Dell Inc. announced today that it has inked a deal to acquire cloud computing and big data company EMC Corporation.

The deal marks one of the largest tech acquisitions in recent history, with the transaction valued at a whopping $67 billion.

Under deal terms, virtualization software company VMware, of which EMC Corp. owns the majority, will remain an independent, publicly-traded company. Through the buyout, EMC shareholders will receive $24.05 in cash per share in addition to tracking stock linked to a portion of EMC's stake in VMware.

Dell, together with MSD Partners and global technology investment firm Silver Lake, says the deal will result in the world's largest privately-controlled, integrated technology company.

Hopkinton, Mass.-based EMC Corp. has a healthcare data analytics division, whose clients include Boston's Partners HealthCare, St. Luke's Health System in Missouri and University of Chicago Hospitals and Health System, among others.

Dell officials say the merger will combine EMC's proven abilities with large enterprises with Dell's strength with small-and-midsize clients to generate profit and cash flows.

[See also: EMC employees in charge of healthcare.]

This merger creates "an enterprise solutions powerhouse," said Michael S. Dell, founder and CEO of the company, in a press statement announcing the deal. "Our new company will be exceptionally well-positioned for growth in the most strategic areas of next generation IT including digital transformation, software-defined data center, converged infrastructure, hybrid cloud, mobile and security."

"I'm tremendously proud of everything we've built at EMC – from humble beginnings as a Boston-based startup to a global, world-class technology company with an unyielding dedication to our customers," said Joe Tucci, chairman and chief executive officer of EMC Corp., in a statement. "But the waves of change we now see in our industry are unprecedented and, to navigate this change, we must create a new company for a new era. I truly believe that the combination of EMC and Dell will prove to be a winning combination for our customers, employees, partners and shareholders."

As part of the deal, Mr. Dell and related stockholders will own about 70 percent of EMC's common equity, excluding tracking stock. Once the merger is completed, Dell will head the combined company as CEO and chairman.