Dell is to buy data storage company EMC Corp in a deal valued at about $67bn (£43bn), the largest on record in the technology sector.

The offer is $33.15 a share in cash and special stock.

Dell said it would pay $24.05 a share in cash and the rest in a special stock that tracks the value of a portion of EMC’s economic interest in VMWare, the virtualisation software company majority-owned by EMC.

VMware will remain an independent, publicly traded company, the companies said in a joint statement on Monday.

The deal will help the world’s third-largest computer maker tap into the faster-growing and lucrative market for managing and storing data amid waning demand for personal computers globally.

“We’re creating an unbelievable powerhouse of an enterprise company,” Dell chairman and CEO Michael Dell told CNBC’s “Squawk Box.” “This is really all about bringing together complementary technologies and helping our customers address the challenges and opportunities that this digital future is creating.”

(The Guardian)