: Dell to finally spin off VMware stake

Dell Technologies Inc. DELL shares rallied in the extended session Wednesday after the computer maker said it was finally spinning off its majority stake of VMware Inc. VMW. Dell shares surged 9% after hours, following a 0.2% rise in the regular session to close at $92.70. VMware shares declined 0.3% after hours, following a 0.7% gain to close at $155.49. Dell said the spinoff will result in VMware distributing a special cash dividend of $11.5 billion to $12 billion to VMware shareholders, with Dell using $9.3 billion to $9.7 billion of that to pay down debt. Dell shareholders will also receive about 0.44 shares of VMware for each Dell share they own. The transaction is expected to close in the fourth quarter of 2021. Dell Chairman and Chief Executive Michael Dell will remain the chair of VMware’s board, and Zane Rowe will remain interim CEO of VMware, Dell said. Back in June, rumors concerning the years-long speculation of some sort of split grew louder. Dell owns a 81% stake in VMware, which it picked up in its 2016 acquisition of EMC Corp. for $67 billion.

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