Computer maker Dell Inc. announced Tuesday morning that it was going private with the help of a two billion dollar loan from Microsoft. Dell is the third largest computer maker in the world, but has been losing market share recently as more users make the switch to tablets.
The company will spend nearly $25 billion to buy back its shares from stockholders at the rate of $13.65 per share. The company says people who bought stock will earn 37% more than the average closing price on the shares for the past 90 days.
Company founder Michael Dell said, “I believe this transaction will open an exciting new chapter for Dell, our customers and team members.”