| Decision | Consent granted retrospectively Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Date | 8 July 2016 |
| Investment | An overseas investment in significant business assets, being Denali Holding Inc. (“Denali”), Dell Inc. (“Dell”), and Universal Acquisition Co. (“MergeCo”) (together, the “Applicants”) and their acquisition of:
by means of MergeCo’s merger (the “Merger”) with EMC Corporation (“EMC”), which is the controlling shareholder of EMC NZ and VMWare, (the “Investment”). |
| Asset Value | NZD$215,590,143 |
| Applicant | Denali, Dell and MergeCo Michael Dell and the Susan Lieberman Dell Separate Property Trust, United States of America (~70%) Various funds and affiliates of Silver Lake Group L.L.C., a United States incorporated private equity fund manager (~24%) MSD Partners, L.P., United States of America (4%) Various US investors, United States of America (<1%) |
| Vendor | EMC United States Public (82.57%) Various overseas persons (4.82%) United Kingdom Public (3.88%) Swedish Public (1.93%) Canada Public (1.65%) Japanese Public (1.47%) Swiss Public (1.46%) Luxembourg Public (1.15%) Norway Public (1.07%) |
| Background | Dell is an American privately owned computer technology company, which develops, sells, repairs and supports products and services related to computers. Dell, Denali (Dell’s parent company) and MergeCo (a special purpose vehicle company) are party to an agreement with EMC to effect the Merger. Through the Merger, Dell will effectively acquire EMC, while maintaining VMware as a publicly-traded company. EMC has a New Zealand subsidiary; its business interests include products and services relating to cloud computing, data storage, IT security and big data. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | David Hoare Russell McVeagh PO Box 8 AUCKLAND |
| Retrospective penalty | $12,000.00 |