Dell Technologies may go public (again) and use the cash to buy the rest of VMware, according to reports.

The company’s board of directors will meet later this month to consider several options including an initial public offering, according to Bloomberg and the Wall Street Journal, citing sources familiar with the matter.

A Dell Technologies spokesperson said the company “does not comment on rumor or speculation.” VMware did not immediately respond to requests for comment.

Owner Michael Dell took the company private in 2013, partnering with Silver Lake to buy out shareholders for a reported $25 billion.

Three years later Dell bought storage provider EMC for $67 billion in a deal that created the largest privately controlled technology company in the world. It renamed the company Dell Technologies, and its brands include Dell, Dell EMC, Pivotal, RSA, SecureWorks, Virtustream, and VMware.

Dell Technologies also acquired massive debt from the EMC deal that it hasn’t paid off. In its quarterly earnings report last month, Dell Technologies reported an operating loss of $533 million, largely due to the debt incurred from the Dell EMC merger.

An IPO would help the company pay down this debt. Or it could allow Dell Technologies to buy the rest of VMware that it doesn’t already own — another option the board will discuss, according to media reports. The Wall Street Journal puts VMware’s market value north of $50 billion.

VMware’s revenue continues to be a major boost to Dell Technologies’ bottom line. It brought in $2 billion in revenue during its fiscal 2018 third quarter — nearly a third of Dell Technologies’ overall revenue.

Dell Technologies is also reportedly mulling a public share sale for Pivotal Software, another cloud software company that it acquired in the EMC merger. Pivotal could raise between $5 billion and $7 billion, Bloomberg reports.

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