we are simplifying Dell Technologies’ capital structure and aligning the interests of our investors,” said Michael Dell, chairman and CEO of Dell Technologies, in a statement. “This strengthens our strategic position, as we continue to deliver innovation, long-term vision, and integrated solutions from the edge to the core to the cloud.”
Patrick Moorhead, president and principal analyst at Moor Insights and Strategy, said it’s a good deal for investors, “and likely will not make a difference to customers, and that’s a positive. Dell Tech leaders have promised to run the company longer term, making year-to-year commits, not quarter to quarter, which will likely therefore attract longer term investors,” he said. “It’s a win-win.”