Share holders of Dell have approved chairman and CEO Michael Dell's $24.9bn buy out offer, in partnership with investment firm Silver Lake Partners, as part of a plan to take the company private.
As per the deal, which will end the PC maker's 25-year term as a public company, stockholders will receive $13.75 in cash for each share they hold including a special cash dividend of $0.13 per share for total consideration of $13.88 per share.
In addition, stockholders will also receive regular quarterly dividend of $0.08 per share during third quarter of this fiscal.
Michael Dell said: "I am pleased with this outcome and am energised to continue building Dell into the industry's leading provider of scalable, end-to-end technology solutions."
"As a private enterprise, with a strong private-equity partner, we'll serve our customers with a single-minded purpose and drive the innovations that will help them achieve their goals," he added.
"As our company continues to expand its enterprise solutions and services business, our team members will be Dell's most valuable asset and the key to our future success."
Alex Mandl, chairman of the special committee said: "Over the course of more than a year, the special committee and its advisors conducted a disciplined and independent process to ensure the best outcome for Dell stockholders."
Dell, which was founded by Michael Dell in his college dorm room in November 1984, intends to focus on expanding its distribution network and sales coverage in the near future. It will continue to be headquartered in Round Rock, Texas.
The transaction is subject to regulatory closing conditions and approval, is expected to close by the end of the third quarter of 2014.