Dell is going public, again.
The computer and data-storage company founded by Michael Dell in 1984 has received shareholder approval to buy out subsidiary VMware's outstanding shares for roughly $24 billion, which are currently trading on the New York Stock Exchange under the ticker DVMT. After that deal closes on December 28, Dell will become a publicly traded company for the second time, trading under the ticker DELL. Its first initial public offering raised about $30 million in 1988.
"With this vote, we are simplifying Dell Technologies' capital structure and aligning the interests of our investors," Michael Dell, founder and CEO, said in a statement.
Named Inc.'s first Entrepreneur of the Year in 1990, Michael Dell grew his company to become one of the top PC makers in the world. Dell's revenue and profits eventually stumbled, however, as consumer demand shifted away from desktop computers to mobile devices.
In 2013, Michael Dell partnered with private equity firm Silver Lake Partners to take the struggling company private in a deal worth $24.4 billion. That bet paid off, as the company poured money into new lucrative lines of businesses, including cybersecurity, networking, Big Data services and cloud computing, and paved the way to become a leading agent as an enterprise software provider.