Dell Technologies Inc is moving a step closer to becoming a public company again with a deal to buy the tracking stock of its majority-owned VMware unit, simplifying its balance sheet and ending a months-long review of the company.
Dell is taking a nontraditional route to the public markets, eschewing an initial public offering of stock in favor of the conversion of a "tracking stock" that the company already has listed on the New York Stock Exchange.
Michael Dell now owns 72 percent of common shares in Dell, while Silver Lake owns 24 percent.
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DVMT shareholders will get $109 cash or 1.3665 shares of Dell Class C common stock on the NYSE.
The transaction represents a premium of 28.9 percent to closing price of Dell's Class C common stock on Friday.
The transaction still needs shareholder approval. VMware is the networking software company Dell acquired when it bought EMC.
The Wall Street Journal had reported earlier that Dell planned to buy the DVMT shares and could announce those plans as soon as Monday. Following the deal, investors who owned the tracking stock will in aggregate account for between 20.8 percent and 31 percent of Dell's ownership. VMware shares also rose 10 percent to $161.75. "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". "And we're seeing tremendous momentum inside the business", Michael Dell told analysts on a conference call. However, a special committee of VMware's board of directors formed to safeguard the interest of VMware minority shareholders pushed back against the terms that Dell was proposing, according to sources familiar with the matter.