December 13, 2018

EMC parent Dell going public

Photo/File
EMC offices in Hopkinton. The company's parent firm, Dell Technologies, will be publicly traded again starting later this month.

Five years after it was taken private, EMC parent Dell Technologies is hitting the market once again.

Texas-based Dell said Tuesday it has received shareholder approval to begin trading on Dec. 28.

Dell bought Hopkinton data storage giant EMC in 2016 for $67 billion in what was called the largest tech merger in the industry's history, a move that led to large-scale layoffs in Hopkinton.

Dell said last month that it expected to hit the market at a $23.9 billion market cap. Michael Dell, who owns 72 percent of Dell common shares, will continue to serve as chairman and CEO.

Though the company is private, Dell still reports its financial results. Third-quarter revenue was $22.5 billion, up 15 percent, with an operating loss of $356 million.

Dell doesn't break out performance of EMC, but an EMC cloud computing subsidy, VMware, had revenue for the third quarter of $2.2 billion, up 15 percent, with operating income of $768 million.

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