The computer-maker company Dell Inc agreed to acquire data storage company EMC Corp for $67 billion on the biggest tech deal in the history on Monday this week.

Dell vowed to play a more central role in technology used by corporations, as it tries to transform itself into a giant tech company. EMC would add the broadest line of data storage hardware as well as data center software from VMWare Inc.

VMware was included in this big deal, but it will remain an independent, publicly-traded company, according to The Wall Street Journal.

Bloomberg reported that Dell Inc will add almost $50 billion to its debt load to complete the purchase as it plans to pay $24.05 a share in cash plus tracking stock in EMC's prize holding.

This debt will be added on top of the $11 billion that Dell is already carrying. But Mr. Dell said his company had been able to pay down its debts quickly and predicted repeating that feat in 18 to 24 months once the EMC transaction closes.

Dell's ability to convince banks to put up debt financing for this deal is a sign of confidence in the transaction. This acquisition would make the biggest debt financing package since Verizon Communication Inc. lined up roughly $50 billion to complete this deal.

A group of banks that will initially put up funds for this giant deal including J.P. Morgan Chase & Co and Credit Suisse Group AG. These banks put up the funds with an aim of being paid back closer to the time of the deal's closing with proceeds from investment-grade and junk-bond and loan sales.

According to Reuters, this giant tech deal will be financed by a combination of new equity from the owner, founder and chief executive officer Michael Dell and also from its investment firm MSD Partners, private equity firm Silver Lake and Singapore state-owned investor Temasek Holdings.

"You get an unbelievably strong position when you put Dell and EMC together in that very important, growing space," Mr. Dell said in an interview with The Wall Street Journal.

Rajesh Ghai, an analyst at Macquarie Group Ltd stated that this is a great deal from EMC's perspective.  EMC has been under pressure from investors to better exploit the value of VMware. EMC couldn't have worked it out better.

"Eventually," Rajesh Ghai added," big customers are going to want to buy from fewer suppliers, and if you have everything under the same roof, you have a better chance."