February 5, 2013 – Dell formally announced a deal to go private that had been brewing for weeks, with founder Michael Dell and investment firm Silver Lake Partners proposing $24.4 billion for the PC and software maker.

Silver Lake investors Partner Egon Durban lauded the deal for its potential to “accelerate the company's transformation strategy to become an integrated and diversified global IT solutions provider." Michael Dell, who took the company public approximately 25 years ago, said in a statement that the private proposal better positions the company to deliver on customer experience and investor value as it opens “an exciting new chapter for Dell.”

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