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Dell to be bought back by founder

Dell to be bought back by founder

Michael Dell has said that he will buy back the world’s number three PC manufacturer that he founded and that carries his name for $24.4bn (£15.5bn).

Mr Dell, together with technology private equity investor, Silver Lake, will offer $13.65 cash per share.

The firm said it offered a 25% premium over the Dell’s valuation in January when rumours of the deal first broke.

The buy-out of the Nasdaq-listed firm will be financed by loans from four banks, and a $2bn loan from Microsoft.

Mr Dell, who is also chief executive and chairman of the firm, already owns about 14% of the company. He and fellow senior executives will retain their existing stakes.

Source: BBC News

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