Hewlett Packard Enterprise Co said it would spin off and merge its struggling IT services business with Computer Sciences Corp, allowing the company to focus on its cloud services business and other fast-growing units.
In a deal that would jolt the sputtering computer industry, Hewlett-Packard Co. has agreed to acquire Compaq Computer Corp. in a stock-swap transaction that values Compaq at about $25 billion. Both boards have approved the transaction. The deal would result in a combination of two of the biggest names in computers, printers and computer servers.
Under that umbrella, the pure Dell name will live on in the company’s client business, including its PCs, while its enterprise infrastructure division will be called Dell EMC, chairman and CEO Michael Dell announced on Monday at EMC World in Las Vegas.