Wednesday, 31 August 2016
Last updated 10 hours ago
Oct 29 2013 | 1:05pm ET
Dell Inc. today officially became property of private-equity firm Silver Lake Partners and company founder Michael Dell, formally ending the nearly ninth-month battle to take the troubled computer-maker private.
Dell shares will disappear from the Nasdaq Stock Market, where they have traded since its 1988 initial public offering, which valued the company at $80 million. Michael Dell, Silver Lake and their partners paid $24.9 billion for the company in one of the largest buyouts ever.
Investors approved the deal last month, after a back-and-forth with Carl Icahn and Southeastern Asset Management, who argued that the deal—even after it was made richer twice—did not offer enough to shareholders.
"Today, Dell enters an exciting new chapter as a private enterprise," Michael Dell, who founded the company in 1984 in his college dormitory room, said. "Our 110,000 team members worldwide are 100% focused on our customers and aggressively executing our long-term strategy for their benefit."