Personal computer manufacturer Dell has signed a deal to take over EMC for $67 billion, the companies announced Monday.
In the deal, Dell offers EMC $33.15 per share, which includes $24.05 in cash plus Dell shares covering the value of EMC-owned software firm VMware.
The offer is nearly 20 percent higher than EMC's closing price Friday of $28. The largest technology merger ever, the deal is expected to receive final approval in mid-2016 after regulators and shareholders have given it their final review.
The takeover of EMC will widen Dell's data storage services, strengthening its position against rival Hewlett-Packard.
According to Bloomberg, Dell is to finance the deal with $40 billion in bank debt.
