As expected, Michael Dell and a cadre of investors that include Microsoft were able to reach a deal that will make Mr. Dell’s PC firm, Dell, private. The deal, valued at $24.4 billion, is the biggest leveraged buyout since the recent economic recession.

Related: Microsoft Reportedly Will Invest In Dell Privatization

“Dell announced it has signed a definitive merger agreement under which Michael S. Dell, Dell’s Founder, Chairman and Chief Executive Officer, in partnership with global technology investment firm Silver Lake, will acquire Dell,” an announcement on the Dell web site notes. “The Dell Board of Directors acting on the recommendation of a special committee of independent directors unanimously approved a merger agreement under which Michael Dell and Silver Lake Partners will acquire Dell and take the company private subject to a number of conditions, including a vote of the unaffiliated stockholders.”

Dell revealed that Mr. Dell recused himself from related Board discussions and from the Board vote regarding the sale. As rumored, Microsoft loaned the groups $2 billion to finalize the deal, which will pay Dell stockholders $13.65 for each share of Dell common stock they hold. That price represents a 25 percent premium over Dell’s share price before rumors of the sale appeared in the press. However, in recent days, Dell’s stock has shot to roughly the buyout price because of these rumors.

“I believe this transaction will open an exciting new chapter for Dell, our customers and team members,” a statement attributed to Michael Dell reads. “I am committed to this journey and I have put a substantial amount of my own capital at risk together with Silver Lake, a world-class investor with an outstanding reputation. We are committed to delivering an unmatched customer experience and excited to pursue the path ahead.”

Other details of the Dell deal were reported earlier in Dell Deal to Go Private Reportedly Imminent.