Form 4: Silver Lake Entities and Director Egon Durban Report Significant Dell Technologies Stock Sales and Distributions

Silver Lake investment entities and director Egon Durban reported the sale of Dell Technologies Class C Common Stock totaling over 600,000 shares and subsequent in-kind distributions of additional shares in late June 2025.

Summary

• SL SPV-2, L.P., Silver Lake Partners IV, L.P., and Silver Lake Partners V DE (AIV), L.P., along with certain affiliates, sold a total of 625,090 shares of Dell Technologies Class C Common Stock on June 26, 2025.
• These sales occurred at weighted average prices of $125.98 per share for 248,329 shares and $126.34 per share for 376,062 shares.
• On June 26, 2025, various Silver Lake entities converted a total of 850,406 shares of Class B Common Stock into an equal number of Class C Common Stock shares in connection with the sales and distributions.
• On June 30, 2025, in-kind distributions of Class C Common Stock were initiated by SL SPV-2, L.P. (99,391 shares), Silver Lake Partners IV, L.P. (78,208 shares), and Silver Lake Partners V DE (AIV), L.P. (47,807 shares).
• Following these transactions, Egon Durban directly holds 960,050 shares of Class C Common Stock and indirectly holds an additional 41,212 shares through a family trust and other entities.
• Silver Lake Group, L.L.C. holds 1,455 shares indirectly, and an additional 90,746 shares are held on behalf of certain employees and managing members of SLG or its affiliates, including Egon Durban, as part of pro rata distributions.

Sentiment

Score: 5

Explanation: The transactions represent portfolio management by a major investor, including sales and in-kind distributions, which are typical and not inherently positive or negative for the company's operational performance. The sales occurred at favorable prices.

Positives

• The sales of Class C Common Stock were executed at strong weighted average prices of $125.98 and $126.34 per share, indicating favorable market conditions for the disposition of shares.

Negatives

• Significant sales by a major institutional investor and director, totaling over 600,000 shares, could be perceived by some investors as a reduction in conviction, although these are often part of a fund's lifecycle management.

Future Outlook

The document does not contain any forward-looking statements or guidance regarding Dell Technologies' future performance or strategic direction.

Industry Context

This Form 4 filing reflects routine portfolio management activities by Silver Lake, a prominent technology-focused private equity firm, and its affiliated entities. Such transactions are common for large institutional investors as they manage their holdings and realize returns from investments in publicly traded companies like Dell Technologies.

Related Party Transactions

• Pro rata distributions of Class C Common Stock were initiated to certain employees and managing members of Silver Lake Group, L.L.C. or its affiliates, including Egon Durban, as detailed in footnote (10).

Stakeholder Impact

• Shareholders: The significant sales by a major investor could lead to short-term price volatility, but the distributions also indicate a return of value to the fund's limited partners and employees.
• Employees: Certain employees and managing members of Silver Lake Group, L.L.C. received shares of Class C Common Stock as part of the pro rata distributions.

Key Dates

Recommendation

Keywords

Dell Technologies, DELL, Silver Lake, Egon Durban, SEC Form 4, Insider Trading, Stock Sales, Share Distribution, Class C Common Stock, Class B Common Stock, Private Equity, Technology Investment