Dell Inc. announced Feb. 5 it had signed a $24.4 billion purchase agreement with company founder, chairman and CEO Michael Dell that will return the company to private ownership.
According to the company, Michael Dell, in partnership with the technology investment firm Silver Lake, will pay Dell Inc. stockholders $13.65 per share—a 25 percent markup from the company's Jan. 11 closing price of $10.88, the day rumors of the acquisition became public.
"I believe this transaction will open an exciting new chapter for Dell, our customers and team members," Dell said. "We can deliver immediate value to stockholders while we continue the execution of our long-term strategy and focus on delivering best-in-class solutions to our customers as a private enterprise."
Dell and Silver Lake Managing Partner Egon Durban said the acquisition would allow Dell Inc. to execute its long-term strategy of focusing on becoming an integrated global IT solutions company and away from its original design as a computer hardware manufacturer. Without the pressure to satisfy stockholder demands, the company could enjoy greater freedom to shift its business focus.
