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PC maker Dell. which famously went back to being a private company in 2013, has just announced a massive new acquisition. It plans to buy storage technology firm EMC Corporation, with the total amount of the purchase to be valued at around $67 billion.

Dell says that EMC shareholders will get $24.05 per share in cash "in addition to tracking stock linked to a portion of EMC's economic interest in the VMware business". It adds:

"The combination of Dell and EMC will create the world's largest privately-controlled, integrated technology company. The company will be a leader in the extremely attractive high-growth areas of the $2 trillion information technology market with complementary product portfolios, sales teams and R&D investment strategies. The transaction combines two of the world's greatest technology franchises with leadership positions in servers, storage, virtualization and PCs and it brings together strong capabilities in the fastest growing areas of the industry, including digital transformation, software-defined data center, hybrid cloud, converged infrastructure, mobile and security."

Dell says it expects to officially close the EMC deal in the time period between May and October 2016. While the new Dell-EMC company will remain private, EMC's cloud and virtualization software subsidiary VMware will continue as a publicly-traded company.

Source: Dell