Dell Inc. (DELL) is going private in a $24.4 billion leveraged buyout that signals the waning of the personal-computer industry it once dominated.
In the largest LBO since the financial crisis, Chief Executive Officer Michael Dell and Silver Lake Management LLC are paying $13.65 a share, the companies said today in a statement. That’s 25 percent more than the closing price of $10.88 on Jan. 11, the last trading day before Bloomberg News reported the discussions.
Michael Dell is taking back majority control of the company he started in a University of Texas dormitory almost three decades ago after struggling to equip the PC maker for a new generation of competitors in mobile and cloud computing. He’s wagering that he can more effectively transform Dell into a provider of a broad range of products for corporations outside the scrutiny of public investors, even while encumbering it with about $17 billion in additional debt.
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