Dell shareholders announced on Thursday that they have approved a buyout proposal by founder Michael Dell for $24.9 billion. The proposal has been a long drawn out attempt by Michael Dell and private equity firm Silver Lake to convince shareholders to take the company private.

The shareholders voted during a special meeting in Round Rock, Texas and an initial tally shows 65% in favor of the buyout. The final buyout price is $13.75 per share, and includes a 13 cent per share special dividend, for a grand total of $24.9 billion. Tech blog AllThingsD reports that the deal also guarantees an eight cent per share quarterly dividend, which will be during the next reports earning in November.

CEO and Founder Michael Dell stated that he would begin a long-term plan to expand the company into new areas including cloud computing and security services. The plan for the buyout was announced in February but was opposed by Southeastern Asset Management and investor Carl Icahn. Icahn attempted to stop the deal claiming that the proposal by Michael Dell was undervalued and would prevent current investors from benefiting from any future turnaround.

Although Icahn even attempted to sue Dell shareholders preventing them from voting in favor for the buyout, the court denied his request. The deal will be completed in November and Michael Dell will own 75% of the company after the merger.