Dell Technologies spin-off completed
VMware gains operational and financial flexibility while maintaining a strategic partnership with Dell Technologies
The company is poised to become the leader in multi-cloud services for all applications, enabling digital innovation with enterprise control
PALO ALTO, California, November 01, 2021– (BUSINESS WIRE) – VMware (NYSE: VMW) and Dell Technologies today announced the completion of the spin-off of VMware from Dell Technologies. The Dell Technologies spin-off gives VMware greater freedom to execute its multi-cloud strategy, a streamlined capital structure and governance model, as well as additional operational and financial flexibility.
The terms of the spin-off included a special cash dividend of $ 11.5 billion (the “Special Dividend”) which resulted in the payment of a dividend of $ 27.40 per share on November 1, 2021 (the “Dividend Date”). payment ”) to all VMware shareholders at the close of business on October 29, 2021 (the“ Record Date ”). The ex-dividend date will be November 2, 2021, the first trading day following the payment date.
“VMware’s mission is to provide the trusted software foundation that accelerates innovation for our customers,” said Raghu Raghuram, CEO of VMware. “As a stand-alone company, we will continue to bring our multi-cloud strategy to life by empowering our customers to accelerate their business and control their destiny in this new era. “
VMware and Dell will continue to partner to deliver differentiated solutions to their customers. The previously announced commercial agreement between VMware and Dell preserves and enhances the go-to-market synergies jointly developed over the past few years with ongoing support and services for their mutual customers.
VMware is a leading multi-cloud service provider for all applications, enabling digital innovation with enterprise control. As a trusted foundation for accelerating innovation, VMware software gives businesses the flexibility and choice they need to build the future. Based in Palo Alto, California, VMware is committed to building a better future through the company’s 2030 Agenda. For more information, please visit www.vmware.com/company.
This press release contains forward-looking statements, including, without limitation, statements regarding and relating to the ex-dividend date; the expected benefits of the spin-off for VMware and its customers; the customer benefits of VMware’s multi-cloud strategy; the partnership between VMware and Dell Technologies; and the commercial agreement between VMware and Dell Technologies. These forward-looking statements are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements due to certain risk factors, including, but not limited to ” to limit,: (1) the impact of the COVID-19 pandemic on VMware’s operations, financial condition, customers, business environment and global and regional economies; (2) VMware’s ability to adapt its offerings, business operations and go-to-market activities to changes in the way customers consume IT resources, for example through SaaS subscriptions and offerings; (3) the effect of the split and changes in the business relationships and go-to-market and technology collaborations of VMware and Dell Technologies on VMware’s ability to maintain relationships with its customers, suppliers and on results operations and the business of VMware in general; (4) changes in the financial conditions and respective strategic directions of VMware and Dell Technologies which could have a negative impact on their business relationships and collaborations; (5) the continued risk of litigation and regulatory actions; (6) adverse changes in general economic or market conditions; (7) delays or cuts in consumer, government and information technology spending; (8) Competitive factors including, but not limited to, pricing pressures, industry consolidation, entry of new competitors into industries in which VMware competes, as well as new products and marketing initiatives of VMware competitors; (9) rapid technological changes in the areas of virtualization and cloud software, end users, advanced security and mobile computing and telecommunications; (10) Uncertain acceptance of emerging technologies by VMware customers and their ability to transition to new IT products, platforms, services, solutions and strategies in industries in which VMware competes; (11) VMware’s ability to enter into, maintain and expand strategically effective partnerships, collaborations and alliances; (12) VMware’s ability to protect its proprietary technology; (13) the ability to integrate successfully into the companies and assets acquired by VMware and to ensure a smooth transition of services related to the transferred assets of VMware; (14) changes in product and service development schedules; (15) risks associated with cyber attacks, information security and data privacy; (16) disruptions resulting from key management changes; (17) risks associated with international sales, such as fluctuations in exchange rates and increasing trade barriers; (18) changes in VMware’s financial condition; and (19) other trade effects, including those related to industry, market, global economic, political, regulatory and health conditions. These forward-looking statements are made as of the date of this press release, are based on current expectations and are subject to uncertainties and changes in condition, materiality, value and effect as well as other risks detailed in documents filed with the Securities and Exchange Commission, including the most recent reports from VMware on Forms 10-K and 10-Q and current reports on Form 8-K that VMware may file from time to time, this which could cause actual results to vary from expectations. VMware assumes no obligation to, and does not currently intend to update, these forward-looking statements after the date of this release.
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