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I wonder what the terms of the loan are and what's MS' expectation.
I wonder what Microsoft wants with Dell.... Maybe finally get into the computer hardware business and sell 100% Windows computers?
Microsoft primarily wants what Silverlake wants. A return on the investment. This is a reasonable place to put a relatively small subset of Microsoft cash position. [ An infinitely better place than buying Yahoo would have been at that inflated price. ] Microsoft has about $60B to invest and more cash coming in.
The core question should more so be what does Silverlake want. What is their liquidity event expectations. If they are looking to recoup their money "fast" (2-3 years ) then that is likely trouble. If it is a long term strategic move then not.
If Dell is allowed to replow almost all the profits back into either current debt retirement and/or realigning the business to take advantage of growing , rather than shrinking, sectors then this can pay off for all involved in 3-6 years quite well.
If it is the unimaginative "private equity" pump and dump. Then Dell is dead zombie walking. Given Michael Dell has a 15+% interest in the whole thing that isn't the most likely path. It is doubtful he is out to demolish the Company with his name on it.
Microsoft's terms are probably along the line that the others (Sliverlake or Dell co. ) can buy them out at some nominal rate early if Microsoft needs to cash out early. Incrementally they'll get bought out over time.
It is doubtful this is about "making" Dell do more or less Linux stuff. Dell is heavily positioned toward making a dent in the server market. That means Linux (along with Windows) or it means losing. I don't think Microsoft is out to loose $2B.