(Telecompaper) Dell is looking for USD 40 billion in financing for the acquisition of storage company EMC, the Financial Times reported, citing people people familiar the matter. Dell has approached JPMorgan, Bank of America Merrill Lynch, Barclays and Credit Suisse, among other banks. The company is working with Silver Lake, the Silicon Valley private equity company that backed its own USD 25 billion buyout two years ago. Dell hopes to acquire EMC's core storage business along with a majority stake in VMware, the data centre software company that is EMC's most valuable asset. The company owns an 80 percent stake in VMware that is worth some USD 27 billion. Dell is planning to offer more than USD 27 a share for its target, according to the people familiar with its plans. Both companies, as well as the banks and Silver Lake, declined to comment.