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===2013 buyout===
===2013 buyout===
After several weeks of rumors, which started around January 11, 2013, Dell announced on February 5, 2013, that it had struck a $24.4 billion ({{Inflation|index=US-GDP|value=24400000000|start_year=2013|r=-7|fmt=eq}}) [[leveraged buyout]] deal, that would have delisted its shares from the NASDAQ and Hong Kong Stock Exchange and taken it private.<ref>{{cite web|url=http://edgar.secdatabase.com/2319/119312513041273/filing-main.htm |title=Dell Inc, Form 8-K, Current Report, Filing Date Feb 6, 2013 |publisher=secdatabase.com |access-date=March 8, 2013}}</ref><ref>Official Dell pressrelease on [http://content.dell.com/us/en/corp/d/secure/2013-02-04-michael-dell-silverlake-acquisition.aspx (leveraged) buyout by Michael Dell and Silverlake] {{Webarchive|url=https://web.archive.org/web/20130210025350/http://content.dell.com/us/en/corp/d/secure/2013-02-04-michael-dell-silverlake-acquisition.aspx |date=February 10, 2013}}, February 5, 2013. Visited: February 5, 2013</ref><ref>{{cite news|url=http://finance.yahoo.com/q?s=DELL&ql=1 |title=DELL: Summary for Dell Inc.- Yahoo!! Finance |work=Yahoo! Finance |access-date=February 10, 2013}}</ref> [[Reuters]] reported that Michael Dell and [[Silver Lake Partners]], aided by a $2 billion loan from [[Microsoft]], would acquire the public shares at $13.65 apiece.<ref name="buyout">{{cite news|title=Dell to go private in landmark $24.4 billion deal|first=Ben|last=Berkowitz|author2=Edwin Chan|url=https://www.reuters.com/article/us-dell-buyout-idUSBRE9140NF20130205|work=Reuters|date=February 5, 2013|access-date=February 5, 2013}}</ref> The $24.4 billion buyout was projected to be the largest leveraged buyout backed by private equity since the [[2007–2008 financial crisis]] ({{Inflation|index=US-GDP|value=24400000000|start_year=2007|r=-7|fmt=eq}}).<ref name="buyout2">{{cite news |url=https://archive.nytimes.com/dealbook.nytimes.com/2013/02/05/dells-record-breaking-buyout/ |title=Dell's Record-Breaking Buyout |first=William |last=Alden  |work=The New York Times |date=February 5, 2013}}</ref> It is also the largest technology buyout ever, surpassing the 2006 buyout of [[Freescale Semiconductor]] for $17.5 billion ({{Inflation|index=US-GDP|value=17500000000|start_year=2006|r=-7|fmt=eq}}).<ref name="buyout2"/>
After several weeks of rumors, which started around January 11, 2013, Dell announced on February 5, 2013, that it had struck a $24.4 billion ({{Inflation|index=US-GDP|value=24400000000|start_year=2013|r=-7|fmt=eq}}) [[leveraged buyout]] deal, that would have delisted its shares from the NASDAQ and Hong Kong Stock Exchange and taken it private.<ref>{{cite web|url=http://edgar.secdatabase.com/2319/119312513041273/filing-main.htm |title=Dell Inc, Form 8-K, Current Report, Filing Date Feb 6, 2013 |publisher=secdatabase.com |access-date=March 8, 2013}}</ref><ref>Official Dell pressrelease on [http://content.dell.com/us/en/corp/d/secure/2013-02-04-michael-dell-silverlake-acquisition.aspx (leveraged) buyout by Michael Dell and Silverlake] {{Webarchive|url=https://web.archive.org/web/20130210025350/http://content.dell.com/us/en/corp/d/secure/2013-02-04-michael-dell-silverlake-acquisition.aspx |date=February 10, 2013}}, February 5, 2013. Visited: February 5, 2013</ref><ref>{{cite news|url=http://finance.yahoo.com/q?s=DELL&ql=1 |title=DELL: Summary for Dell Inc.- Yahoo!! Finance |work=Yahoo! Finance |access-date=February 10, 2013}}</ref> Reuters reported that Michael Dell and [[Silver Lake Partners]], aided by a $2 billion loan from [[Microsoft]], would acquire the public shares at $13.65 apiece.<ref name="buyout">{{cite news|title=Dell to go private in landmark $24.4 billion deal|first=Ben|last=Berkowitz|author2=Edwin Chan|url=https://www.reuters.com/article/us-dell-buyout-idUSBRE9140NF20130205|work=Reuters|date=February 5, 2013|access-date=February 5, 2013}}</ref> The $24.4 billion buyout was projected to be the largest leveraged buyout backed by private equity since the [[2007–2008 financial crisis]] ({{Inflation|index=US-GDP|value=24400000000|start_year=2007|r=-7|fmt=eq}}).<ref name="buyout2">{{cite news |url=https://archive.nytimes.com/dealbook.nytimes.com/2013/02/05/dells-record-breaking-buyout/ |title=Dell's Record-Breaking Buyout |first=William |last=Alden  |work=The New York Times |date=February 5, 2013}}</ref> It is also the largest technology buyout ever, surpassing the 2006 buyout of [[Freescale Semiconductor]] for $17.5 billion ({{Inflation|index=US-GDP|value=17500000000|start_year=2006|r=-7|fmt=eq}}).<ref name="buyout2"/>


Michael Dell said of the February offer "I believe this transaction will open an exciting new chapter for Dell, our customers and team members".<ref name="buyout3"/> Dell rival Lenovo responded to the buyout, saying, "the financial actions of some of our traditional competitors will not substantially change our outlook."<ref name="buyout3">{{cite news|title=Dell Inc. to go private in $24.4-billion deal|first=Andrea|last=Chang|url=https://www.latimes.com/business/technology/la-fi-tn-dell-goes-private-20130205,0,7066492.story|work=Los Angeles Times|date=February 5, 2013|access-date=February 5, 2013}}</ref>
Michael Dell said of the February offer "I believe this transaction will open an exciting new chapter for Dell, our customers and team members".<ref name="buyout3"/> Dell rival Lenovo responded to the buyout, saying, "the financial actions of some of our traditional competitors will not substantially change our outlook."<ref name="buyout3">{{cite news|title=Dell Inc. to go private in $24.4-billion deal|first=Andrea|last=Chang|url=https://www.latimes.com/business/technology/la-fi-tn-dell-goes-private-20130205,0,7066492.story|work=Los Angeles Times|date=February 5, 2013|access-date=February 5, 2013}}</ref>
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The announcement came two years after Dell Inc. returned to private ownership, claiming that it faced bleak prospects and would need several years out of the public eye to rebuild its business.<ref name=WSJ-20130329>{{cite news | newspaper = The Wall Street Journal | title = Dell Makes Case to Go Private in Grim Filing | url = https://www.wsj.com/articles/SB10001424127887323501004578390692268605644 | date = March 29, 2013}}</ref> It was thought that the company's value had roughly doubled since then.<ref name=WSJ-2015-10-12>{{cite news | newspaper = The Wall Street Journal | author = David Benoit| title = Dell's Value and the 'Falling Knife' | url = http://blogs.wsj.com/moneybeat/2015/10/12/dells-value-and-the-falling-knife/ | date = October 12, 2015}}</ref> EMC was being pressured by [[Elliott Management Corporation|Elliott Management]], a hedge fund holding 2.2% of EMC's stock, to reorganize their unusual "Federation" structure, in which EMC's divisions were effectively being run as independent companies. Elliott argued<ref name=BusinessWire-2014-10-08>{{cite web | url = http://www.businesswire.com/news/home/20141008005668/en/Elliott-Management-Sends-Letter-Board-Directors-EMC# | title = Elliott Management Sends Letter to Board of Directors of EMC Corporation |website=[[Business Wire|BusinessWire]] |date=October 8, 2014}}</ref> this structure deeply undervalued EMC's core "EMC II" data storage business, and that increasing competition between EMC II and VMware products was confusing the market and hindering both companies. ''The Wall Street Journal'' estimated that in 2014 Dell had revenue of $27.3 billion ({{Inflation|index=US-GDP|value=27300000000|start_year=2014|r=-7|fmt=eq}}) from personal computers and $8.9 billion from servers, while EMC had $16.5 billion from EMC II, $1 billion from [[RSA Security]], $6 billion from VMware, and $230 million from [[Pivotal Software]].<ref name=WSJ-2015-10-13>{{cite news | newspaper = The Wall Street Journal | title = EMC Takeover Marks Return of Michael Dell | url = https://www.wsj.com/articles/dell-to-buy-emc-for-67-billion-1444649012 | date = October 13, 2015}}</ref> EMC owns around 80 percent of the stock of VMware.<ref name=FT-Lex-2015-10-12>{{cite news | title = Dell-EMC: The empty shop | newspaper =[[Financial Times]] | date = October 12, 2015 | url = http://www.ft.com/cms/s/3/abfd601e-7102-11e5-ad6d-f4ed76f0900a.html}}</ref> The proposed acquisition will maintain VMware as a separate company, held via a new [[tracking stock]], while the other parts of EMC will be rolled into Dell.<ref name=FT-2015-10-12>{{cite news | title = Dell agrees $63bn acquisition of EMC | newspaper =Financial Times | date = October 12, 2015 | url = http://www.ft.com/cms/s/0/170fa5f2-708a-11e5-9b9e-690fdae72044.html}}</ref> Once the acquisition closes Dell will again publish quarterly financial results, having ceased these on going private in 2013.<ref>{{cite news | url = http://washpost.bloomberg.com/Story?docId=1376-NWLBRI6K50YD01-7BPSHOJ09P7U1SQJVJQUC9CNAI | newspaper = [[The Washington Post]] | author = Brian Womack | date = October 21, 2015 | title = Dell CFO Reluctantly Accepts Public Disclosures With EMC Deal | access-date = February 23, 2018 | archive-url = https://web.archive.org/web/20170621093312/http://washpost.bloomberg.com/Story?docId=1376-NWLBRI6K50YD01-7BPSHOJ09P7U1SQJVJQUC9CNAI | archive-date = June 21, 2017 |url-status=dead}}</ref>
The announcement came two years after Dell Inc. returned to private ownership, claiming that it faced bleak prospects and would need several years out of the public eye to rebuild its business.<ref name=WSJ-20130329>{{cite news | newspaper = The Wall Street Journal | title = Dell Makes Case to Go Private in Grim Filing | url = https://www.wsj.com/articles/SB10001424127887323501004578390692268605644 | date = March 29, 2013}}</ref> It was thought that the company's value had roughly doubled since then.<ref name=WSJ-2015-10-12>{{cite news | newspaper = The Wall Street Journal | author = David Benoit| title = Dell's Value and the 'Falling Knife' | url = http://blogs.wsj.com/moneybeat/2015/10/12/dells-value-and-the-falling-knife/ | date = October 12, 2015}}</ref> EMC was being pressured by [[Elliott Management Corporation|Elliott Management]], a hedge fund holding 2.2% of EMC's stock, to reorganize their unusual "Federation" structure, in which EMC's divisions were effectively being run as independent companies. Elliott argued<ref name=BusinessWire-2014-10-08>{{cite web | url = http://www.businesswire.com/news/home/20141008005668/en/Elliott-Management-Sends-Letter-Board-Directors-EMC# | title = Elliott Management Sends Letter to Board of Directors of EMC Corporation |website=[[Business Wire|BusinessWire]] |date=October 8, 2014}}</ref> this structure deeply undervalued EMC's core "EMC II" data storage business, and that increasing competition between EMC II and VMware products was confusing the market and hindering both companies. ''The Wall Street Journal'' estimated that in 2014 Dell had revenue of $27.3 billion ({{Inflation|index=US-GDP|value=27300000000|start_year=2014|r=-7|fmt=eq}}) from personal computers and $8.9 billion from servers, while EMC had $16.5 billion from EMC II, $1 billion from [[RSA Security]], $6 billion from VMware, and $230 million from [[Pivotal Software]].<ref name=WSJ-2015-10-13>{{cite news | newspaper = The Wall Street Journal | title = EMC Takeover Marks Return of Michael Dell | url = https://www.wsj.com/articles/dell-to-buy-emc-for-67-billion-1444649012 | date = October 13, 2015}}</ref> EMC owns around 80 percent of the stock of VMware.<ref name=FT-Lex-2015-10-12>{{cite news | title = Dell-EMC: The empty shop | newspaper =[[Financial Times]] | date = October 12, 2015 | url = http://www.ft.com/cms/s/3/abfd601e-7102-11e5-ad6d-f4ed76f0900a.html}}</ref> The proposed acquisition will maintain VMware as a separate company, held via a new [[tracking stock]], while the other parts of EMC will be rolled into Dell.<ref name=FT-2015-10-12>{{cite news | title = Dell agrees $63bn acquisition of EMC | newspaper =Financial Times | date = October 12, 2015 | url = http://www.ft.com/cms/s/0/170fa5f2-708a-11e5-9b9e-690fdae72044.html}}</ref> Once the acquisition closes Dell will again publish quarterly financial results, having ceased these on going private in 2013.<ref>{{cite news | url = http://washpost.bloomberg.com/Story?docId=1376-NWLBRI6K50YD01-7BPSHOJ09P7U1SQJVJQUC9CNAI | newspaper = [[The Washington Post]] | author = Brian Womack | date = October 21, 2015 | title = Dell CFO Reluctantly Accepts Public Disclosures With EMC Deal | access-date = February 23, 2018 | archive-url = https://web.archive.org/web/20170621093312/http://washpost.bloomberg.com/Story?docId=1376-NWLBRI6K50YD01-7BPSHOJ09P7U1SQJVJQUC9CNAI | archive-date = June 21, 2017 |url-status=dead}}</ref>


The combined business was expected to address the markets for [[Converged storage#Scale-out architecture|scale-out architecture]], [[converged infrastructure]] and [[Cloud computing#Private cloud|private cloud computing]], playing to the strengths of both EMC and Dell.<ref name=WSJ-2015-10-13/><ref name=Economist-2015-10-12>{{cite news | magazine=[[The Economist]] | title = The merger of Dell and EMC stems from the rise of cloud computing | url = https://www.economist.com/news/business/21673523-clouded-marriage-merger-dell-and-emc-more-proof-it-industry-shifting | date = October 12, 2015}}</ref> Commentators have questioned the deal, with [[FBR Capital Markets]] saying that though it makes a "ton of sense" for Dell, it's a "nightmare scenario that would lack strategic synergies" for EMC.<ref name=Reuters-2015-10-08>{{cite news | url = https://www.reuters.com/article/us-emc-us-m-a-dell-idUSKCN0S200F20151008 | title = Dell in talks to buy data storage company EMC: source | author = Mike Stone | work=[[Reuters]] | date = October 8, 2015}}</ref> ''Fortune'' said there was a lot for Dell to like in EMC's portfolio, but "does it all add up enough to justify tens of billions of dollars for the entire package? Probably not."<ref name=Fortune-2015-10-08>{{cite news | magazine = [[Fortune (magazine)|Fortune]] | url = http://fortune.com/2015/10/08/dell-emc-merger/ | title = A Dell-EMC deal doesn't make sense. Here's why | author = Stacey Higginbotham | date = October 8, 2015}}</ref> ''[[The Register]]'' reported the view of [[William Blair & Company]] that the merger would "blow up the current IT chess board", forcing other IT infrastructure vendors to restructure to achieve scale and vertical integration.<ref name=Register-2015-10-09>{{cite web | url = https://www.theregister.co.uk/2015/10/09/dell_emc_buyout_merger_rumour_mill_overdrive/ | title = Dell hooking up with EMC and going public again? Come off it | date = October 9, 2015 | website = [[The Register]]}}</ref> The value of VMware stock fell 10% after the announcement, valuing the deal at around $63–64bn rather than the $67bn originally reported.<ref name=FT-Lex-Live-2015-10-13>{{cite news | title = Dell-EMC deal: why VMware is falling | author = Tom Braithwaite | date = October 13, 2015 | url = http://blogs.ft.com/lex-live/2015/10/13/dell-emc-deal-why-vmware-is-falling/ | newspaper =Financial Times}}</ref> Key investors backing the deal besides Dell were Singapore's [[Temasek Holdings]] and [[Silver Lake Partners]].<ref>{{cite news | title = BOOM: Dell to Acquire EMC for $67 Billion |date=October 12, 2015 | url = http://www.swfinstitute.org/swf-news/boom-dell-to-acquire-emc-for-67-billion/ | newspaper = [[Sovereign Wealth Fund Institute]]}}</ref>
The combined business was expected to address the markets for [[Converged storage#Scale-out architecture|scale-out architecture]], [[converged infrastructure]] and [[Cloud computing#Private cloud|private cloud computing]], playing to the strengths of both EMC and Dell.<ref name=WSJ-2015-10-13/><ref name=Economist-2015-10-12>{{cite news | magazine=[[The Economist]] | title = The merger of Dell and EMC stems from the rise of cloud computing | url = https://www.economist.com/news/business/21673523-clouded-marriage-merger-dell-and-emc-more-proof-it-industry-shifting | date = October 12, 2015}}</ref> Commentators have questioned the deal, with [[FBR Capital Markets]] saying that though it makes a "ton of sense" for Dell, it's a "nightmare scenario that would lack strategic synergies" for EMC.<ref name=Reuters-2015-10-08>{{cite news | url = https://www.reuters.com/article/us-emc-us-m-a-dell-idUSKCN0S200F20151008 | title = Dell in talks to buy data storage company EMC: source | author = Mike Stone | work=Reuters | date = October 8, 2015}}</ref> ''Fortune'' said there was a lot for Dell to like in EMC's portfolio, but "does it all add up enough to justify tens of billions of dollars for the entire package? Probably not."<ref name=Fortune-2015-10-08>{{cite news | magazine = [[Fortune (magazine)|Fortune]] | url = http://fortune.com/2015/10/08/dell-emc-merger/ | title = A Dell-EMC deal doesn't make sense. Here's why | author = Stacey Higginbotham | date = October 8, 2015}}</ref> ''[[The Register]]'' reported the view of [[William Blair & Company]] that the merger would "blow up the current IT chess board", forcing other IT infrastructure vendors to restructure to achieve scale and vertical integration.<ref name=Register-2015-10-09>{{cite web | url = https://www.theregister.co.uk/2015/10/09/dell_emc_buyout_merger_rumour_mill_overdrive/ | title = Dell hooking up with EMC and going public again? Come off it | date = October 9, 2015 | website = [[The Register]]}}</ref> The value of VMware stock fell 10% after the announcement, valuing the deal at around $63–64bn rather than the $67bn originally reported.<ref name=FT-Lex-Live-2015-10-13>{{cite news | title = Dell-EMC deal: why VMware is falling | author = Tom Braithwaite | date = October 13, 2015 | url = http://blogs.ft.com/lex-live/2015/10/13/dell-emc-deal-why-vmware-is-falling/ | newspaper =Financial Times}}</ref> Key investors backing the deal besides Dell were Singapore's [[Temasek Holdings]] and [[Silver Lake Partners]].<ref>{{cite news | title = BOOM: Dell to Acquire EMC for $67 Billion |date=October 12, 2015 | url = http://www.swfinstitute.org/swf-news/boom-dell-to-acquire-emc-for-67-billion/ | newspaper = [[Sovereign Wealth Fund Institute]]}}</ref>


On September 7, 2016, Dell completed the merger with EMC, which involved the issuance of $45.9 billion ({{Inflation|index=US-GDP|value=45900000000|start_year=2016|r=-7|fmt=eq}}) in debt and $4.4 billion ({{Inflation|index=US-GDP|value=4400000000|start_year=2016|r=-6|fmt=eq}}) of common stock.<ref>{{cite web|url=https://www.sec.gov/Archives/edgar/data/1571996/000157199617000004/delltechnologiesfy1710k.htm|title=Document|website=www.sec.gov}}</ref><ref>{{cite press release
On September 7, 2016, Dell completed the merger with EMC, which involved the issuance of $45.9 billion ({{Inflation|index=US-GDP|value=45900000000|start_year=2016|r=-7|fmt=eq}}) in debt and $4.4 billion ({{Inflation|index=US-GDP|value=4400000000|start_year=2016|r=-6|fmt=eq}}) of common stock.<ref>{{cite web|url=https://www.sec.gov/Archives/edgar/data/1571996/000157199617000004/delltechnologiesfy1710k.htm|title=Document|website=www.sec.gov}}</ref><ref>{{cite press release
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* [https://money.cnn.com/magazines/fortune/mostadmired/industries/industry_114.html Dell as the seventh-most-admired computer company in the USA], [https://money.cnn.com/magazines/fortune/mostadmired/ eighth overall], [https://money.cnn.com/magazines/fortune/globalmostadmired/top50/ and seventh worldwide]. ''[[Fortune (magazine)|Fortune]]'', ''Most Admired Companies 2006''. <!--This doesn't make sense... 8th overall but 7th worldwide?-->
* [https://money.cnn.com/magazines/fortune/mostadmired/industries/industry_114.html Dell as the seventh-most-admired computer company in the USA], [https://money.cnn.com/magazines/fortune/mostadmired/ eighth overall], [https://money.cnn.com/magazines/fortune/globalmostadmired/top50/ and seventh worldwide]. ''[[Fortune (magazine)|Fortune]]'', ''Most Admired Companies 2006''. <!--This doesn't make sense... 8th overall but 7th worldwide?-->
* ''[[BBC News]]'', August 21, 2003, [http://news.bbc.co.uk/1/hi/business/3169407.stm ''Dell makes grab for market share'']
* ''[[BBC News]]'', August 21, 2003, [http://news.bbc.co.uk/1/hi/business/3169407.stm ''Dell makes grab for market share'']
* ''[[USA Today]]'', January 20, 2001, [https://www.usatoday.com/money/industries/technology/2003-01-19-Dell-cover_x.htm ''Dell business model turns to muscle as rivals struggle'']
* ''USA Today'', January 20, 2001, [https://www.usatoday.com/money/industries/technology/2003-01-19-Dell-cover_x.htm ''Dell business model turns to muscle as rivals struggle'']
* ''[[Ubuntu Forums]]'', June 7, 2007, [https://web.archive.org/web/20091007032518/http://ubuntuforums.org/showthread.php?t=465723&highlight=dellbuntu ''Dell's with Ubuntu called Dellbuntu'']
* ''[[Ubuntu Forums]]'', June 7, 2007, [https://web.archive.org/web/20091007032518/http://ubuntuforums.org/showthread.php?t=465723&highlight=dellbuntu ''Dell's with Ubuntu called Dellbuntu'']
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