Dell has gone private after a consortium led by Michael Dell finalised a $24.4 billion leveraged buyout.
According to the New York Times, the consortium, which included the investment firm Silver Lake and Microsoft paid $13.65 a share – approximately 25 per cent above trading price.
The move is an attempt by Michael Dell to take full control of his company in a last ditch effort to halt the long-term decline of the computing giant, which has faced stiff competition from the rising tablet category.
“I believe this transaction will open an exciting new chapter for Dell, our customers and team members,” said Mr. Dell.
“Dell has made solid progress executing this strategy over the past four years, but we recognize that it will still take more time, investment and patience, and I believe our efforts will be better supported by partnering with Silver Lake in our shared vision.”