Upon completion of the deal, Dell Technologies could assume control over VMware directly, which could lead Dell to pursue a merger with VMware further down the road. Basically, a deal for DVMT could be seen as the first step in a later VMW takeover.

Dell Technologies (NYSE: DVMT) jumped 9.0% and VMware (NYSE: VMW) surged 9.3% Monday on the buyout plans.

IGV includes a 2.0% position in DVMT and 1.2% in VMW.

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