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Private Equity 收购高科技公司

Filed under: 商业,所有帖子,电信|IT行业 — Ding Feng @ 8:06 pm

最近一个多月的几起并购事件,都是 private equity firms 收购高科技公司,单独看很容易淹没在新闻海洋里,串起来看就很有意味了。

Alltel 被收购


被收购方:Alltel. 根据维基百科,Alltel (NYSE:AT) 是美国第五大移动电话运营商(Alltel is the largest regional mobile phone company in America, and the fifth largest mobile phone company overall.)

收购方:TPG Capital and GS Capital Partners (“GSCP”)

交易金额:$27.5 Billion. 275亿美元.


Avaya 被收购


被收购方:Avaya. Avaya (NYSE:AV) 是2000年从朗讯Lucent分出来的,目前是企业级VOIP市场的主要几个设备制造商之一,在这一领域和Cisco、Nortel竞争。

收购方:Silver Lake and TPG Capital(注意,又有 TPG Capital)

交易金额:$8.2 Billion. 82亿美元.


传说 ECI Telecom 可能要被收购


被收购方:ECI Telecom. ECI Telecom (NASDAQ:ECIL) 是以色列的一家电信设备商,还是比较老牌的,1961年就成立了。

收购方:Swarth Investments LLC

交易金额:估计有可能是 $1.2 billion. 12亿美元.


自己写完上面几个之后,到网上搜到” Silver Lake Partners and TPG take out Avaya “,开头就说” 这反映了private equity firms 收购高科技公司的趋势在继续 ” (The trend of private equity firms buying out high tech companies continues. ),并进而列了几个我本来没注意到的案例:

  • Acxiom Corp. (NASDAQ: ACXM), this computer and database services provider, said May 16 it’s being bought by Silver Lake and ValueAct Capital Partners LP for about $2.24 billion.
  • CDW Corp (NASDAQ: CDWC) agreed on May 30 to be acquired by Madison Dearborn Partners LLC for $7.3 billion.

而这篇文章” Private equity shifts gears to technology “也表达了类似的观点。

请注意被收购的这些公司都是上市公司,也就是说是public公司,而一旦被 private equity firms 收购,就要撤市成为私营private公司了。

哎,不过我还是不太懂:为什么会有如今这样 private equity firms 收购高科技公司的趋势呢

Update on 2007-06-26:

TPG又有动作。今天我看到金融时报( Financial Times )的新闻 ” TPG and Affinity set to bid for UTAC ” 说,TPG准备收购世界第五大芯片测试和包装公司 新加坡的UTAC.

TPG and Affinity set to bid for UTAC

By Sundeep Tucker in Hong Kong and John Burton in Kuala Lumpur

Published: June 26 2007 12:51 | Last updated: June 26 2007 12:51

Texas Pacific Group and Affinity Equity Partners are set to launch a bid for United Test and Assembly Center in a deal likely to value the Singapore-listed company at close to US$1.7bn.

People close to the situation said that an announcement was imminent. Shares in UTAC, the world’s fifth largest microchip testing and packaging company, were suspended on Monday, sparking speculation that it was on the verge of receiving a buy-out offer.

It would be the latest in a string of private equity buy-out approaches in Singapore in recent months, amid fervent mergers and acquisitions activity in the technology sector across Asia.

Update on 2007-07-03:


ECI Telecom已经确定被收购了,交易额 $1.2 billion. 新闻:ECI Announces Buyout.

加拿大最大的电信公司,加拿大贝尔 Bell Canada 被收购,成为private公司。Bell Canada 本来是上市公司(NYSE/Toronto: BCE). 交易额 US$48.8 billion. 号称是加拿大历史上最大的收购。
新闻:Bell Canada Goes Private

英国的一个电信公司 Virgin Media 据说正在和著名的投资公司 Carlyle Group 接洽,Virgin Media 本来是上市公司(NASDAQ: VMED).
新闻:Carlyle Eyes Virgin

根据这帖 Carlyle takes a look at Virgin Media,Virgin Media 这个交易如果成了,交易额可能在 $20 billion,而Virgin的市值目前只有 $8 billion. 据说去年Blackstone 和 KKR 都出价 $15 billion 跟Virgin Media谈过。

不过这帖也提出一个问题 “为什么要买Virgin Media”?

The real question about Virgin is why anyone would want to own it. The company competes with a robust telecommunications industry which includes BT (NYSE: BT) and Vodafone (NYSE: VOD). Rupert Murdoch’s British Sky Broadcasting (NYSE: BSY) delivers video services to large number of homes in the UK. Virgin hardly has an easy time competing. Murdoch’s operation is taking subscribers from the cable company, and Virgin now routinely loses money.

Why would anyone want to pay a premium for it?

顺便提一下译言的新翻译帖“私募基金究竟是什麽东东?” ,原作者: 纽约时报 What Is This Thing Called Private Equity?.


  1. 补充一个, Freescale已经在去年被Blackstone收购了,每股收购价40美金, 一共170亿美金成交。 我们已经是私人公司的职员了,呵呵。

    Comment by Xie Yu — 06/27/2007 @ 2:30 pm

  2. 今天又有PE的惊天大并购:黑石买了希尔顿。Blackstone Buys Hilton.

    Comment by Ding Feng — 07/04/2007 @ 4:16 pm

  3. 来晚了。不懂高科技,房地产方面黑石在买入Hilton之前买了EOP,EOP(应该)是全美最大的office REIT,交易金额大于其购买Hilton的交易金额。自买了Hilton之后,黑石在房地产方面的购买策略已经开始明晰出来。按照real estate portiforlio management 理论方面来讲,黑石在收购了office, hotel后应该还会大笔收购residential来提高收益分散风险。让我们等等看下面一个房地产方面的交易品种是什么。

    补充一个, Freescale已经在去年被Blackstone收购了,每股收购价40美金, 一共170亿美金成交。 我们已经是私人公司的职员了,呵呵。

    Comment by Carol — 07/21/2007 @ 3:36 am

  4. Portforlio management,汗

    Comment by Carol — 07/21/2007 @ 3:39 am

  5. 王冉的几篇博文可供参考:
    2007-10-30 “华为贝恩模式”破土而出
    2007-08-01 并购投资(Buyout)的“中国特色”
    2007-01-15 中国应该积极发展私募股权基金

    Comment by Ding Feng — 10/30/2007 @ 2:19 pm

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