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Dell Closes On Deal To Go Private

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A detail of a Dell computer keyboard. (credit: Getty Images/Stefan Zaklin)

A detail of a Dell computer keyboard. (credit: Getty Images/Stefan Zaklin)

ROUND ROCK (CBSDFW.COM/AP) — Dude, you’re getting a private company.

Michael Dell and investment firm Silver Lake Partners have completed their $24.9 billion buyout of Dell Inc.

The computer company said Tuesday that its shares will stop trading at the end of the day, closing its quarter-century run as a public company.

Company founder Michael Dell hopes to turn around the struggling business as a private company away from the prying eyes of Wall Street. In a statement Michael Dell said, in part, “Our 110,000 team members worldwide are 100-percent focused on our customers and aggressively executing our long-term strategy for their benefit.”

Critics say the deal undervalued the company but the transaction was approved by Dell shareholders in September.

Under the agreement, Dell stockholders are getting $13.75 in cash for each share of Dell common stock they hold. That is in addition to a special cash dividend of 13 cents per share for total consideration of $13.88 per share in cash.

(©2013 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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