US company Dell - once the world's largest computer maker – has said it will once again become a private company. Without any pressures to satisfy shareholders' short-term wishes, the firm can focus on restructuring.
Texas-based computer manufacturer Dell said on Tuesday it would turn into a private company again under a long-anticipated delisting deal.
Chief Executive and company founder Michael Dell said the move would see him as owner of the firm and would allow the company to focus on its struggling business model without having to appease shareholders interested in short-term gains.
The $24.4-billion (18-billion-euro) deal will see Michael Dell and private equity firm Silver Lake pay $13.65 per share for what once was the world's biggest computer maker and now is stuck in third position behind PC makers Hewlett-Packard (HP) and Acer. The deal is also supported by a $2-billion loan from Microsoft.
Back to the roots
"I'm committed to this journey and I have put a substantial amount of my own capital at risk together with Silver Lake," Dell said in a statement released by the company.
"We're committed to delivering an unmatched customer experience and excited to pursue the path ahead."
Dell had recently ceded market share in PCs to rivals such as Lenovo Group and had been seen struggling to reignite growth.
Michael Dell founded the company in his college dorm room in 1984 at the start of the PC era. His firm once had a market capitalization worth more than $100 billion.
hg/kms (dpa, AFP, Reuters)