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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."

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Updated 8 mins ago - World

Russian police arrest over 3,000 protesters demanding Navalny's release

Photo: OLGA MALTSEVA/AFP via Getty Images

Police in Russia on Saturday arrested more than 3,300 people as protesters nationwide demanded that opposition leader Alexey Navalny be released from jail.

Details: Demonstrations began in the eastern regions of Russia and spread west to more than 60 cities.

Updated 2 hours ago - Politics & Policy

Arizona Republicans censure Cindy McCain and GOP governor

Combination images of Cindy McCain and Gov. Doug Ducey. Photo: FilmMagic/FilmMagic for U.S.VETS/Michael Brochstein/SOPA Images/LightRocket via Getty Images

Arizona Republican Party members voted on Saturday to censure prominent GOP figures Cindy McCain, Gov. Doug Ducey and former Sen. Jeff Flake (R-Ariz.), who've all faced clashes with former President Trump.

Why it matters: Although the resolution is symbolic, this move plus the re-election of the Trump-endorsed Kelli Ward as state GOP chair shows the strong hold the former president has on the party in Arizona, despite President Biden winning the state in the 2020 election.

Updated 5 hours ago - Politics & Policy

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Illustration: Eniola Odetunde/Axios

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  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong puts tens of thousands on lockdown as cases surge — Pfizer to supply 40 million vaccine doses to lower-income countries — Brazil begins distributing AstraZeneca vaccine.
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  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.