Dell said the combined company "will focus on rapidly de-levering" in the first 18 to 24 months after the deal closes. The Wall Street Journal had reported last week that the companies were in talks to merge. Joe Tucci, EMC's long-time Chief Executive, will be chairman and CEO of EMC until the transaction closes. Upon completion, Mr. Dell will lead the combined company as chairman and CEO. Mr. Tucci, 68 years old, has considered giving up the CEO spot for several years and had previously said he and fellow directors might settle the succession question by February 2015. VMware, in which EMC owns about 80%, will remain a publicly traded company. EMC holders will receive $24.05 a share in cash and in addition to tracking stock linked to a portion of EMC's economic interest in the VMware business. VMware has a market value of about $33 billion. Dell said EMC shareholders are expected to receive about 0.111 shares of new tracking stock for each EMC share.