Michael Dell will buy back more than $24 billion in shares of his namesake company in a move that will take the company private, All Things D reported Tuesday. The move comes after weeks of reports of buyout talks and will be completed by the second quarter of 2014. Dell is using cash from himself and from his MSD Capital firm, a $2 billion loan from Microsoft and debt financing from Bank of America Merrill Lynch, Barclays, Credit Suisse and RBC Capital Markets to buy back the shares at $13.65-per-share.
The move comes as Dell is looking to expand its business beyond the ever-shrinking PC-market. According to a release from the company, Dell approached the company's Board of Directors in August 2012 to express an interest in taking the company private.