EMC To Acquire Virtustream In $1.2 Bln Deal - Quick Facts

(RTTNews) - EMC Corp. (EMC) announced that it agreed to acquire privately-held Virtustream, in a deal that valued the company at about $1.2 billion.

The transaction has been approved by the boards of directors of both EMC and Virtustream and the requisite Virtustream stockholders.

When the transaction closes, Virtustream will form EMC's new managed cloud services business.

The all-cash transaction is expected to close in the third quarter of 2015, subject to customary closing conditions.

Virtustream CEO Rodney Rogers will report to Joe Tucci, EMC Chairman and CEO.

The transaction is expected to have no material impact to EMC financial results in 2015 and is expected to be additive to revenues and accretive to EPS in 2016.