Dell is inching closer to a $24 billion deal that would take the company private.

Citing “people familiar with the matter,” Reuters reported that the PC maker will sell itself to a buyout consortium led by CEO and cofounder, Michael Dell, who is expected to take a majority ownership. Dell will use $15 billion in debt financing to reclaim the company from Barclays, Merrill Lynch, Credit Suisse, Bank of America, and RBC Capital.

According to reports in Reuters and the Wall Street Journal, negotiations are underway to take Dell private at $13 or $14 a share. Dell shares were up 2.5 percent at $13.57 in afternoon trading.

Private equity firm Silver Lake Partners and Microsoft are rumored to take a minority stake in the company. The Wall Street Journal reported that Microsoft plans to contribute up to $2 billion, but with strings attached that could delay negotiations. Microsoft reportedly wants a say in Dell’s business.

With a decision to go private, Dell would be following in the footsteps of Quest Software, a company it acquired in March 2012. With this buy-up, Dell diversified its product offerings beyond personal computers, a shrinking market. Going private would give Dell the freedom to expand into other technology services without having to answer to shareholders.

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