VMware and Dell Technologies today said they completed their long-awaited spinoff deal to make VMware an independent company.

Under the agreement, first announced in April, Dell Technologies shed its 81% stake in VMware, which is now a $64 billion software company.

The terms of the deal included an $11.5 billion cash dividend that resulted in a $27.40 per share dividend payment to all VMware stockholders.

In a blog post about the spinoff,  VMware CEO Raghu Raghuram called today a “landmark” for VMware as it becomes, once again, a standalone company. “We now have the flexibility to partner even more deeply with all cloud and on-premises infrastructure companies to create a better foundation that drives results for our customers,” he wrote. “And the increased flexibility we will have to use equity to complete future acquisitions will help us remain competitive.”

And although it’s now an independent software vendor, VMware will continue to partner with Dell under a previously announced five-year commercial agreement. The two companies say this “preserves and enhances their strategic partnership to deliver joint customer value.”

It also “allows Dell to have continued access to VMware technology,” according to Gartner Research VP Sid Nag. This is important because VMware’s software plays a crucial role in Dell’s cloud strategy.

Dell Technologies CEO Michael Dell called the spinoff “an important milestone” for both companies. “We are unlocking significant value for stakeholders, while maintaining our close partnership in sales, support and innovation for our customers,” Dell said in a statement.

Meanwhile, Michael Dell will remain chairman of the VMware board and he still owns about 41% of the software vendor.

“The big winner” in the spinoff deal “is Michael,” said Zeus Kerravala, principal analyst at ZK Research, in an earlier interview. “He will still own a huge chunk of VMware. It’s not like he needs more money, but he stands to make a boatload of money.”