"Dell has made solid progress executing this strategy over the past four years, but we recognize that it will still take more time, investment and patience, and I believe our efforts will be better supported by partnering with Silver Lake in our shared vision," Michael Dell said in the statement. "I am committed to this journey and I have put a substantial amount of my own capital at risk together with Silver Lake, a world-class investor with an outstanding reputation. We are committed to delivering an unmatched customer experience and excited to pursue the path ahead."
The company's PCs and server hardware remains the core of its business for now. Dell has said it will stay in the PC market because it provides an entry point to selling other, higher-margin products and services. It offers fewer low-cost computers and more high-end models like its XPS PCs, which has caused it to fall behind HP and Lenovo in worldwide shipments.
Dell has also exited the smartphone market, but sells tablets that target use both at home and in the enterprise.
The transactions calls for Dell shareholders to get $13.65 in cash, a premium of about 25 percent over Dell's closing price on Jan. 11, when rumors of a deal first appeared, the company said.