NEW YORK (AP) — Dell is buying data storage company EMC in a deal valued at approximately $67 billion.

Shareholders of EMC Corp. will receive about $33.15 per share, which includes cash plus tracking stock linked to part of EMC’s economic interest in the VMware business. That’s a 19 percent premium to EMC’s Friday closing price of $27.86.

Cloud computing company VMware Inc., a subsidiary of EMC, will stay an independent, publicly traded company.

Since going private in 2013, Dell Inc. has been investing in research and development and growing its software and services business as those in the technology industry continue to struggle with soft PC sales.

The companies said Monday that the combined business will create the world’s biggest privately held integrated technology company.

“Our new company will be exceptionally well-positioned for growth in the most strategic areas of next generation IT including digital transformation, software-defined data center, converged infrastructure, hybrid cloud, mobile and security,” Michael Dell said in a written statement.

Dell will serve as chairman and CEO of the combined company. Joe Tucci, chairman and CEO of EMC, will remain in those roles until the deal is complete.

Dell Inc.’s headquarters will stay in Round Rock, Texas. The combined enterprise systems business headquarters will be in Hopkinton, Massachusetts, where EMC is based.

The deal, which was approved by EMC’s board, is targeted to close in the second or third quarter of Dell’s fiscal year ending Feb. 3, 2017. It still needs approval from EMC shareholders.

EMC’s stock rose more $1.34, or 4.8 percent, to $29.20 in premarket trading about two hours before the market open Monday.