Temasek in Financing of Dell’s Approximately $67 Billion Acquisition of EMC

October 12, 2015

Cleary Gottlieb represented Temasek in connection with the definitive agreement announced today under which Dell, together with its owners, Michael S. Dell, founder, chairman and chief executive officer of Dell, MSD Partners and Silver Lake will acquire EMC Corporation, while maintaining VMware as a publicly traded company. The transaction will be financed through a combination of new common equity from Temasek, Michael S. Dell, MSD Partners, and Silver Lake, the issuance of tracking stock, as well as new debt financing and cash on hand.

The closing of the acquisition is expected to take place in the second or third quarter of 2016, subject to the approval of EMC’s stockholders, certain regulatory approvals and other customary closing conditions.

Temasek is an investment holding company owned by the government of Singapore. Dell is a privately owned multinational computer technology company. EMC is the world’s largest provider of data storage systems (by market share), and is also a major provider of information security, virtualization, analytics, cloud computing, and other products and services.