Dell Technologies

exited

Technology / Hardware — Silver Lake / Michael Dell

Deal Terms

Entry Year2013

Entry EV$24.9B

Entry Multiple5x

Leverage5x

Debt Amount$16.1B

Outcome

Exit Year2018

Risk Metrics

LTV (est.)65%

Debt / EV0.65x

Notes

$24.9B take-private (2013) — largest tech LBO ever. $16.1B debt. Acquired EMC for $67B (2016) loading $46B+ debt. Returned to public markets via VMware tracking stock swap (2018). Dell and Silver Lake made tens of billions. Rare mega-LBO success but debt constrained R&D for years.

Sponsor

Silver Lake$100B AUM

Hot Potato History

1988→Public Market

2013→Silver Lake + Michael Dell($24.9B)

2018→Public (re-IPO via VMware tracker)($24.9B)

Public. Market cap ~$50B. Silver Lake made 3x+. One of the few PE tech mega-deals that worked — mostly because Michael Dell ran it, not PE.