Silver Lake entities report DELL disposals at $154.21 per share
Rhea-AI Filing Summary
Dell Technologies (DELL) saw multiple insider sales and in-kind distributions by Silver Lake-affiliated entities tied to Egon Durban’s interests. On 10/06/2025–10/08/2025, several Silver Lake funds sold Class C common shares at a weighted-average price of $154.21 per share and converted Class B shares into Class C shares before or during those sales.
The filing shows specific disposals of 6,926, 8,005, 4,103, 153, and 69 shares by different funds, pro rata in-kind distributions on 10/08/2025, and an aggregate transfer resulting in 1,166,822 shares reported as disposed by Mr. Durban immediately after distributions. Many receipts of distributed shares were exempt from reporting under Rule 16a-13.
Positive
- Transparent disclosure of sales, conversions, and distributions with weighted-average price $154.21
- Use of Rule 16a-13 exemptions reduced reporting complexity for in-kind distributions, indicating internal portfolio reallocation rather than secondary-market dispersal
Negative
- Substantial disposals reported (e.g., 1,166,822 shares disposed in aggregate by one reporting line) could increase available float
- Multiple related entities sold shares, which may create short-term selling pressure or investor concern about insider selling
Insights
Large shareholder group executed sales and internal distributions around early October 2025.
The activity reflects coordinated portfolio adjustments by multiple Silver Lake entities with overlapping ownership and a director-level relationship to Dell. Sales at a weighted-average of $154.21 per share and conversions from Class B to Class C stock reduced certain fund holdings while triggering pro rata in-kind distributions on 10/08/2025.
Dependencies include the exemptions cited under Rule 16a-13 and the internal ownership structure linking SLG and affiliated partners. Monitor near-term filings for any additional Forms 4 detailing remaining transactions or clarifying the post-distribution beneficial ownership profile within Q4 2025.
Sales of Class C shares were executed at mid-$154 per share across multiple transactions.
Reported dispositions totaled several thousand shares per fund with sales priced between $154.0005 and $154.65. The weighted-average price disclosed is $154.21, which provides a concrete execution reference for investor impact analysis.
Key near-term items to watch include any subsequent open market sales from the same holders and whether the distributed shares increase the free float materially; check follow-up Forms 4 or issuer disclosures within 30 days for changes.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Class C Common Stock | 167,275 | $0.00 | -- |
| Other | Class C Common Stock | 124,896 | $0.00 | -- |
| Other | Class C Common Stock | 79,531 | $0.00 | -- |
| Sale | Class C Common Stock | 6,926 | $154.21 | $1.07M |
| Sale | Class C Common Stock | 8,005 | $154.21 | $1.23M |
| Sale | Class C Common Stock | 4,103 | $154.21 | $633K |
| Sale | Class C Common Stock | 153 | $154.21 | $24K |
| Sale | Class C Common Stock | 69 | $154.21 | $11K |
| holding | Class C Common Stock | -- | -- | -- |
| holding | Class C Common Stock | -- | -- | -- |
| holding | Class C Common Stock | -- | -- | -- |
| holding | Class C Common Stock | -- | -- | -- |
| holding | Class C Common Stock | -- | -- | -- |
Footnotes (1)
- SL SPV-2, L.P. ("SPV-2"), Silver Lake Partners IV, L.P. ("SLP IV"), Silver Lake Partners V DE (AIV), L.P. ("SLP V") and certain of their respective affiliates sold certain shares of Class C Common Stock, par value $0.01 per share ("Class C Common Stock") of Dell Technologies Inc. (the "Issuer") on October 6, 2025 and October 7, 2025 and initiated in-kind distributions of shares of Class C Common Stock on October 8, 2025. The receipt of shares of Class C Common Stock by each of the Reporting Persons in connection with such distributions was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. Each share of Class B Common Stock, par value $0.01 per share of the Issuer (the "Class B Common Stock") is convertible into one share of Class C Common Stock at any time, at the election of the holder or automatically upon certain transfers, and has no expiration date. On October 6, 2025 and October 7, 2025, certain of the Reporting Persons converted shares of Class B Common Stock into an equal number of shares of Class C Common Stock in connection with the sales and distributions described in footnote (1) above. These securities are directly held by SPV-2. The general partner of SPV-2 is SLTA SPV-2, L.P. ("SLTA SPV") and the general partner of SLTA SPV is SLTA SPV-2 (GP), L.L.C. ("SLTA SPV GP"). These securities are directly held by SLP IV. The general partner of SLP IV is Silver Lake Technology Associates IV, L.P. ("SLTA IV") and the general partner of SLTA IV is SLTA IV (GP), L.L.C. ("SLTA IV GP"). These securities are directly held by SLP V. The general partner of SLP V is Silver Lake Technology Associates V, L.P. ("SLTA V") and the general partner of SLTA V is SLTA V (GP), L.L.C. ("SLTA V GP"). These securities are directly held by Silver Lake Technology Investors IV, L.P. The general partner of Silver Lake Technology Investors IV, L.P. is SLTA IV and the general partner of SLTA IV is SLTA IV GP. These securities are directly held by Silver Lake Technology Investors V, L.P. The general partner of Silver Lake Technology Investors V, L.P. is SLTA V and the general partner of SLTA V is SLTA V GP. Reflects shares held by Silver Lake Group, L.L.C. ("SLG"). Shares held includes shares of Class C Common Stock received in connection with the pro rata distributions described herein on October 8, 2025. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. SLG is the managing member of SLTA SPV GP, SLTA IV GP and SLTA V GP. Egon Durban, who serves as a director of the Issuer, also serves as a Co-CEO and Managing Member of SLG. Each of the Reporting Persons may be deemed a director by deputization of the Issuer. These shares of Common Stock are held by entities in which Mr. Durban may be deemed to have an indirect pecuniary interest including shares received in connection with the distributions of shares of Class C Common Stock on October 8, 2025. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. In connection with the distributions described in footnote (1) above, pro rata distributions of certain shares were initiated to certain employees and managing members of SLG or its affiliates, including Egon Durban. This amount reflects 63,154, 78, 36,638 and 149,173 shares held by SLTA SPV, SLTA IV, SLTA V and SLG, respectively, on behalf of such individuals, including shares distributed in the October 8, 2025 distributions. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. Represents shares of Class C Common Stock held by Mr. Durban immediately following the receipt of shares in connection with the distributions of shares of Class C Common Stock on October 8, 2025. The receipt of such shares of Class C Common Stock was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. Represents shares of Class C Common Stock beneficially owned indirectly by Mr. Durban through a trust for the benefit of certain family members, including shares received in connection with the distributions of shares of Class C Common Stock on October 8, 2025. The receipt of such shares of Class C Common Stock indirectly by Mr. Durban was exempt from reporting pursuant to Rule 16a-13 of the Exchange Act. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $154.0005 to $154.65 per share, inclusive. The Reporting Persons undertake to provide to the Issuer, any security holder of the Issuer, or the staff of the SEC, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
