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Home >> Dell Goes Private For $24 Billion
Round Rock, Texas — Dell Inc. signed a definitive merger agreement today that will have its founder, chairman and CEO Michael Dell purchase the company for about $24 billion.
The deal, which will take Dell private, was made in partnership with the technology investment firm Silver Lake. Published reports stated that Microsoft will finance $2 billion of the loan used to make the purchase.
Under the agreement, Dell stockholders will receive $13.65 in cash for each share. The stock closed at $10.88 on Jan. 11 when rumors of the buyout became public.
The deal is expected to close by the end of Dell’s fiscal second quarter.
“I am committed to this journey, and I have put a substantial amount of my own capital at risk together with Silver Lake, a world-class investor with an outstanding reputation,” Dell said, “We are committed to delivering an unmatched customer experience and excited to pursue the path ahead.”
Using its innovative configure-to-order, direct mail strategy, Dell was once the leading PC vendor in the world, but it has since fallen. IDC ranked Dell as the third-largest PC shipper for the fourth quarter in its preliminary report issued in early January.
According to IDC, Dell held a 10.6 percent share of the market on 9.5 million units shipped. This marked a 20.8 percent year-over-year decline in units shipped and a 1.9 percent fall in share.