Michael Dell finally made good on his promise to take Dell Inc. private today with backing from private equity firm Silver Lake Partners, finalizing the controversial buyout and announcing the news in an official press release. The $24.9 billion dollar deal was approved in September after Dell first revealed his intentions back in February.
“Today, Dell enters an exciting new chapter as a private enterprise,” CEO and founder Michael Dell said in an official statement. “Our 110,000 team members worldwide are 100 percent focused on our customers and aggressively executing our long-term strategy for their benefit.”
The terms of the buyout state that all Dell stockholders will receive $13.75 for each share owned with an additional $0.13 added per share to any stockholders of record—meaning any shareholders whose names are registered in the company’s books. Dell’s share price is up slightly today following the announcement this morning, and currently valued at $13.86.
The company hopes to better serve its consumer and corporate customers as a private company. The computer-maker has seen weak sales and dropping profits for the past few years as it failed to keep up with mobile trends, but Dell announced four new tablets at competitive prices earlier this month. The company also plans to focus on its still-profitable enterprise business.