ROUND ROCK, Texas (AP) — 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 Inc.’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.
Microsoft Corp. is taking part in the deal with a $2 billion loan.
(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)