Dell deal for EMC overcomes last hurdle and will be completed next week

Biggest deal in tech history all set for completion next week

Dell's merger with EMC will take place on Wednesday, 7 September after the deal was approved by competition authorities in China.

The news was announced in a statement late last night. It follows a vote in favour by shareholders in EMC just last month, and reports earlier in the year that Dell was scrambling to raise the funds to finance the deal.

Essentially signing off, longstanding EMC CEO Joe Tucci said: "I am proud of everything we've built at EMC - from humble beginnings as a Boston-based start-up to a global, world-class technology company with an unyielding dedication to our customers. The combination of Dell and EMC creates a new powerhouse in the industry - providing the essential technology for the next era in IT."

EMC grew during the 1980s and 1990s by designing storage arrays based on standardised 3.5-inch disks, radically undercutting market leader IBM in the process. Dell, meanwhile, was famously established in 1984 in founder Michael Dell's university dorm' room, from where he used to make and sell IBM-clone PCs. Dell dropped out of university in order to focus on growing the company, reportedly against the better judgement of Amstrad founder Lord Sugar.

"This is an historic moment for both Dell and EMC. Combined, we will be exceptionally well-positioned for growth in the most strategic areas of next generation IT including digital transformation, software-defined data center, converged infrastructure, hybrid cloud, mobile and security," said Michael Dell, chairman and CEO of privately held Dell Technologies.

He added: "Our investments in R&D and innovation, along with our 140,000 team members around the world, will give us unmatched scale, strength and flexibility, deepening our relationships with customers of all sizes."

However, should the European Commission turn its attention from Apple's affairs in Ireland to Dell and EMC, one of the first challenges that the merged company might have to face is an investigation by the European Commission.