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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

Fed: Rate hikes "will soon be appropriate"

The Federal Reserve's headquarters building. Photo: Anna Moneymaker/Getty Images

Federal Reserve officials expect "it will soon be appropriate" to raise the central bank's main target interest rate, setting the stage for a rate hike at its next meeting in mid-March.

Driving the news: In a statement following a two-day meeting published Wednesday afternoon, however, the policy-setting Federal Open Market Committee teed up its next move without taking new action.

How long it’s taken to confirm Supreme Court justices

Expand chart
Data: Axios research, U.S. Supreme Court, Supreme Court Historical Society; Chart: Jacque Schrag/Axios

It takes a U.S. president an average of 70 days from the date a Supreme Court seat is vacated to nominate a replacement, according to data from the Supreme Court Historical Society.

Why it matters: With news outlets reporting liberal Supreme Court Justice Stephen Breyer's plans to retire, Democrats will be looking to confirm President Biden's nominee with enough time to refocus the national political debate ahead of the midterms.

Updated 2 hours ago - Science

Blizzard likely to hit New England this weekend as "bomb cyclone" forms

Computer model projection of the precipitation and wind field from the weekend storm in the Northeast. (Earth.nullschool.net)

A powerful blizzard is likely to strike parts of New England and the Mid-Atlantic beginning Friday and lasting into the weekend, with snow totals that are likely to be measured in feet.

The big picture: The joining of weather systems embedded in both the polar, or northern branch, of the jet stream and the southern branch is projected to create a bomb cyclone. Such storms undergo a process known as bombogenesis, with their minimum central air pressure readings plunging at least 24 millibars in 24 hours.