Michael Dell, chairman and CEO of Dell, has won stockholders approval for $24.9bn (£15.6bn) offer to buy the company in partnership with investment firm Silver Lake Partners.
As per the transaction, which will end the PC maker’s 25-year term as a public company, stockholders will receive $13.75 in cash for each share held including a special cash dividend of $0.13 per share for a total consideration of $13.88 per share.
In addition, stockholders will also receive regular quarterly dividend of $0.08 per share for the fiscal third quarter.
Michael Dell said: “I am pleased with this outcome and am energised to continue building Dell into the industry’s leading provider of scalable, end-to-end technology solutions.”
Following the approval, the future challenges for Michael Dell include restructuring the company and enhancing its position in the competitive market.
“As a private enterprise, with a strong private-equity partner, we’ll serve our customers with a single-minded purpose and drive the innovations that will help them achieve their goals,” he added.
Alex Mandl, chairman of the special committee, said: “Over the course of more than a year, the special committee and its advisors conducted a disciplined and independent process to ensure the best outcome for Dell stockholders.”
Dell, which was founded by Michael Dell in November 1984, intends to focus on expanding its distribution network and sales coverage in the near future. It will continue to be headquartered in Round Rock, Texas.
The transaction, which is subject to customary closing conditions and regulatory approval, is expected to close by the end of the third-quarter of 2014. It will also close a year-long buyout battle that had court cases.