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Tuesday, October 21, 2014

EMC to acquire much of Cisco's stake in joint venture VCE -Bloomberg, (NYSE: VMW)

Data storage products maker EMC Corp is buying much of Cisco System Inc's stake in their joint venture VCE, Bloomberg said, citing people with knowledge of the matter. The VCE joint venture, set up in 2009 as a one-stop shop for data centers, bundles Cisco's networking equipment and servers with EMC's storage gear and software from EMC's VMware Inc subsidiary.EMC will merge VCE into its business and consolidate its sales into its quarterly results, Bloomberg reported.The change is expected to be made public on Wednesday, sources told Bloomberg.Cisco will retain investment in the business, but at a reduced stake, Bloomberg reported. ( )

VMware, Inc., is the provider of virtualization infrastructure solutions utilized by organizations to help transform the way they build, deliver and consume information technology (IT) resources. Shares of VMW traded higher by 0.6% or $0.53/share to $88.19. In the past year, the shares have traded as low as $76.51 and as high as $112.89. On average, 1743480 shares of VMW exchange hands on a given day and today's volume is recorded at 4508476.