Michael Dell, founder of Dell Inc., has announced that he plans on taking the company private in an effort to revitalize the declining PC maker, The New York Times reports.
He, alongside investment firm Silver Lake, agreed to a $24 billion deal with the company’s board on Monday night.
The deal is the largest leveraged buyout, a mixture of both stock and debt, since the financial crisis of 2007.
“The takeover represents Mr. Dell’s most drastic effort yet to turn around the company he founded,” the Times reported.
The PC market has come under attack in recent years as enthusiasm for smartphones and tablets has increased. The deal allows founder Michael Dell to make the necessary changes to his company without financial market scrutiny.
As a testament to the importance of turning around the PC business, Microsoft has used some of its financial clout to aid in the deal.