Michael Dell’s Game
2013
2021
$ 16 billion - 16% in
Dell Inc
$ 54 billion - 46% in
Dell Technologies
Step 1 - 2013
• 16% in Dell Inc valued 3
billion + 750 million in
cash
• 1 billion from Silver Lake
• 2 billion from Microsoft
• 16 billion from Bank of
America, Barclays, Credit
Suisse and other banks
75%
of private
company
Step 2 - 2015
Dell Inc
$25
billion
EMC
Corporation
$67 billion
How?
$ 24.05/share +
shares of
=
VMware
EMC
shareholders
The result
Dell
Technologies
Step 3 - 2018
necessary to reduce the debt
decides return to the stock market
$52 billion of obligations
buy back all VMware`s tracking shares (DVMT) for
$23.9 billion
● go public without help of underwriters
● DVMT`s share price go up from $9.05 to $120
● on December 28, 2018 $DELL reappears on the
exchange
●
●
●
●
Step 4 - 2021
Revenue
Spin-off
Net income +
Interest
expenses
100 billion
12 billion
3.7 billion +
2 billion
FINALE