Dell buys EMC storage for $67 billion

The purchase will create world's largest privately-controlled, integrated technology company, Dell said

NEW YORK: Computer giant Dell Inc announced Monday it was buying cloud computing company EMC Corporation for $67 billion, the biggest ever takeover in the technology industry.

The purchase "will create the world's largest privately-controlled, integrated technology company," Dell said in a statement.

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."

Stockholders of EMC, the world's largest provider of data storage systems, will receive approximately $33.15 per share, the statement read.

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The new company "will be exceptionally well-positioned for growth in the most strategic areas of next generation IT including digital transformation, software-defined data center, converged infrastructure, hybrid cloud, mobile and security," Dell CEO Michael Dell said.

Dell will be the combined company's chairman and chief executive officer, while EMC CEO Joe Tucci will continue in his position until the transaction closes.

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Dell created the company from his dorm room at the University of Texas and led it to become a global heavyweight known for direct service to customers.

In 2013, he led a $24.9 billion buyout to take the company private as it attempts a transformation amid diminishing PC sales and the shift to mobile computing.