Dell buys Quest Software for $2.4 billion

Dell has agreed to buy Quest Software, a company that makes management tools for corporate IT departments.

The $2.4 billion cash deal has been widely expected for several weeks. Quest announced in mid-June that it had received an offer from an unnamed company; Dell's name soon emerged as the likely buyer. Dell will buy each share of Quest for $28 a share, 17% above the closing price before Quest initially announced Dell's offer.