Dell Seals $24.2 Billion Buyout Deal; Founder Among Buyers
"Slumping personal computer maker Dell is selling itself for $24.4 billion to its founder and a group of investors that includes Microsoft," The Associated Press writes, in "the largest deal of its kind since the Great Recession dried up financing for risky maneuvers like this."
The wire service adds that "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. ... Founder Michael Dell will remain the company's CEO and largest shareholder."
On Morning Edition, NPR's Steve Henn previewed the news and said that analysts aren't sure the deal will make the company more competitive. As Steve reported:
"For Michael Dell to take the company he founded almost 30 years ago private, it will have to borrow in the neighborhood of $15 billion." That debt will be a drain on Dell's cash.