Dell to buy EMC

NEW YORK: Computer giant Dell Inc announced on Monday it was buying cloud computing company EMC Corporation for $67 billion, the biggest ever takeover in the technology industry. The purchase ‘will create the world’s largest privately-controlled, integrated technology company’, Dell said in a statement. 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 research and development investment strategies’. Stockholders of EMC, the world’s largest provider of data storage systems, will receive approximately $33.15 per share, the statement read. The new company ‘will be exceptionally well-positioned for growth in the most strategic areas of next generation IT’, Dell CEO Michael Dell said.