After months of debate, Dell’s shareholders have finally agreed to a buyout offer today that would see the company go private.
Dell founder and CEO Michael Dell first made a multibillion-dollar offer to take the company private earlier this year (and almost closed the deal in July), but he hit some roadblocks — namely a counteroffer from activist investor Carl Icahn. The final buyout offer was roughly $25 billion, or 13.88 per share in cash. Dell will buy the company outright in partnership with Silver Lake Partners.
“I am pleased with this outcome and am energized to continue building Dell into the industry’s leading provider of scalable, end-to-end technology solutions,” Dell said in a statement. “As a private enterprise, with a strong private-equity partner, we’ll serve our customers with a single-minded purpose and drive the innovations that will help them achieve their goals.”
The buyout transaction is expected to close by Q3 of Dell’s fiscal year 2014, granted there aren’t any holdups during regulatory approval.