Why Microsoft 'loaned' Dell $2 billion

There weren't too many surprises in Dell Inc.'s announcement that it has agreed to be taken private for $24.4 billion. Except for one: Microsoft's $2 billion investment will come as a loan, instead of as equity.

A source familiar with the situation tells me that the software giant was worried about other customers thinking that Microsoft had incentive to value one over another, so it chose not to take an equity position.

That said, Microsoft also realizes that it may have created a slippery slope. For example, what if another customer requests involvement in a take-private or other sort of financing event? If Microsoft declines, then is clearly would seem to be valuing one customer (Dell) over another.

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