Dell, the privately held tech giant best known for its computers, has offered $27.25 per share to acquire EMC (EMC) for a total price of over $50 billion, according to tech news site Re/Code. Bloomberg later gave a higher number, reporting that Dell is offering to buy EMC for $33 a share.

Michael Dell, Dell’s CEO, is meeting with banking officials in New York on Friday to discuss the acquisition, the Re/Code report stated. A report by CNBC said that the deal would include Dell taking control of VMware (VMW), a business software company that is controlled by EMC, but whose shares trade separately.

Dell is said to be speaking to the banks about raising roughly $40 billion to finance the acquisition, Bloomberg reported. If the deal goes through, Michael Dell would end up running the entire business.

VMware is one of the six independent companies operating under what’s known as the EMC Federation. VMware is considered the federation’s “crown jewel” by Dell, according to the Re/Code report.

Michael Dell and EMC CEO Joe Tucci have been holding talks about a possible deal as early as late July or early August, the report said.

Hedge fund Elliott Management has urged EMC to break apart its Federation structure and spin out VMware, which the fund believes could be more valuable on its own. In September, a standstill agreement between Elliott Management and EMC ended. EMC asked the hedge fund for an extension to the temporary truce, which Elliott Management ignored, the Re/Code report stated.

Shares of EMC are up 2.54% and VMware’s shares are up 1.76% at the close of market on Friday.

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