Dell Sheds Software For EMC Deal
In a bid to fund its mammoth $67 billion acquisition of EMC, Dell has confirmed plans to sell its software division, including Quest Software and SonicWall.
Private equity players Francisco Partners and Elliott Management have signed a definitive agreement to snap up all shares in Dell Software Group for $US2 billion, according to newswire Reuters.
Terms of the deal will see the combined entity take control of both Quest and SonicWall, which provide business software to more than 180,000 customers across the world.
Four years after Dell bought Quest for US$2.36 billion and SonicWall for $1.2 billion, it is looking for ways to finance its $67 billion purchase of EMC.
The sale follows NTT Data’s acquisition of Dell’s IT services arm earlier this year for $3.05 billion, as well as the sale of more than $20 million in bonds.