Dell Going Private in $24B Move

Dell has reached a deal to go private, the company has announced. Shareholders will receive some $13.65 per share in a $24 billion deal, the New York Times reports, which marks a 25% premium over Dell's January share price. The privatization deal with Microsoft and private equity company Silver Lake Partners is the biggest since the financial crisis, the Wall Street Journal notes. Once the biggest PC maker on the planet, the struggling Dell is now third; the move comes as founder and CEO Michael Dell hopes to retool his company.

The deal incorporates Michael Dell's own 16% stake, some $700 million from his investment company, $1 billion from Silver Lake, and a $2 billion Microsoft investment. In return, Dell will likely work more closely with Windows, as was previously rumored. Meanwhile, four banks are backing the deal with $15 billion in evenly-divided debt. For Michael Dell, the company's floundering image is central to the overhaul, the Journal adds: "It's pretty simple: His name is on the door," says a former exec. (More Dell stories.)