Business

Tuesday 6 December 2016

EU set to clear Dell's $67bn deal to buy EMC

Published 19/02/2016 | 07:10

Michael Dell, founder and chief executive officer of Dell Inc., waves while arriving on stage during the 2015 Dell World Conference in Austin, Texas, U.S., on Wednesday, Oct. 21, 2015. Dell said trimming debt for the massive deal to combine his namesake company with EMC Corp. should progress relatively quickly in the next couple of years. Photographer: Matthew Busch/Bloomberg
Michael Dell, founder and chief executive officer of Dell Inc., waves while arriving on stage during the 2015 Dell World Conference in Austin, Texas, U.S., on Wednesday, Oct. 21, 2015. Dell said trimming debt for the massive deal to combine his namesake company with EMC Corp. should progress relatively quickly in the next couple of years. Photographer: Matthew Busch/Bloomberg

Dell, the world's third-biggest maker of computers, is set to gain unconditional EU antitrust approval for its $67bn bid for data storage company EMC, two people familiar with the matter said on Thursday.

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Dell unveiled the deal in October last year, the largest ever in the technology industry sector, and designed to enable Dell to better challenge rivals Cisco Systems, IBM and Hewlett-Packard in cloud computing, mobility and cyber security.

European Commission spokesman Ricardo Cardoso declined to comment on Thursday. The Commission is scheduled to give its ruling on the deal by February 29.

"The transaction is on schedule under its original timetable and original terms," a Dell spokesman said in a statement.

EMC did not immediately respond to a request for comment.

EMC shares closed 0.56pc higher at $25.12.

Dell founder and Chief Executive Michael Dell took the company private three years ago with the help of private equity firm Silver Lake.

The computer maker has arranged a debt package for up to $49.5bn to help finance the EMC deal, the second-largest M&A financing on record.

Reuters

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