Deals
Dell to Return to Public Markets With Tracking Stock Buyout
- Dell to offer DVMT shareholders Dell stock or cash buyout
- Total deal size comes to $21.7 billion, Dell to list on NYSE
Photographer: Brent Lewin/Bloomberg
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Dell Technologies Inc., the world’s largest private technology company, announced plans to trade publicly again, re-emerging five years after its leveraged buyout as a more diverse leader in computer equipment and software, though one burdened by debt.
The tech giant will return to public markets by buying out its tracking stock, DVMT, in a cash and share-swap deal valued at $21.7 billion, Dell said in a filing Monday. The shares, worth about $17 billion as of Friday, were created to mirror the value of software maker VMware Inc., in which Dell has a controlling stake. The move aims to simplify Dell’s tangled corporate structure without weighing on its balance sheet.