EMC investors get $67 bln ticket out of trouble

October 12, 2015

Michael Dell and others are paying $33 a share for the tech conglomerate. Sure, most of the notional 38 pct premium comes as a flaky tracking stock in EMC sub VMware. But there are no other obvious bidders and breaking up the company is a risky alternative for only slight gains.

Meg Whitman at last splits Hewlett from Packard

By Rob Cox
October 6, 2014

The venerable tech conglomerate will cleave in two: a computer and printer business and a corporate hardware and services arm. Investors had baked in a breakup for ages, so there was only so much longer CEO Whitman could dawdle before losing control of HP’s narrative.

Intel deal closes circuit to faster chips, growth

July 10, 2012

Next-generation chips are cheaper, quicker and use less power. But toolmakers have been unwilling or unable to spend the sums needed to make the switch. Intel’s $4.1 bln ASML investment deploys offshore cash to remove such bottlenecks and forces rivals to play to its strengths.

How could HP find a $5bln gap in Autonomy’s value?

December 10, 2012

Hewlett-Packard paid $11 bln for the UK software maker. Now it effectively says it would have paid $5 bln less had it known about dodgy revenue recognition and hidden hardware sales. But the U.S. tech giant won’t explain its numbers. Breakingviews does some reverse-engineering.

Dell’s $24 bln LBO involves a club of one

February 5, 2013

And Silver Lake, the sole private equity firm included, isn’t even really the club. Michael Dell is contributing his 14 pct stake in the PC maker, cash and an investment from his MSD Capital. Time was mega-deals needed a team of buyers. For now, they remain more exclusive.

Dell hell concludes, lessons probably unlearned

September 13, 2013

Shareholders have finally approved the $25 bln buyout by founder Michael Dell and Silver Lake. It carried more than its fair share of ridiculousness. Overconfidence and delay got the better of both sides – and speculators succumbed to their overactive imaginations.

Silver Lake takes a second juicy bite of Avago

December 16, 2013

The U.S. private equity firm quintupled its money on the initial carve-out of the chip company from HP. Now it’s back, underwriting Avago’s $6.6 bln purchase of rival LSI. The market’s warm embrace of the deal means Silver Lake’s $1 bln convertible loan is already in the money.