It has been that way for awhile actually.
Why? It's genius move for him personally.
Financially, Dell doesn't need to go under public investor scrutiny, can lever as much as he possibly can while interest rates are still low and EMC business cashflow is very stable.
Structurally, he can consolidate shitload of manufacturing and sales and marketing costs while gaining VMWare. Dell already acquired a lot of enterprise networking/computing firms including some security companies.
Anyone has a guess of their lever? 4x?
I'm too close to the deal to comment, but I will say that even from a multiplier perspective it seems high. They have a NI of $2.7B which has been declining. If this was a startup, I could see it, but for a mature, slowly declining company, a 25x NI multiplier seems high.