Dell Technologies is making a comeback on the New York Stock Exchange. The PC giant went private in 2013 as part of a transition strategy in the midst of changes in the industry brought about by mobile and cloud computing.
As part of the initiative to become public again, Dell will pay US$21.7 billion in cash and stock to buy back shares tied to VMware, enabling it to be relisted without going through an initial public offering.
Chairman and CEO Michael Dell owns 72 percent of the company while Silver Lake Partners has a 24 percent stake.
“I am proud to lead this great company into its next chapter as we continue to evolve and grow to the benefit of our customers, partners, investors and team members,” said Dell.
“Unprecedented data growth is fueling the digital era of IT, and we are uniquely positioned with our portfolio of technologies and services to enable the digital, IT, security and workforce transformations of our customers. Most importantly, I remain deeply committed to this company and working with our world-class team to build the long-term value of Dell Technologies and its businesses,” he added.