EMC have announced that its shareholders have approved the Dell merger agreement with 98% of voters in favour.
This number represents approximately 74% of EMC’s outstanding common stock as of the record date for the special shareholder meeting. The transaction is also expected to close with no changes made to the original terms and within the said timeframe.
According to reports EMC agreed to the acquisition for $67 billion, a partnership that will bring together two of the largest tech hardware companies in the world. The deal is also perfect timing for EMC, reports claim that the company’s had a challenging time getting companies to use its storage machines.
Joe Tucci, EMC CEO and chairman, says the resoundingly favourable shareholder vote clearly supports their view that combining Dell and EMC will create a powerhouse in the technology industry.
“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,” says Tucci.
Dell's CEO, Michael Dell, is in strong agreement with Tucci.
“Our new company will be exceptionally well-positioned for growth in the most strategic areas of next generation IT including Digital Transformation, Software Defined Data Centre, Converged Infrastructure, Cloud and Security. Our investments in R&D and innovation along with our privately-controlled structure will give us unmatched scale, strength and flexibility deepening our relationships with customers of all sizes," says Dell.
"I am incredibly excited to partner with the EMC, VMware, Pivotal, VCE, RSA and Virtustream teams and am personally committed to the success of our new company, our customers and partners.”