Dell scores $24.4 billion deal to go private

Computer maker Dell has scored a $24.4 billion deal to go private in the biggest leveraged buyout since the financial crisis.

The deal, led by company founder Michael Dell and private equity firm Silver Lake Partners, is a chance for the struggling PC maker to get back in the new technology game without the pressures of Wall Street, reports Fox Business.

“I believe this transaction will open an exciting new chapter for Dell, our customers and team members,” Michael Dell said in a statement.

“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 been struggling to keep the foothold in the technology market after competition from other PC makers, smartphones and Apple's iPad have chipped away at its business, reports the New York Times.

It became one of the worlds biggest personal computer makers after Michael Dell founded the company in a college dorm room in 1984.

Shareholders will receive $13.65 a share in cash, 25 percent higher than Dell's closing price before speculation about a potential deal started to swell.

The deal is being financed by cash and equity from Michael Dell, Silver Lake Partners, Michael Dell's MSD Capital investment firm.

Microsoft will lend $2 billion toward the deal that will also include debt financing from Bank of America Merrill Lynch, Barclays, Credit Suisse and RBC Capital Markets, reports Reuters.

To avoid any appearance of self-dealing, the deal calls for a so-called “go-shop” period that allows Dell to solicit alternative takeover proposals for 45 days, reports Fox Business.