IT'S OFFICIAL: Dell just bought EMC in the biggest tech merger ever

Dell is buying EMC, a $50 billion publicly traded IT giant for around $67 billion in one of the tech industry's biggest mergers ever, according to Bloomberg, which said the terms of the deal looked like this:

Dell plans to pay $24.05 a share in cash plus tracking stock in EMC's prize holding, VMware Inc., valued at about $9 for each EMC share, the companies said in a statement Monday. The price of $33.15 a share is 28 percent above EMC's closing level on Oct. 7, just before reports surfaced that a deal was in the works.

News of the deal first leaked last week. It's not just the biggest tech merger ever, it's actually twice as big as the previous largest, which was the Compaq-HP deal, valued at $33.4 billion.

A complicated merger

The merger will be complex and costly to execute, given the sheer size and scope of both companies. But the payoff could mean that Dell gets a broader enterprise business, while EMC gets some breathing room after its recent troubles.

Dell, EMC, and VMware - which specializes in a technology called "virtualization" that helps companies make their data centers more efficient - have all been facing pressure from cloud services like Amazon Web Services, which lets customers outsource their data crunching and data storage needs to one of the e-retail giant's hugely efficient data centers.

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