Okay, according to the Bloomberg article I referenced yesterday:
EMC Corp., the top maker of data-storage computers, owns 86 percent of VMware, which it acquired in 2004. EMC used the IPO to provide stock options to pay for Silicon Valley talent, construction of VMware's headquarters and product development.
Let's see -- shortly after the market opened this morning, in terms of market cap:
A quick calculation suggests the market thus values the non-VMW part of EMC at ~$14B at the moment.