Dell Inc. (NASDAQ:DELL) has made its buyout plan official by entering into an agreement with company founder, chairman and CEO Michael Dell and Silver Lake, a technology investment firm. Early details of the deal were announced late last week, although the company has now released a statement detailing the deal on its website.

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Shareholders of Dell Inc. (NASDAQ:DELL) will receive $13.65 in cash for each share, which values the company at around $24.4 billion. That price is a 25 percent premium from the stock’s closing price of $10.88 on Jan. 11. That was the last trading day before the initial reports that the company could be bought out and go private. Today shares of Dell are up almost 1 percent, but they are still trading just shy of the $13.65 per share price.

Under the agreement, CEO and Silver Lake will take the company private if a few conditions are met. The unaffiliated stockholders must vote on whether Dell will go private.

“I believe this transaction will open an exciting new chapter for Dell Inc. (NASDAQ:DELL), our customers and team members,” Dell said in the company’s statement. “We can deliver immediate value to stockholders, while we continue the execution of our long-term strategy and focus on delivering best-in-class solutions to our customers as a private enterprise.”

The agreement also requires a “go-shop” period in which Dell’s Special Committee will seek offers from other parties and potentially enter into negotiates with them. The initial period is 45 days, during which interested parties may submit offers. After those 45 days are up, negotiations with interested parties may begin. Competing bidders would be subject to termination fees.