Michael Dell's acquisition of his namesake company is now complete. The purchase under Dell and investment firm Silver Lake Partners was valued at $24.9 billion and, as Dell said during a September investor's call, the company is committed to innovation and customer service as a newly private company. He reiterated that point in a statement today, saying, "Our 110,000 team members worldwide are 100 percent focused on our customers and aggressively executing our long-term strategy for their benefit." In the lead up to the deal, Dell seems poised to re-focus the business around emerging markets, enterprise R&D and acquisitions, and the PC, tablet and virtual computing space. The move to privatize comes after multiple quarters of dwindling profits and lackluster tablet sales for one of the World's biggest PC makers.Credit: Getty Images
Dell Completes Go-Private Transaction
October 29, 2013 11:15 AM Eastern Daylight Time
ROUND ROCK, Texas--(BUSINESS WIRE)--Dell today announced the completion of its acquisition by Michael Dell, Dell's Founder, Chairman and CEO, and Silver Lake Partners, a leading global technology investment firm.
Under the terms of the merger agreement, Dell stockholders will receive $13.75 in cash for each share of Dell common stock they hold, plus payment of a special cash dividend of $0.13 per share to stockholders of record as of the close of business on Oct. 28, 2013, for total consideration of $13.88 per share in cash. The total transaction is valued at approximately $24.9 billion.
The transaction was approved by Dell's stockholders at a special meeting of stockholders held on Sept. 12, 2013. Trading in Dell's common stock will conclude at the end of business today, and the company has commenced the process to delist its common shares from the NASDAQ Stock Market.
"Today, Dell enters an exciting new chapter as a private enterprise," said Mr. Dell. "Our 110,000 team members worldwide are 100 percent focused on our customers and aggressively executing our long-term strategy for their benefit."