Blackstone abandons Dell bid

Suzie Neuwirth

Investment firm Blackstone Group has dropped its plans to acquire Dell due to concerns about the PC maker’s profitability.

The firm had undergone weeks of due diligence to assess the potential $25bn deal, but has withdrawn citing a 14 per cent drop in industry PC sales in the first quarter of 2013.

Dell’s operating income fell from $3.7bn to $3bn this year.