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Dude, Dell is going public again
03 July 2018, 01:08 | Austin Hogan
Bazuki Muhammad REUTERS
The US-based PC and data storage company announced a $21.7 billion agreement on Monday to buy out the holders of shares that track the performance of VMware using a mix of cash and equity in Dell.
Billionaire Carl Icahn is deciding whether to challenge Michael Dell in VMware, sources told The Post.
Dell said it will list its Class C shares on the New York Stock Exchange following the completion of the deal.
But Mr. Dell pushed back on the notion the change in USA tax law had anything to do with the company's decision to be publicly traded again. The company also paid off $13 billion in debt stemming from it EMC tie-up. Those shares will end up traded on the NYSE, around five years later after its founder took the company private with Silver Lake Partners in a deal worth roughly $25 billion.
It also means Dell will not have to raise any new money, because it will pay for the deal by issuing new shares and a $9 billion dividend it will receive from VMware.
When Dell Inc. closed the biggest technology merger in history almost two years ago, the company's namesake founder said the new entity would enjoy its freedom away from the glare of Wall Street and its obsession with quarterly earnings.
Going public gives Michael Dell and Silver Lake the option to eventually sell down their stakes, even as they affirmed on Monday they had no plans to do so.
As part of the deal, VMware will pay DVMT shareholders an $11 billion special cash dividend and Dell will offer more shares - or cash - to make up the difference.
Watch VMware and Dell trade in real time here. And for DVMT shareholders who opt for Dell Technologies Class C common stock rather than cash, "there should be a significant amount of upside" given its current low valuation, she said.
The transaction represents a premium of 28.9 percent to closing price of Dell's tracking stock on Friday.
"Unprecedented data growth is fueling the digital era of IT, and we are uniquely positioned with our portfolio of technologies and services to enable the digital, IT, security and workforce transformations of our customers", Dell said in a prepared statement on Monday.
VMware shareholders will choose between receiving cash or stock in the transaction. VMware also said it would remain an independent public company. Dell had been exploring a reverse merger earlier this year.
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