UPDATE: VMware (VMW) May Spiin non-Core Assets Off into EMC (EMC) Vehicle

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(Updated - November 27, 2012 1:55 PM EST)

VMware, Inc. (NYSE: VMW) said to be spinning off non-core assets to EMC (NYSE: EMC).

UPDATE - GigaOm says that VMware will spin the assets into a subsidiary of EMC. The deal might be announced next week, if everything goes to plan.

Transferred assets might include he Cloud Foundry Platform as a Service (PaaS), GemStone data caching technology, SpringSource Java frameworks, amongst others.

Spinning off the assets will allow VMware to focus more on Vsphere and VMWare cloud management businesses, GigaOm notes.

Shares are modestly higher after spiking earlier on the session.

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