Dell announced today that it has completed the terms of a deal that will take the company private, buying out stockholders at $13.65 a share in a $24.4 billion deal partially bankrolled by Microsoft. When the deal is complete, the company will be owned by a small group of private investors led by Dell CEO and founder Michael Dell and the investment firm Silver Lake.

The deal, according to the company, has been in progress since August of 2012, when Michael Dell first expressed an interest in taking the company private to Dell's board of directors. The board then formed a "Special Committee" to oversee negotiations.

For stockholders, the deal will pay out a 35 percent bonus over where Dell's stock price was as of January 11, before word of a possible deal leaked out and drove the stock price up. But the deal also includes a "go shop" provision that gives the company 45 days to solicit other interested parties for better offers.

Microsoft put up a $2 billion loan to finance the deal rather than taking a stake in the company itself. Michael Dell put in his own cash and his 14 percent stake in the company, and additional cash is coming from Silver Lake's investment funds and from Michael Dell's investment group MSD Capital, LP, as well as from the company's own cash on hand. The rest is being financed by $15 billion in debt from a raft of banks: BofA Merrill Lynch, Barclays, Credit Suisse, and RBC Capital Markets.

Just what influence Microsoft's stake in the financing of the deal gives the company in the operation of Dell after the deal is completed isn't clear—nor is it clear what the terms of the debt are—though those should be reported when the transaction is complete.

Update: The Wall Street Journal has obtained a copy of a memo sent by Michael Dell to his employees:

Today, we announced a definitive agreement for me and global technology investment firm Silver Lake to acquire Dell and take it private.

This transaction is an exciting new chapter for Dell, our team and our customers. We can immediately deliver value to stockholders, while continuing to execute our long-term growth strategy and focus on helping customers achieve their goals.

Together, we have built an incredible business that generates nearly $60 billion in annual revenue. We deliver enormous customer value through end-to-end solutions that are scalable, secure and easy to manage, and Enterprise Solutions and Services now account for 50 percent of our gross margins.

Dell’s transformation is well underway, but we recognize it will still take more time, investment and patience. I believe that we are better served with partners who will provide long-term support to help Dell innovate and accelerate the company’s transformation strategy. We’ll have the flexibility to continue organic and inorganic investment, and grow our business for the long term.

I am particularly pleased to be in partnership with Silver Lake, a world-class investment firm with an outstanding reputation and significant experience in the technology sector. They know all the technology business models, understand the value chain and have an extremely strong global network of contacts. I am also glad that Microsoft is part of the transaction, further building on a nearly 30-year relationship.

I am honored to continue serving as chairman and CEO, and I look forward to working with all of you, including our current senior leadership team, to accelerate our efforts. There is much more we can accomplish together. I am committed to this journey and I am grateful for your dedication and support. Please, stay focused on delivering results for our customers and our company.

There is still considerable work to be done, and undoubtedly both challenges and triumphs lie ahead, but as always, we are making the right decisions to position Dell, our team and our customers for long-term success.

Michael