Dude, Dell is going public again

Bazuki Muhammad  REUTERS

A logo of Dell Technologies is seen at the Mobile World Congress in Barcelona, Spain February 28, 2018.

Dell Technologies founder and CEO Michael Dell took his company private almost five years ago after more than two decades on the stock market in a deal worth $24 billion.

In its latest turn of corporate machination, Dell Technologies has made a decision to return to the public market via a cash and share-swap deal that's meant to help the company boost revenue and raise funds.

PC maker Dell Technologies said Monday that it plans to buy the publicly traded DVMT, which tracks VMware.

Dell said it will list its Class C shares on the New York Stock Exchange following the completion of the deal. VMware shares also rose 10 percent to $161.75.

Dell issued the stock in 2016 to buy data storage company EMC Corp for $67 billion, because it could not pay for the whole deal in cash.

After the deal, expected to close in the fourth quarter, holders of Dell's tracking stock will own between 20.8 percent and 31 percent of Dell depending on how many investors opt for cash, Dell said.

"I am proud to lead this great company into its next chapter as we continue to evolve and grow to the benefit of our customers, partners, investors and team members", said Michael Dell, Chairman and CEO of Dell Technologies.

DVMT has nearly doubled since the stock was issued, closing at $84.58 on Friday, and they were up 8 percent at 9:38 a.m.in New York Monday.

VMware shareholders will choose between receiving cash or stock in the transaction.

"Unprecedented data growth is fueling the digital era of IT, security and workforce transformations of our customers". Dell had been exploring a reverse merger earlier this year. The merger of Dell and EMC was the largest tech merger in history making Dell Technologies the largest privately held tech company. Its total debt has also gone down by $4.6 billion since the EMC deal. "The change in the tax law was not any material change to the financial condition of the company", Mr. Dell said. The shares, worth about $17 billion as of Friday, were created to mirror the value of software maker VMware Inc., in which Dell has a controlling stake. That meant Dell would be beholden to the whims of public markets, perhaps laden with short-term pessimism over the company's urgent need to find a transition.

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