DailyTech reports Dell has finished its transition to becoming a private company. The company is now owned for approx. 75 percent by Michael Dell, the company's founder, and private investment firm Silver Lake Partners. By taking Dell of the stock market, its new owners hope to have more freedom too expand the company without having to answer to Wall Street on a quarterly basis.
“Today, Dell enters an exciting new chapter as a private enterprise,” said Michael Dell. “Our 110,000 team members worldwide are 100 percent focused on our customers and aggressively executing our long-term strategy for their benefit.”
The deal, which is valued at about $24.9 billion, will give Dell shareholders a total of $13.88 per share ($13.75 in cash for each share they own, and a cash dividend of 13 cents per share).
The deal was originally approved September 12 at a Dell shareholders meeting. The approval gives Michael Dell and Silver Lake Partners approximately 75 percent of the company.