Dell_3Dell stockholders have approved the proposal in which Michael Dell, the company’s founder, chairman and CEO, will acquire Dell in partnership with global technology investment firm Silver Lake Partners. The total transaction is valued at approximately $24.9 billion.

Dell stockholders will receive $13.75 in cash for each share of Dell common stock they hold, plus payment of a special cash dividend of 13 cents per share to stockholders of record as of a date prior to the effective time of the merger, for total consideration of $13.88 per share in cash.

The agreement also guarantees the regular quarterly dividend of 8 cents per share would be paid to holders of record as of a date prior to closing.

Here is the text of Michael Dell’s open letter to customers:

To our customers,

Today, Dell shareholders voted to approve the transaction in which I, in partnership with Silver Lake, will acquire Dell and take the company private. The transaction is expected to close before the end of the third quarter of Dell’s FY2014, subject to the satisfaction of customary closing conditions, including regulatory approvals.

This is a great outcome for our customers and our company. I couldn’t be more excited about our future together.

We are going back to our roots, to the entrepreneurial spirit that made Dell one of the fastest growing, most successful companies in history. We’re unleashing the creativity and confidence that have always been the hallmarks of our culture. We plan to serve you, our customers, with a single-minded purpose and drive the innovations that will help power your dreams.

We stand on the cusp of the next technological revolution. The forces of cloud, big data, mobile and security are changing people’s relationship with technology, just as the PC did almost 30 years ago. Now it’s time to do what Dell does best—make these innovations simpler, more affordable and more accessible, putting more power into the hands of more people than ever before.

We’ve come a long way in reshaping Dell to help you thrive, grow and prosper in this new world. As a private company, we can move even faster toward our goal of becoming the industry’s leading provider of scalable, end-to-end solutions that deliver extraordinary value for you and your organizations.

The transaction is expected to close before the end of the third quarter of Dell’s FY2014, subject to customary closing conditions, including regulatory approval. Dell will continue to be headquartered in Round Rock, Texas.