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Michael Dell. Photo by Drew Angerer/Getty Images.

Dell is returning to the public markets, five years after going private in a $25 billion transaction backed by Silver Lake.

Why it's a big deal: Because Michael Dell originally took his eponymous company private, in large part, because of his growing distaste for public market short-termism.

And while he says the reversal is partially prompted by a successful transformation enabled by Dell's private tenure (including its $67 billion EMC purchase), it also reflects the need to service a big debt-load and few viable buyers at its increased scale.

  • It's a complex transaction that involves Dell and Silver Lake offering cash or shares to holders of a Dell tracking stock, valued at $21.7 billion, with financing coming via an $11 billion special dividend being issued by listed Dell subsidiary VMWare.
  • This move comes after Dell had explored other options, including a pure IPO or reverse merger with VMWare.
  • Dell says that it has cut its debt by $13 billion since closing the EMC acquisition, and that it generated $21.4 billion in GAAP revenue (+19%) and $2.4 billion (+33%) in adjusted EBITDA for its most recent fiscal quarter.

More from the NY Times: "Not only does Dell still supply the machines that sit on the desks inside many office buildings, it has also found a ready market selling equipment and software to the kinds of networked computing services that were once thought to spell its end."

Go deeper

UN Security Council meeting on Israel-Gaza as fighting enters 7th day

Smoke billows from a fire following Israeli airstrikes on multiple targets in Gaza on May 16. Photo: Mohammed Abed/AFP via Getty Images

The United Nations Security Council was preparing to meet Sunday, as the aerial bombardment between Israel and Hamas between entered a seventh day.

The latest: Four Palestinians died in airstrikes early Sunday, as Israeli forces bombed the home of Gaza's Hamas chief, Yehya al-Sinwar, per Reuters.

6 hours ago - World

In photos: Protests in U.S., across the world over Israeli–Palestinian conflict

A protest march in support of Palestinians near the Washington monument in Washington, D.C. on May 15. Photo: Andrew Caballero-Reynolds/AFP via Getty Images

Thousands of people rallied across the U.S. and the world Saturday following days of violence in Gaza and Israel that's killed at least 145 Palestinians, including 41 children, and eight Israelis, per AP.

The big picture: Most demonstrations were in support of Palestinians. There were tense scenes between pro-Israeli government protesters and pro-Palestinian demonstrators in Winnipeg, Canada, and Leipzig, Germany, but no arrests were made, CBS News and DW.com report.

Updated 14 hours ago - World

Biden in call with Netanyahu raises concerns about civilian casualties in Gaza

Photo: Ahmad Gharabli/Nicholas Kamm/Getty Images

President Biden spoke to Israeli Prime Minister Benjamin Netanyahu Saturday and raised concerns about civilian casualties in Gaza and the bombing of the building that housed AP and other media offices, according to Israeli officials.

The big picture: At least 140 Palestinians, including dozens of children, have been killed in Gaza since fighting between Israel and Hamas began Monday, according to Palestinian health officials. Nine people, including two children, have been killed by Hamas rockets in Israel.