Silver Lake Entities & Director Egon Durban Sell $29.4M of Dell Technologies ($DELL)

Executive Summary

On October 14, 2026, Silver Lake Group, L.L.C. and affiliated entities, together with Egon Durban (CEO/Managing Member of Silver Lake and Director of Dell Technologies Inc.), filed a Form 4 detailing substantial open-market sales of Dell Technologies Inc. ($DELL) Class C Common Stock executed on October 9, 2026.

In total, the reporting persons disposed of 50,454 shares of Class C Common Stock across multiple price tranches ranging from $572.62 to $589.83, realizing gross proceeds of approximately $29.39 million at a volume-weighted average price of ~$582.45 per share.

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Transaction Breakdown

1. Derivative Conversion (Code M):

   • Silver Lake Partners IV, L.P. exercised/converted 67,641 shares of Class B Common Stock into Class C Common Stock on a 1:1 basis at $0 exercise price prior to sales and distributions.

2. Open Market Sales (Code S):

   • Silver Lake Partners IV, L.P. (Indirect): Sold 48,654 shares across 17 weighted-average blocks, generating $28,331,436.25 in gross proceeds.
   • Egon Durban (Direct): Sold 1,800 shares at a weighted average price of $586.40, generating $1,055,520.00.
   • Aggregate Disposals: 50,454 shares for $29,386,956.25.

3. In-Kind Distribution (Code J):

   • Silver Lake Partners IV, L.P. also initiated an in-kind distribution of 19,761 shares to its partners/affiliates exempt under Rule 16a-13.

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Post-Transaction Holdings

• Silver Lake Partners IV, L.P.: Indirectly retains 18,986 shares of Class C Common Stock and 16,245,713 shares of Class B Common Stock.
• Egon Durban (Direct): Holds 1,404,569 shares of Class C Common Stock directly post-transaction.
• Other Affiliated Vehicles: Silver Lake entities collectively maintain over 24.9 million shares of convertible Class B stock, continuing to hold major structural control and equity exposure in Dell Technologies.

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Market & Governance Significance

• Trading Significance: High, driven by the $29.4M volume and involvement of a lead board member and long-standing private equity backer.
• Contextual View: Silver Lake periodically converts Class B shares and executes program distributions and open market sales. While a substantial dollar figure, the disposal represents a small fraction of Silver Lake's collective multi-billion-dollar holding across Dell Technologies.