Cisco Systems Inc. plans to acquire a 1.6% equity stake in virtualization software player VMware Inc., mirroring a step Intel Corp. took earlier this month.
The investment is part of an upcoming initial public offering (IPO) of 10% of VMware's stock.
Cisco said Friday that it plans to buy US$150 million of VMware Class A common shares, which are owned at present by EMC Corp., VMware's parent company. The move is subject to regulatory and other closing conditions. Once the investment has been made, Cisco will own around 1.6% of VMware's total outstanding common stock. According to an updated VMware S-1 filing with the U.S. Securities and Exchange Commission, Cisco will buy 6.0 million shares, valuing each VMware share at $25.00.
VMware is considering whether it will appoint a Cisco executive to its board of directors.
Cisco hopes taking a stake in VMware will help bring two companies closer together and result in more users adopting VMware virtualization software and Cisco networking products. Cisco and VMware also announced they have agreed to collaborate on joint development and marketing.
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