A few considerations... Re debt. I'd be surprised if there was...

A few considerations...

Re debt. I'd be surprised if there was any direct debt. For some RWLs projects there would be project finance where the debt is off balance sheet held by an intermediary and RWL would have already received the funds.

Re the future. This isn't a static situation. I'd be very surprised if there were no more acquisitions from here. Now RWL will be listed there will be additonal acquisition options at play.

Re why so cheap. RWL was privately held. The value uplift alone will be significant for Mr Lauder. His $100m stake will be worth $330m when the MC hits $1bn. Given the liquid nature of the investment and the numbers I would say that is achievable in the next year or two. To command that price privately would involve a lot more work + a buyer prepared to pay that price.

Re should EMC investors be happy. The company has more gas in the tank, a strong revenue base, considerable sales and execution infrastructure to go with its world class IP and positioning. The chances of reaching a billion (and potentially multi-billion) dollar valuation is now more likely by far with only moderate dilution. Game on.