The companies announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, in connection with the proposed merger.
However, the transaction remains subject to approval by EMC’s shareholders, regulatory clearance in certain other jurisdictions and other customary closing conditions.
As previously announced in October, the combination of Dell and EMC will create the world’s largest privately controlled, integrated technology company.
The newly combined company expects to be a leader in the extremely attractive high-growth areas of the information technology market, which is valued up to $2 trillion, with complementary product portfolios, sales teams and R&D investment strategies.
Michael Dell, chairman and CEO of Dell, commented:
We are delighted that, with this key regulatory milestone now complete, we have taken another step on our path to becoming a combined company. Our teams are engaged in integration planning and all transaction-related workstreams are on track.
Joe Tucci, chairman and CEO of EMC, added:
We are very pleased to receive FTC clearance as this takes us a step closer to realizing our vision of creating a global privately-controlled technology company. Together, our investments in R&D, focus on innovation and world-class sales and service will enable our customers to accelerate their journey to hybrid cloud and digital transformation.
Shares of EMC were trading up 0.4% at $25.40 Tuesday, with a consensus analyst price target of $28.52 and a 52-week trading range of $22.66 to $29.24.
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