The people of EMC have spoken, and it's a deal. A whopping 98 percent of shareholders holding 74 percent of the outstanding shares voted "yes" July 19 for the world's largest storage company to finalize its acquisition by Dell Inc.
The $60 billion transaction, announced at $67 billion Oct. 12 and finalized in a vote that took only 12 minutes, is the largest so far in the technology space.
All the necessary ownership parties are now in accord; however, a few pieces of red tape remain. The main obstacle is securing regulatory approval from China—a task that has proved a challenge for some other technology deals previously.
Final Details Should Be Finished in the Fall
However, EMC said the deal is expected to be completed within the initially declared time frame sometime around the fall.
"Today's resoundingly favorable shareholder vote clearly supports our view that combining Dell and EMC will create a powerhouse in the technology industry," said Joe Tucci, EMC Chairman and CEO.
"The board and I care very deeply about, and have worked diligently to represent, what we believe is the best outcome for all stakeholders. I want to thank our shareholders for their support, as well as our customers and partners. My special thanks to the talented people of EMC for their hard work, dedication and passion."
How They Decided on Naming the Merged Company
"We wanted to convey a family of businesses and aligned capabilities, and as family names go, I'm kind of attached to Dell," Dell CEO and founder Michael Dell said during his Day 1 keynote at EMC World last May. "So after the close of the transaction, our family of businesses will be officially known as Dell Technologies. It's got a nice ring to it."
Dell Technologies will comprise Dell, EMC Information Infrastructure, VMware, Pivotal, SecureWorks, RSA and Virtustream.
The client solutions business will be branded Dell.
As far as Dell's most well-known product is concerned, "The brand equity of the Dell PC is irreplaceable," Dell said.
The combined enterprise IT business will be named Dell EMC, Dell said.
'Standing at the Center of World Technology'
"When Dell and EMC combine, our company and all of you, our customers and partners, will stand at the center of the world's technology infrastructure, and that means that we stand at the center of human progress. And there's no place I'd rather be," Dell said at EMC World.