Michael Dell, the billionaire CEO of Dell has finally gotten the votes needed to take his company private.
He said on Thursday that taking the PC maker private will unleash the creativity and confidence of the company he founded in his college dorm room in 1984, as it seeks to reinvent itself and focuses on business software and services.
“This is a great outcome for our customers and our company,” Dell said on a conference call. “In taking Dell private we plan to go back to our roots, focusing on the entrepreneurial spirit that made Dell one of the fastest growing and most successful companies in history.”
Michael Dell finally won shareholder approval for his $25 billion deal for Dell on Thursday, overcoming months of harsh opposition from some of the PC maker’s biggest shareholders, like billionaire Carl Icahn and Southeastern Asset Management.
Michael Dell is partnering with private equity firm Silver Lake in an effort to take Dell private and try to turn it around without the scrutiny and pressures of the stock market.
Michael Dell plans on closing the transaction by November 1 that will see him own 75% of the company.