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This all calls for a higher relative valuation for VMware compared to Dell Technologies.4. Dell Technologies' high debt load would remain on the balance sheet of the combined entity. The problem would only become more manageable, but would not disappear! The fact that Dell Technologies' debt distribution is front loaded, that part of the iPhone Cases debt is LIBOR linked and the reduced tax deductibility of interest payments would be factors that keep bothering the merged parties.Impact on tracking stock DVMT As part of the EMC deal, EMC shareholders received $24.05 in cash and 0.111 shares of a newly issued tracking stock: Dell Technologies Inc.

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