Computer maker Dell Technologies Inc said private-equity firms Francisco Partners and TPG Capital have entered a definitive agreement to buy its cloud business, Boomi, in a $4 billion cash transaction. The Wall Street Journal had reported that Dell was nearing a deal to sell Boomi. The PC maker is under pressure to boost profitability after its debt-laden acquisition of data storage provider EMC Corp for $67 billion in 2016 failed to meet financial targets, hurt by intensifying price competition. The company this month said it would spin off its majority stake in cloud computing software maker VMware, which would trim down its business and make the firm nimbler.
Source: Economic Times