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Dell Layoffs, VMware Remote Worker Pay Cuts: 7 Key Points

Here’s everything you need to know about the recent layoffs at Dell Technologies and employee salary cuts at VMware for remote workers.

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Michael Dell Talks Selling VMware Stake

Dell Technologies’ Michael Dell spoke to CRN this week about the company’s proposed plan to spin off its 81 percent stake in VMware to Dell Technologies and VMware shareholders.

“Look, we believe that this spin-off that we’re considering could benefit both the Dell Technologies and the VMware stockholders,” said Dell. “It simplifies the capital structures, it enhances strategic flexibility and gives both companies more flexibility, while we continue with the mutually beneficial strategic and commercial partnership that we’ve had for many, many years that has worked extremely well and it continues to.”

The proposal is to spin off its stake in VMware to shareholders in order to boost Dell’s credit rating, help Dell quickly achieve an investment grade rating, attract new investors and potentially lower its billions in debt stemming from its acquisition of EMC. If the spin-off is approved, VMware will pay a special dividend to shareholders, the largest of which are Michael Dell and his private equity partner, Silver Lake.

Michael Dell currently owns approximately 52 percent of Dell Technologies while Silver Lake owns nearly 14 percent. If the spin-off is completed, Michael Dell will own approximately 42 percent of VMware, while Silver Lake will hold about 11 percent.

 
 
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