Dell Technologies Inc. has announced that private-equity firms Francisco Partners and TPG Capital have joined hands to buy its cloud business, Boomi, in a $4 billion cash transaction.
As per the company, the deal was expected to close by the end of this year but did not disclose additional terms of the transaction.
As per a news source Dell was nearing a deal to sell Boomi.
The PC maker is under pressure to boost profitability after its debt-laden acquisition of data storage provider EMC Corp for $67 billion in 2016 failed to meet financial targets, hurt by intensifying price competition.
Dell has also said that it will spin off its majority stake in cloud computing software maker VMware, which would trim down its business and make the firm nimbler.
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