If you haven’t heard, Michael Dell has sealed the biggest deal in tech history. After his privately run PC maker agreed to acquire data storage maker EMC in a transaction.

This Monday, Dell announced with MSD Partners and Silver Lake to buy cloud computing company EMC for roughly $67 billion in cash and stock.

EMC stockholders will receive about $33.15 per share in cash and a type of stock that is linked to “a portion of EMC’s economic interest” in its VMware business, which will remain an independent, publicly traded company, the companies said in a statement released on Monday morning.

This transaction marks the largest technology sector deal on record.

The acquisition of EMC should begin helping Dell diversify from the now stagnant personal computer market and give it the ability to enter the currently fast-growing and much more lucrative market for managing and storing data for businesses.

Currently there are no financing conditions for the closing of the deal, Dell has said. Dell recently reported that it had about $12 billion of debt.

VMware, in which EMC owns about 80% of will remain a publicly traded company. All EMC holders will receive $24.05 a share in cash in addition to tracking stock linked to a portion of EMC’s interest in the VMware business.

VMware currently 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.

For more information on this deal visit The Wall Street Journal online.