HOPKINTON (dpa-AFX) - Technology firm EMC Corp. (EMC) is buying out much of Cisco Systems Inc.'s (CSCO) holding in joint venture VCE, Bloomberg reported, quoting people with knowledge of the matter.
EMC is said to meld the joint venture into its business and consolidate VCE's sales into its quarterly results, thus enhancing revenues.
Cisco may remain an investor in VCE, with a reduced stake. VCE sells high-end data center equipment.
EMC has announced a conference call to be held today to discuss a new business development. The company is also slated to report third-quarter results today.
EMC closed up 0.9 percent on Tuesday at $27.20.
Copyright RTT News/dpa-AFX