NEW YORK (AP) - Dell is buying data storage company EMC for $67 billion in a huge bet on a segment of technology that has proven to be more profitable than the slumping personal computer market.
The acquisition announced Monday marks Dell's latest attempt to lessen its dependence on the PC industry that it helped pioneer as demand for desktop and laptop machines weakens amid the growing popularity of smartphones and tablets.
The price makes this the largest deal ever between two technology companies, eclipsing Avago Technologies' proposed $37 billion acquisition of rival chipmaker Broadcom announced five months ago.
The Dell-EMC union is an illustration of how older technology companies are scrambling to adapt to the upheaval unleashed by Apple's introduction of the trendsetting iPhone eight years ago and the advent of digital services.