It intends to create around 40 jobs there over next three years
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Pictured: Michael Dell
Dell Inc has announced it has signed a definitive merger agreement under which Michael Dell, Dell’s founder, chairman and chief executive officer, in partnership with global technology investment firm Silver Lake, will acquire Dell.
Under the terms of the agreement, Dell stockholders will receive US$13.65 in cash for each share of Dell common stock they hold, in a transaction valued at approximately $24.4bn.
According to Dell, the price represents a premium of 25pc over Dell's closing share price of US$10.88 on 11 January 2013, the last trading day before rumours of a possible going-private transaction were first published; a premium of approximately 35pc over Dell's enterprise value as of 11 January; and a premium of approximately 37pc over the average closing share price during the previous 90 calendar days ending 11 January 2013.
The buyers will acquire for cash all of the outstanding shares of Dell not held by Michael Dell and certain other members of management.
The Dell board of directors acting on the recommendation of a special committee of independent directors unanimously approved a merger agreement under which Michael Dell and Silver Lake Partners will acquire Dell and take the company private subject to a number of conditions, including a vote of the unaffiliated stockholders.
"I believe this transaction will open an exciting new chapter for Dell, our customers and team members," he said.
"We can deliver immediate value to stockholders, while we continue the execution of our long-term strategy and focus on delivering best-in-class solutions to our customers as a private enterprise.
"Dell has made solid progress executing this strategy over the past four years, but we recognise that it will still take more time, investment and patience, and I believe our efforts will be better supported by partnering with Silver Lake in our shared vision.
"I am committed to this journey and I have put a substantial amount of my own capital at risk together with Silver Lake, a world-class investor with an outstanding reputation. We are committed to delivering an unmatched customer experience and excited to pursue the path ahead."