"Given that Dell going private is a fait accompli at this point, let’s speculate about what Michael Dell and his private-equity partners will do when the deal closes: Take the $15 billion of cash on Dell’s books and use it to pay themselves a massive dividend. This technique instantly returns cash to the private-equity firm, thus leaving them with less cash at risk. This dividend will likely cover more than the amount of cash they put up to buy the company, thus leaving them playing with house money. Use some of the rest of the $15 billion to pay down some of the debt they used to buy the company. They don’t want to completely overload Dell with debt, or they won’t be able to sell it at a huge premium later."
How Michael Dell And Silver Lake Will Cash In - Business Insider