Joseph Tucci, chairman and chief executive officer of EMC Corp., speaks during the Oracle OpenWorld 2013 conference in San Francisco, California, U.S., Sept. 24, 2013.
David Paul Morris—Bloomberg/Getty Images
Updated: October 12, 2015 7:43 AM ET | Originally published: October 12, 2015 4:27 AM EDT

Dell Inc. formally announced Monday morning that it has agreed to acquire network storage giant EMC Corp. for approximately $67 billion.

Under terms of the complex deal, EMC stockholders would approximately $33.15 per share. This includes $24.05 per share in cash and $9.10 worth of a tracking stock for VMWare, an EMC-owned cloud and virtualization software company that already has around a 20% equity “stub” trading on the public markets.

EMC also has included a so-called “go shop” provision, which would allow it to solicit superior offers.

EMC chairman and CEO Joe Tucci would remain in that position until the deal closes, after which Michael Dell would become chairman and CEO of the combined company. Dell’s headquarters will remain in Round Rock, Texas, while the combined company’s enterprise systems unit will be based in EMC’s current base of Hopkinton, Mass.

Overall, the deal values EMC around 27% higher than where it was trading before news of Dell’s interest first broke last week. It would be the second-largest tech merger ever, behind only the $106 billion tie-up between AOL and Time Warner in 2000, and the largest-ever take-private transaction for a tech company.

Dell itself was acquired in late 2013 for $24.9 billion in a deal that included participation from private equity firm Silver Lake, which will be among those helping to finance the transaction. Other equity participants include MSD Partners (a family office of Michael Dell) and Singaporean sovereign wealth fund Temasek. The deal also will require a large amount of new debt issuance, although there are no financing conditions tied to closing.

In an interview on CNBC, Michael Dell said that “the revenue synergies here are three times larger than the cost synergies.”

Morgan Stanley served as lead financial advisor to EMC, while J.P. Morgan served as lead financial advisor to Dell and Silver Lake. Debt will be provided by Barclays, BofA Merrill Lynch, Citi, Credit Suisse, Deutsche Bank, Goldman, Sachs & Co., J.P. Morgan and RBC Capital Markets.

An investor call is scheduled for 7:45am ET, with a media call scheduled for 8:45am ET. We’ll update this post accordingly.

This article originally appeared on Fortune.com

Contact us at letters@time.com.

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