Dell announced Tuesday that it had agreed to go private in a $24.4 billion deal led by its founder Michael Dell, in a bid to revive the company without scrutiny from Wall Street.

Under the terms of the deal, the buyers' consortium, which also includes Microsoft, will pay $13.65 a share in cash, according to Reuters. That is roughly 25 percent above where Dell's stock traded before word emerged of the negotiations of its sale.

Michael Dell will contribute his stake of roughly 14 percent toward the transaction, and will contribute additional cash through his private investment firm, MSD Capital. Silver Lake is expected to contribute about $1 billion in cash, while Microsoft will loan an additional $2 billion.

Dell's board is said to have met on Monday night to vote on the deal. In its statement, the company said Mr. Dell rescued himself from any discussions about a transaction and did not vote.

"I believe this transaction will open an exciting new chapter for Dell, our customers and team members," Mr. Dell said in a statement. "Dell has made solid progress executing this strategy over the past four years, but we recognize that it will still take more time, investment and patience, and I believe our efforts will be better supported by partnering with Silver Lake in our shared vision."

Analysts believe the announcement may mean job cuts and more costly acquisitions, as the company arms itself to do battle with larger and more established rivals like Hewlett-Packard Co and IBM Corp.

"Michael Dell is a true visionary and one of the pre-eminent leaders of the global technology industry," Egon Durban, a managing partner at Silver Lake, said in a statement. "Silver Lake is looking forward to partnering with him, the talented management team at Dell and the investor group to innovate, invest in long-term growth initiatives and accelerate the company's transformation strategy to become an integrated and diversified global I.T. solutions provider."