Dell Technologies Inc has agreed to sell its Boomi cloud business to private equity firms Francisco Partners and TPG in a cash deal valued at US$4 billion, as part of efforts by chief executive officer Michael Dell to trim down the PC maker.
The deal is expected to close by the end of this year, the companies said in a statement on Sunday without providing additional details of the terms.
Dow Jones had earlier reported that the companies were near a deal.
Photo: Reuters
Boomi specializes in integrating different cloud platforms for companies and has more than 15,000 customers.
Dell agreed to acquire the company for an undisclosed amount in 2010, a statement showed at the time.
“This proposed transaction positions Boomi for its next phase of growth and is the right move for both companies, our shared customers and partners,” Jeff Clarke, vice chairman and chief operating officer of Dell, said in the statement. “For us, we’re focused on fueling growth by continuing to modernize our core infrastructure and PC businesses and expanding in high-priority areas.”
Dell has been cleaning up its balance sheet in the past few years and hiving off a variety of businesses.
The company announced plans last month to spin off its stake in infrastructure software provider VMware Inc, its most valuable asset. Last year, it sold cybersecurity unit RSA for US$2.08 billion to a private equity firm.
The company is trying to reduce its dependence on hardware sales and transform into a seller of subscription-based computer services.
While that shift is ongoing, the company still receives about half of its revenue from sales of personal computers to commercial and consumer customers.
Meanwhile, Verizon Communications Inc is nearing an agreement to sell its media division to Apollo Global Management Inc, people with knowledge of the matter said, a move that would jettison once-dominant online brands like AOL and Yahoo.
Verizon and Apollo declined to comment.
With the potential sale, Verizon would unload the remnants of an ambitious, but distracting foray into online advertising.
Last year, the telecom giant agreed to sell the HuffPost online news service to BuzzFeed Inc, and in 2019 it sold the blogging platform Tumblr.
The phone company’s priority today is its wireless business and the construction of a multibillion-dollar network for advanced 5G services.
DIVIDED VIEWS: Although the Fed agreed on holding rates steady, some officials see no rate cuts for this year, while 10 policymakers foresee two or more cuts There are a lot of unknowns about the outlook for the economy and interest rates, but US Federal Reserve Chair Jerome Powell signaled at least one thing seems certain: Higher prices are coming. Fed policymakers voted unanimously to hold interest rates steady at a range of 4.25 percent to 4.50 percent for a fourth straight meeting on Wednesday, as they await clarity on whether tariffs would leave a one-time or more lasting mark on inflation. Powell said it is still unclear how much of the bill would fall on the shoulders of consumers, but he expects to learn more about tariffs
NOT JUSTIFIED: The bank’s governor said there would only be a rate cut if inflation falls below 1.5% and economic conditions deteriorate, which have not been detected The central bank yesterday kept its key interest rates unchanged for a fifth consecutive quarter, aligning with market expectations, while slightly lowering its inflation outlook amid signs of cooling price pressures. The move came after the US Federal Reserve held rates steady overnight, despite pressure from US President Donald Trump to cut borrowing costs. Central bank board members unanimously voted to maintain the discount rate at 2 percent, the secured loan rate at 2.375 percent and the overnight lending rate at 4.25 percent. “We consider the policy decision appropriate, although it suggests tightening leaning after factoring in slackening inflation and stable GDP growth,”
Greek tourism student Katerina quit within a month of starting work at a five-star hotel in Halkidiki, one of the country’s top destinations, because she said conditions were so dire. Beyond the bad pay, the 22-year-old said that her working and living conditions were “miserable and unacceptable.” Millions holiday in Greece every year, but its vital tourism industry is finding it harder and harder to recruit Greeks to look after them. “I was asked to work in any department of the hotel where there was a need, from service to cleaning,” said Katerina, a tourism and marketing student, who would
i Gasoline and diesel prices at fuel stations are this week to rise NT$0.1 per liter, as tensions in the Middle East pushed crude oil prices higher last week, CPC Corp, Taiwan (台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. International crude oil prices last week rose for the third consecutive week due to an escalating conflict between Israel and Iran, as the market is concerned that the situation in the Middle East might affect crude oil supply, CPC and Formosa said in separate statements. Front-month Brent crude oil futures — the international oil benchmark — rose 3.75 percent to settle at US$77.01
RSS