Computer tech giant Dell reached a $24.4 billion buyout deal that will take the company private. Led by its founder and chief executive, Michael Dell, the deal is the biggest leveraged buyout since the 2008 financial crisis.
According to the agreement, announced on Tuesday, shareholders will receive $13.65 per common share in a deal that will allow Dell and the private-equity firm Silver Lake Partners to acquire the company.
Reports indicated that Microsoft, which provides software for Dell computers, is also part of the investment consortium, and will invest $2 billion in the deal. Dell will also roll over his estimated 16 percent stake, and invest some of his own money so he has control of the company.
Dell Inc. made its public debut in June 1988, when its initial public offering set shares at $8.50. The move saw Dell’s market capitalization grow from $30 million, to $80 million.
In 1992, Fortune magazine included Dell in its list of the world's 500 largest companies, making Michael Dell, at the time, one of the youngest CEOs of a Fortune 500 company.
Now, that Dell has gone private, take a look at the Round Rock, Texas, company over the years.