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Broadcom’s VMware Deal To Net Michael Dell $21.65B In Cash And Stock

O’Ryan Johnson

If the deal goes through, the CEO of Dell Technologies, already one of the richest men in the world with a net worth of $45 billion, is due to get $21.65 billion richer, according to a VMware SEC filing.


As the owner of 169,278,015 million shares of VMware—like change in his pocket—Dell Technologies CEO Michael Dell is due $21.65 billion in cash and stock following the close of VMware’s acquisition by Broadcom.

The payday—which represents one-third of the $61 billion that Broadcom is paying for the 37,500-employee virtualization leader—was disclosed by VMware in a regulatory filing last week with the Securities and Exchange Commission.

The disclosure included the amount of cash and Broadcom stock due to each member of VMware’s non-employee board of directors. Their payouts are each $2.9 million or below, with the newest member of the board receiving $128,555, or about 0.00059 percent of the chairman’s share.

VMware’s executives are due separate “golden parachute” compensation totaling $169.4 million.

According to Bloomberg Billionaires Index, Dell is the 24th richest person in the world, with a net worth of $45 billion as of October. This deal, on paper anyway, would add over $21 billion to Dell’s net worth, leap-frogging him ahead of American magnates like John Mars, all of the Walton children, and both sets of Koch billionaires to land just behind Mexico’s Carlos Slim at 13 on the Billionaire’s Index.

Broadcom’s takeover is far from being done, with the Federal Trade Commission engaged in what it calls a second request investigation of the merger. That investigation began in July. The acquisition cannot close until the investigation is complete.

Broadcom has had numerous run-ins with regulators in the U.S. and in Europe. It is currently two years into a seven-year settlement agreement with the European Commission, which allows agents to regularly check the company’s records to ensure it hasn’t lapsed back into giving reimbursements to customers for exclusive supply agreements, behavior that regulators called “illegal” and said stifled competition.

VMware board member Egon Durban, co-founder of the massive private equity firm Silver Lake, does not own VMware stock personally but controls 9.8 percent through his company’s ownership, filings stated.

Below are the cash-outs and stock offers that each member of VMware’s board will receive if the deal with Broadcom is approved.

Broadcom trades on the Nasdaq Exchange under the ticker symbol AVGO, a reference to Avago, which was the name of the company prior to 2015.

Nicole Anasenes 

Cash: $71,606

AVGO shares: 126

Total value: $128,555

Anasenes joined the board of VMware in April 2022. She previously worked as CFO of Ansys, a provider of engineering simulation software and services.

Anthony Bates 

Cash: $1.1 million

AVGO shares: 2,121

Total value: $2.1 million

Bates was appointed as a director of VMware in February 2016. He was previously CEO of Genesys Telecommunications Laboratories, a customer experience software platform provider. Bates also sat on the board of Social Capital and was CEO of Growth Equity Social Capital for a year.

Marianne Brown 

Cash: $441,563

AVGO shares: 780

Total value: $792,695

Brown was appointed to VMware’s board in October 2019. Previously she worked as co-COO, Global Financial Solutions Segment, of Fidelity National Information Services, a financial software, services and global business solution provider.

Michael Brown 

Cash: $1.6 million

AVGO shares: 2,877

Total value: $ 2.9 million

Brown has been on the VMware board since April 2007. Brown was a director of EMC, VMware’s parent company at the time, from August 2005 until May 2016. Brown worked for Microsoft from December 1989 until 1997, when he retired as CFO.

Michael Dell 

Cash: $12.06 billion

AVGO shares: 21,329,029

Total value: $21.65 billion

Dell has been chairman of the board of directors of VMware since Dell Technolgoies acquired the company in 2016. He is chairman and CEO of the board of Dell Technologies, a company he founded in 1984. He founded the Michael & Susan Dell Foundation in 1999 to provide philanthropy to numerous global causes.

Kenneth Denman

Cash: $265,905

AVGO shares: 470

Total value: $477,382

Denman was elected to the board in January 2021. He was a venture partner at Sway Ventures, a venture capital firm, since 2018. Denman also was CEO of Emotient, a provider of video-based automated facial expression measurement software technology, from 2012 until the company was acquired by Apple in 2016.

Egon Durban

Cash: $0

AVGO shares: 0

Total value: $0

Durban has been a director of VMware since Dell’s acquisition of the company in September 2016. He co-founded the venture capital firm Silver Lake, which owns 9.8 percent of VMware. According to the SEC filing, he does not own VMware stock and will not receive deferred stock or shares of Broadcom.

Karen Dykstra 

Cash: $1.2 million

AVGO shares: 2,253

Total value: $ 2.3 million

Dykstra has been on VMware’s board since March 2016. She was previously the CFO of AOL, which she joined in 2012, after serving on AOL’s board of directors since 2009. Dykstra is a director at Gartner, where she works on the audit committee.

Paul Sagan 

Cash: $1.4 million

AVGO shares: 2,609

Total value: $2.6 million

Sagan has been on VMware’s board since April 2014. He has previously worked as senior adviser and executive in resident at venture capital firm General Catalyst, a director at EMC, the CEO of Akamai, and served as a member of President Obama’s National Security Telecommunications Advisory Committee.

O’Ryan Johnson

O’Ryan Johnson is a veteran news reporter. He covers the data center beat for CRN and hopes to hear from channel partners about how he can improve his coverage and write the stories they want to read. He can be reached at

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