NEW YORK (TheStreet) -- Shares of EMC (EMC) were up in mid-afternoon trading on Tuesday as the Hopkinton, MA-based information infrastructure technology company announced today that its $63 billion acquisition by Dell is slated to close on September 7.
Dell Technologies, the name of the new combined company, will begin operating immediately following the close of the deal, the companies said in a joint statement.
"This is an historic merger for both Dell and EMC," said Michael Dell, CEO of the Round Rock, TX-based consumer PC giant, in a statement. "Combined, we will be exceptionally well-positioned for growth in the most strategic areas of next generation IT..."
Chinese regulators approved the acquisition, which is considered the largest technology merger in history, earlier this month. Shareholders granted approval in July with approximately 98% voting in favor of the merger.
EMC will be suspended from the NYSE and shares of the combined company will trade using the symbol DVMT beginning on Sept. 7.
Under the deal, Dell will also gain access to EMC's 80% stake in the virtualization and cloud infrastructure solutions company VMWare (VMW).
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
TheStreet Ratings team rates EMC as a Hold with a ratings score of C+. The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in net income, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. However, as a counter to these strengths, the team finds that the company's return on equity has been disappointing.