So numbers from the article: Dell went private in 2013, valuing itself at $23B. EMC has a market cap of $53.6B (Dell would have to pay some sort of premium on this). Dell is raising $40B in debt to finance the purchase.<p>Let&#x27;s say Dell pays a 20% premium on EMC and buys it for ~$65B. Let&#x27;s also say that Dell&#x27;s market cap has increased somewhat since 2013, since the market has generally been a bull market. Let&#x27;s say that their $25B valuation is now $30B.<p>So the companies combined have a valuation of $95B, with $40B in debt. They both seem like high cash flow, low margin businesses. I&#x27;m very curious to see the manner in which (by which I mean the degree to which they will use questionable financial engineering) they use these &quot;business assets&quot; to drive home a favorable financial outcome for the stakeholders.