In one of the mega acquisitions in the global IT space, PC maker Dell Inc will acquire EMC Corporation for about USD 67 billion. The EMC Board of Directors approved the merger deal and intends to recommend that stockholders of EMC approve the agreement. Under the terms of the agreement, EMC shareholders will receive USD 24.05 per share in cash in addition to tracking stock linked to a portion of EMC’s economic interest in VMware, which is an arm of EMC Corporation.

 The combination of EMC and Dell will prove to be a winning combination for customers, employees, partners and shareholders, he added. The deal combines EMC’s leadership in digital storage with Dell’s expertise in the servers market that businesses use for computing tasks.

EMC Corporation has over 5,000 employees as part of its centre of excellence and another 550 in sales and marketing. The company had operations in India in October 2000 and has since scaled up its presence with the government sector accounting for a significant part of its business. The company has so far invested USD 2 billion in India in the past five years mainly on expansion and marketing.