The Blackstone Group has informed Dell’s Special Committee of the Board that it will not submit a definitive bid to acquire the PC maker and is withdrawing from the process.

(Reuters) – Blackstone Group LP has ended its pursuit of Dell Inc., three people familiar with the matter said on Thursday, easing the way for founder Michael Dell and his private equity partner Silver Lake to go ahead with a $24.4 billion deal to acquire the world’s No. 3 PC maker.

Silver Lake, Michael Dell‘s partner in the $24.4 billion buyout bid for Dell Inc., could receive a $180 million break-up fee if a higher accepted bid comes from a rival such as Blackstone Group LP and billionaire investor Carl Icahn, Reuters reports.

Billionaire investor Carl Icahn has agreed to limit his investment in Dell Inc and in return can team up with other shareholders on a potential bid for the personal computer maker, Dell said on Tuesday.

A spate of large transactions helped boost deal values by nearly 88% in first quarter, while the number of transactions dropped.

Some big transactions helped boost deal values in February. There were 472 U.S. announced mergers last month valued at roughly $127.9 billion, according to data from Thomson Reuters.

Yesterday, Dell announced it was being taken private in a $24.4 billion buyout from Silver Lake Partners and Michael Dell. The deal ranks as the biggest tech LBO ever.

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The potential $20 billion deal to take Dell Inc. private, which would be the largest buyout in years, should not be seen as a harbinger of more blockbuster deals, market sources said.

Stephen Schwarzman, Blackstone’s CEO, tells Bloomberg News that the buyout shop didn’t look at Dell and he doesn’t think the possible takeover of Dell will herald the return of mega-LBOs.