Dell has just announced the largest acquisition in the tech industry's history, purchasing information services company EMC in a mammoth deal worth $67 billion.

EMC has agreed to a sale price of $33.15 per share, which is around 27 percent higher than the company's share price before news of an acquisition hit. The complicated deal also involves Dell issuing a special kind of stock to investors that accounts for EMC's 81 percent stake in virtualization company VMWare.

The bid from Dell to acquire EMC still needs to be approved by shareholders, but if all goes to plan, Dell will become one of the largest providers of data storage, virtualization, cloud computing and other enterprise products.

With EMC under its belt, Dell aims to provide 'end-to-end' solutions for clients both big and small. These solutions would pair EMC's strengths in data storage and cloud computing with Dell's server and enterprise service businesses, giving customers everything they need in enterprise IT.

While this deal mostly strengthens Dell's position in the enterprise IT market, the company will continue to be one of the biggest players in the consumer PC market. Dell currently sits third in total PC market share, behind Lenovo and HP, though their share could climb if they continue to produce solid devices like the recent XPS series of laptops.

This $67 billion deal sets the record as the largest acquisition in tech history by eclipsing Avago Technology's acquisition of Broadcom earlier this year, which was a deal worth a mere $37 billion.