Dell, the third largest PC vendor in the world has quitted Wallstreet upon its slumping growth and falling shares. Yes, The company goes Private pulling itself out of the American Stock exchange NASDAQ.
Dell has been taken over for a huge deal of $24.4 Billion by a team comprising its founder Michael Dell and private equity firm Silver Lake and supporting parties. This is the largest leveraged buyout of its kind since the financial crisis and overall the second largest, trailing behind the First Data Corporation’s $27 billion deal in 2007.
Reuters reporting the buyout said,
The deal is being financed by cash and equity from Michael Dell, cash from Silver Lake, cash from Michael Dell’s MSD Capital investment firm, a $2 billion loan from Microsoft Corp and debt financing from Bank of America Merrill Lynch, Barclays, Credit Suisse and RBC Capital Markets.
Dell Shareholders will be paid $13.65 for each share they hold and the official transaction is expected to close before the end of the second quarter of Dell’s fiscal 2014.
Dell’s PC sales went steeply down with the boom of Tablets and Smartphones and its not only Dell but its competitor HP and its friends Intel, Microsoft who were the King of PC once are finding it very hard to grow maintain their position with the growth of mobile devices.
