Michael Dell, Silver Lake to put USD 2.15 bn toward buyout
Michael Dell and affiliates of the firm that manages his wealth will collectively put USD 750 million toward the USD 24.4 billion buyout of computer maker Dell Inc , the company disclosed in a regulatory filing on Wednesday.
Michael Dell and affiliates of the firm that manages his wealth will collectively put USD 750 million toward the USD 24.4 billion buyout of computer maker Dell Inc
Michael Dell, founder of the company, will contribute USD 500 million cash and MSDC Management, an affiliate of his MSD Capital, will contribute USD 250 million, Dell Inc said.
Silver Lake, a private equity firm partnering with Michael Dell on the deal, is putting up USD 1.4 billion.
Dell, the world's No. 3 personal computer maker, also broke down details of the debt financing secured for the buyout, including USD 4 billion in senior secured term loans from Bank of America
On Tuesday, the company announced that Michael Dell had struck a deal to take the company private in the biggest leveraged buyout since the financial crisis, partnering with Silver Lake and Microsoft Corp
The filing also disclosed that under certain circumstances if the merger can not be completed, Michael Dell and Silver Lake could have to pay a termination fee of up to USD 750 million to Dell Inc.