ROUND ROCK, Texas – Slumping personal computer maker Dell is selling itself for $24.4 billion to its founder and a group of investors that includes Microsoft. It's the largest deal of its kind since the Great Recession dried up financing for risky maneuvers like this.
The complex agreement announced Tuesday will end Dell's nearly 25-year history as a publicly traded company. Shareholders are receiving $13.65 per share for their stock.
The deal reflects Dell's desire to engineer a turnaround attempt away from the glare and financial pressures of Wall Street.
Founder Michael Dell will remain the company's CEO and largest shareholder. He already owned a nearly 16 percent stake in the company, which is based in Round Rock, Texas.
“I believe this transaction will open an exciting new chapter for Dell, our customers and team members,” Michael Dell said in a statement.
Microsoft is taking part in the deal with a $2 billion loan.
For details on the massive leveraged buyout, see FoxBusiness.