EMC's shareholders on Tuesday overwhelmingly approved the company's merger with Dell, bringing the two companies one step closer to creating the largest privately held technology company.
About 98 percent of shareholders voted in favor of the merger, EMC reported, representing about 74 percent of EMC's outstanding common stock. The deal, which is still contingent upon regulatory approval from China, is expected to close within the expected timeframe and under the original terms. Dell announced in October that it would acquire EMC, in a deal valued at the time at $67 billion.
"Today's resoundingly favorable shareholder vote clearly supports our view that combining Dell and EMC will create a powerhouse in the technology industry," EMC CEO Joe Tucci said in a statement. "The Board and I care very deeply about, and have worked diligently to represent, what we believe is the best outcome for all stakeholders."
The vote came one day after EMC announced solid second quarter earnings.
Once the two companies merge under the name Dell Technologies, the new firm will comprise several brands, including Dell, EMC Information Infrastructure, VMWare, Pivotal, RSA, and Virtustream.