Friday, 16 November, 2018

Dell is going public again

Bazuki Muhammad  REUTERS Bazuki Muhammad REUTERS
Laurie Berry | 03 July, 2018, 02:31

EMC at the time owned the majority of VMware, a separate tech company, and the stock was created to represent the combined company's holdings in VMware.

Meanwhile, VMware will issue an $11 billion dividend, with $9 billion going to Dell.

Dell Technologies has offered to buy shares that track its interest in software firm VMware, a move that would mark a re-emergence into the public markets for Dell. Dell will use its proceeds of the dividend to fund the cash consideration for Class V stockholders.

Michael Dell, who will continue on as CEO and chairman after the deal, said he remains committed to the company's long-term strategy and the independence of VMware. Other options have included a Dell public offering or combination with VMware, Dell said in a January filing. For each share of Dell Technologies Class V tracking stock, shareholders will receive 1.3665 shares of Dell Technologies Class C common stock - or $109 in cash.

Dell went private in 2013, in a $25bn transaction with Silver Lake private equity business, with the intent of reshaping the business for the long term in ways that would not have been compatible with the quarterly reporting burden needs of public ownership, and consequent dependency on stock values driven by the reports.

Trump's former personal lawyer says he'll put family first
In fact, he's stopped answering the question altogether, although he tells Stephanopoulos that "I want to answer". Cohen initially said he used his own money to pay Daniels and was not reimbursed by Trump.

Shares in DVMT, which last closed at $84.58, rose 13% in premarket trading.

Dell's strategy is beginning to pay off, as companies look to one-stop shops to help them manage their IT infrastructure on the cloud.

Dell had also said earlier this year it was considering a full merger with VMware. While that scenario didn't quite play out, VMware is still integral to Dell's strategic maneuvering. Dell reported consolidated adjusted cash flow of $2.4 billion in its latest quarter, up by a third year-on-year.

After the deal, expected to close in the fourth quarter, holders of Dell's tracking stock will own between 20.8 percent and 31 percent of Dell depending on how many investors opt for cash, Dell said.

"After the transaction concludes, I am looking forward to VMware's continued independent status, strategy and capital allocation policy for organic investment, M&A and shareholder returns". "The company paid down 25 percent of its $42 billion debt in two years and cash flow is strong".

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