Dell to return to public trading


Billionaire Carl Icahn is deciding whether to challenge Michael Dell in VMware, sources told The Post.

Under the deal announced Monday, Class V stockholders can choose $109 in cash for each share they hold, or 1.3665 shares of Class C common stock.

Earlier this year, Dell disclosed that it was considering a reverse merger with VMware as part of its public market return. Dell's share of that dividend would be up to $9 billion.

"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.

The world's largest private technology company owns 80 percent of VMware and issued the tracking stock in 2016 to fund its purchase of EMC Corp, then the biggest stakeholder of VMware. Silver Lake will keep its 24% minority stake. VMware specializes in virtualization, a technology which allows multiple systems and applications to run at the same time on the same server, which can cut companies' IT costs. VMware is financing the cash component of the deal with a one-time, $11 billion special dividend paid pro-rata to its shareholders. The agreement also included EMC's majority stake in VMWare, which now has a market cap of around $50 billion, as well as ownership of Pivotal, SecureWorks, RSA and VirtuStream. 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.

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The tracking stock has almost doubled in value since it was issued, closing Friday at $84.58.

"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", Dell said in a prepared statement on Monday.

The transaction still needs shareholder approval.

Dell has had an interesting track record, as far as its position private and public, over its 34 years of operation.

Dell, onetime leader in personal computers and tech industry stalwart, said today it will become publicly traded five years after a contentious private equity buyout. "The change in the tax law was not any material change to the financial condition of the company", Mr. Dell said.