Source: FT Dell Technologies is considering a spin-off of its near-$50bn stake in VMware, a data centre software company widely considered its most attractive asset, in a bid to overcome a hefty stock market discount on its business. The technology company, founded by Michael Dell, announced plans on Wednesday to sell its 81 per cent stake in VMware, the cloud computing business it acquired when it bought data storage maker EMC for about $63bn in 2016. By exploring a sale of VMware, Dell is attempting to address a valuation shortfall that has plagued the company for years. With the value of its publicly traded VMware stake worth $47bn before Wednesdayβs announcement, the groupβs entire enterprise value of $83bn implied a value of just $36bn for the rest of the business, even though its sales last year topped $90bn. Dell said the spin-off would not occur before September 2021, which is the earliest the company can offload its stake tax free.
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