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Press Release
February 23, 2016
Dell and EMC Receive U S Federal Trade Commission Clearance for Proposed Merger
Story Highlights
- Transaction is on schedule under the original timetable and original terms
- Initial proxy statement filed in December, updated on February 12
- EMC shareholder vote expected this spring
ROUND ROCK, Texas and HOPKINTON, Mass - February 23, 2016 -
Dell Inc. and EMC Corp. (NYSE: EMC) today announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the companies' proposed combination. The expiration of the waiting period occurred at 11:59 p.m. EST on Feb. 22, satisfying one of the conditions to the closing of the proposed transaction. The transaction remains subject to approval by EMC's shareholders, regulatory clearance in certain other jurisdictions and other customary closing conditions.
As announced on Oct. 12, 2015, the combination of Dell and EMC will create the world's largest privately-controlled, integrated technology company. 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 R&D investment strategies.
“We are delighted that, with this key regulatory milestone now complete, we have taken another step on our path to becoming a combined company,” said Michael Dell, Chairman and CEO of Dell Inc. “Our teams are engaged in integration planning and all transaction-related workstreams are on track.”
“We are very pleased to receive FTC clearance as this takes us a step closer to realizing our vision of creating a global privately-controlled technology company. Together, our investments in R&D, focus on innovation and world-class sales and service will enable our customers to accelerate their journey to hybrid cloud and digital transformation,” said Joe Tucci, Chairman and CEO of EMC.
About Dell
EMC Corporation (NYSE:EMC) is a global leader in enabling businesses and service providers to transform their operations and deliver IT as a service. Fundamental to this transformation is cloud computing . Through innovative products and services, EMC accelerates the journey to cloud computing, helping IT departments to store, manage, protect and analyze their most valuable asset – information – in a more agile, trusted and cost-efficient way. Additional information about EMC can be found at www.EMC.com.
About Dell
Dell Inc. listens to customers and delivers worldwide innovative technology, business solutions and services that give them the power to do more. For more information, visit www.dell.com.
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Media Contacts
Dell Media Contacts
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(512) 723-4401
jim_hahn@dell.com
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(512) 728-2678
david_frink@dell.comEMC Contact
Dave Farmer
(508) 293-7206
dave.farmer@emc.com