Dell Inc. is expected to gain regulatory approval from China’s government this week, the last remaining hurdle for its planned takeover of EMC Corp., according to a report from the New York Post.
Once the approval is finalized, Dell Inc. could close on the $60-billion-plus merger deal -- the largest IT-related tech merger in history -- as early as Friday, according to the New York Post’s report, which cited unnamed sources.
Dell Inc. founder and CEO Michael Dell spoke with Chinese regulators to help speed along the regulatory approval, the New York Post reported.
Executives with Round Rock-based Dell Inc. released a written statement Tuesday: “The transaction remains on track and is expected to be competed under the original terms before the end of October.”
Dell Inc. will rebrand as Dell Technologies once the merger is completed.
Dell Inc. – the largest private employer in Central Texas -- first announced it was buying EMC Corp. last October.
Dell Inc., which has struggled as PC sales have declined, wants to be a major IT provider for businesses. Michael Dell helped take the company private in 2013, with the financial help of Silver Lake Partners.
The decision to buy EMC, and its line of data storage hardware, is key to Dell Inc.'s quest to become a stronger supplier of advance information technology hardware.
Part of the EMC package is data software company VMware, an EMC subsidiary that many analysts considered an important part of the EMC transaction.
Dell Inc.'s parent company, Denali Holding Inc., will pay EMC shareholders $24.05 a share. Part of the deal also includes shares of a tracking stock that is connected to VMware's share price.
Earlier this year, there was some shareholder angst over whether Dell Inc, could scrape together enough money to pay for EMC.
But Dell Inc, did manage to find the money, selling off several assets, including its software division and its IT services unit.
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