Computer maker Dell Technologies Inc on Sunday said private-equity firms Francisco Partners and TPG Capital have entered a definitive agreement to buy its cloud business, Boomi, in a $4 billion cash transaction.
The company said the deal was expected to close by the end of this year but did not disclose additional terms of the transaction.
The Wall Street Journal had reported here that Dell was nearing a deal to sell Boomi.
The PC maker is under pressure to boost profitability after its debt-laden acquisition of data storage provider EMC Corp for $67 billion in 2016 failed to meet financial targets, hurt by intensifying price competition.
The company this month said it would spin off its majority stake in cloud computing software maker VMware, which would trim down its business and make the firm nimbler.
Source: Reuters
Can’t stop reading? Read more
Goldman Sachs Alternatives and Apollo S3 back Kinderhook’s $1.0bn waste platform vehicle
Goldman Sachs Alternatives and Apollo S3 back Kinderhook’s $1.0bn waste platform vehicle...
Goldman Sachs taps BlackRock’s Amanda Lynam as chief credit strategist
Goldman Sachs taps BlackRock’s Amanda Lynam as chief credit strategist Goldman Sachs has named...
General Atlantic backs Odoo again as valuation hits €7bn
General Atlantic backs Odoo again as valuation hits €7bn General Atlantic has increased its stake...