Dell becomes public company five years after buyout
AFP
Dell, the onetime leader in personal computers and tech industry stalwart, said Monday it will become publicly traded five years after a contentious private equity buyout, reports AFP from San Francisco.
The company announced a stock swap deal with its software subsidiary VMware that will result in a reorganized tech giant that returns to the stock market, with founder Michael Dell retaining control as chairman and chief
executive.
The move comes after a 2013 private equity buyout led by Michael Dell aiming to
revive the company that fell behind when consumers
turned to mobile devices instead of PCs.
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, Michael Dell said in a statement.
Unprecedented data growth is fueling the
digital era of IT, and we are uniquely positioned with our portfolio of technologies and services.
The new Dell is far from the maker of personal computers that helped ignite the personal computer market in the 1990s.
It acquired the data storage group EMC in 2016 for a whopping $67 billion and is a major player in software, security and cloud computing in addition to its PC business.
