Form 4: Silver Lake Reduces Dell Technologies Stake

Silver Lake entities and director Egon Durban reported significant sales and distributions of Dell Technologies Class C Common Stock.

Summary

• Silver Lake entities, including SL SPV-2, L.P., Silver Lake Partners IV, L.P., Silver Lake Partners V DE (AIV), L.P., Silver Lake Technology Investors IV, L.P., and Silver Lake Technology Investors V, L.P., along with director Egon Durban, reported transactions involving Dell Technologies Inc. Class C Common Stock.
• On October 8, 2025, these entities converted a total of 684,949 shares of Class B Common Stock into Class C Common Stock to facilitate subsequent sales and distributions.
• A total of 500,999 shares of Class C Common Stock were sold on October 8, 2025, at weighted average prices ranging from $161.15 to $164.53 per share.
• On October 10, 2025, in-kind distributions of 184,949 shares of Class C Common Stock were initiated by SL SPV-2, L.P., Silver Lake Partners IV, L.P., and Silver Lake Partners V DE (AIV), L.P.
• Following these transactions, Egon Durban holds 1,184,092 shares directly and 46,985 shares indirectly through a family trust, in addition to other indirect holdings through Silver Lake entities.
• The transactions were made pursuant to a contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Sentiment

Score: 4

Explanation: The sentiment is moderately negative due to significant insider selling and distributions by a major institutional investor and director, even if pre-planned, as it represents a reduction in their ownership stake.

Negatives

• Silver Lake entities and director Egon Durban collectively sold 500,999 shares of Class C Common Stock.
• An additional 184,949 shares of Class C Common Stock were distributed in-kind by Silver Lake entities, further reducing their direct holdings.

Future Outlook

N/A

Industry Context

N/A

Related Party Transactions

• Transactions involve various Silver Lake entities and Egon Durban, who serves as a director of Dell Technologies Inc. and Co-CEO/Managing Member of Silver Lake Group, L.L.C., highlighting related party dealings in the form of share sales and distributions.

Stakeholder Impact

• Shareholders may interpret the significant insider selling by a major investor and director as a signal regarding the company's future prospects or valuation, potentially influencing market sentiment and share price.

Next Steps

• Reporting Persons undertake to provide full information regarding the number of shares sold at each separate price within the reported ranges upon request to the Issuer, any security holder, or the SEC staff.

Key Dates

Recommendation

Significant insider selling by Silver Lake entities and director Egon Durban, representing a substantial reduction in their stake, suggests a cautious outlook. While these transactions were pre-planned under Rule 10b5-1, the divestment by a major institutional investor and board member warrants a 'hold' recommendation for existing shareholders and careful consideration for potential investors, pending further company-specific or market-wide developments.

Keywords

Dell Technologies, DELL, Silver Lake, Insider Trading, Form 4, Stock Sale, Equity Distribution, Egon Durban, Class C Common Stock, Rule 10b5-1