Pivotal Software Shareholders Approve Acquisition by VMware

   By Stephen Nakrosis

Pivotal Software, Inc. (PVTL) on Friday said its shareholders agreed to be acquired by VMware Inc. (VMW) in a deal with an enterprise value of $2.7 billion.

Pivotal held a special meeting of shareholders to vote on the deal.

The two companies disclosed the deal in August. At the time, the companies said VMware would acquire Pivotal for a blended price per share of $11.71. The deal will see VMware offer $15 per share in cash to Pivotal's Class A stockholders, and the exchange of shares of VMware's Class B common stock for shares of Pivotal Class B common stock held by Dell Technologies (DELL). The Class B exchange ratio will be 0.0550 shares of VMware Class B stock for each share of Pivotal Class B stock, the companies said at the time.

At the completion of the deal, Pivotal said Friday, it will become a wholly-owned subsidiary of VMware.

Pivotal also said Friday the deal is expected to close on or about Dec. 30.

Pivotal sells application and data infrastructure software.

VMware is an information technology services company.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

December 27, 2019 16:26 ET (21:26 GMT)

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