PC大廠戴爾(Dell)日前宣布，該公司將因一項總金額約244億美元的杠桿收購(leveraged buyout)交易而成為私人企業(yè)；根據該交易條款，戴爾創(chuàng)辦人、董事長暨CEO Michael Dell，將與專門杠桿收購科技廠商的投資業(yè)者 Silver Lake Partners聯(lián)手收購戴爾所有股 票。 這 項交易的買方包括由Michael Dell所出資、數量不明的現(xiàn)金與股 票，由 Silver Lake 旗下的投資基金所出資的現(xiàn)金，還有Michael Dell私人投資公司所出資的現(xiàn)金，以及一筆由微軟(Microsoft)出借的20億美元貸款；交易內容項目則包括戴爾現(xiàn)有債務以及由數家金融機構承諾 的債權融資(debt financing)的債權延展(rollover)。 Michael Dell 目前擁有約14%的戴爾普通股，在上述交易完成后，他仍將繼續(xù)擔任公司董事長與CEO職務。

戴爾創(chuàng)辦人暨CEO Michael S. Dell
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根據交易條款，戴爾的股東將獲得每股13.65美元的普通股收購價；戴爾表示，該價格為該公司1月11日(戴爾將私有化之傳言第一次公開的日期)股價的25%溢價，或是當日前90日戴爾股 票平均收盤價的37%溢價。而戴爾股價在美國時間2月4日的收盤價為13.27美元。 戴爾成立于1980年代中期，近年來與對手惠普(HP) 競逐全球PC龍頭廠地位；但根據市場研究機構 Gartner 的最新統(tǒng)計，在2012年第四季，戴爾落后惠普與中國的聯(lián)想(Lenovo)落至PC市場第三名，全球市占率約10%。惠普與戴爾這兩家美國PC大廠正面臨聯(lián)想、宏碁(Acer)等來自亞洲的PC同業(yè)越來越強大的競爭。

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本文授權編譯自EE Times，版權所有，謝絕轉載 本文下一頁：通過杠桿收購私有化，會讓企業(yè)陷入長時間債務危機

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• 遭超極本拒絕，第三方DRAM模組生產商營收仍將下挫
• 2012年中國PC產業(yè)仍實現(xiàn)正增長
• 聯(lián)想奪冠無望，惠普仍執(zhí)PC市場牛耳77yesmc

{pagination} 而戴爾的這樁杠桿收購案，也將成為2008年全球金融危機以來規(guī)模最大的杠桿收購交易；杠桿收購交易在過去的十年間盛行于科技產業(yè)界，包括飛思卡爾半導體(Freescale)與恩智浦半導體(NXP)也透過該類收購私有化，但也讓這些公司背負至今無法擺脫的債務。Silver Lake 也參與了恩智浦的杠桿收購，當初該收購案金額規(guī)模約80億美元。 “我相信這項交易將為戴爾、我們的客戶以及公司團隊成員開啟嶄新章節(jié)；”Michael Dell表示：“我們能為股東帶來立即的價值，同時將以私有企業(yè)的形式繼續(xù)執(zhí)行長期性的策略，聚焦于提供客戶最高等級的解決方案。” Michael Dell表示，戴爾在過去四年來已經在策略執(zhí)行上取得穩(wěn)固的進展，但他也指出，要實現(xiàn)公司的策略需要花更多的時間、投資與耐心：“藉由與Silver Lake在共同愿景上的合作，我相信我們的努力會有更好成果；我將致力于此一新旅程，而且也投入了自己的大量資本，與Silver Lake共同分擔風險?！? 戴爾表示，該公司董事會已經同意了成立一個獨立董事特別委員會的建議，而該公司也無異議通過這項杠桿收購交易。此外戴爾也表示，其創(chuàng)辦人暨董事長Michael Dell已回避參與所有關于該收購案的董事會討論。 這項交易的完成還有數個條件，包括股東的投票；戴爾指出，Michael Dell是在2012年8月首次與公司董事會針對該項交易進行接觸。 本文授權編譯自EE Times，版權所有，謝絕轉載 編譯：Judith Cheng 參考英文原文：Dell going private in $24 billion deal，by Dylan McGrath

相關閱讀：
• 遭超極本拒絕，第三方DRAM模組生產商營收仍將下挫
• 2012年中國PC產業(yè)仍實現(xiàn)正增長
• 聯(lián)想奪冠無望，惠普仍執(zhí)PC市場牛耳77yesmc

{pagination} Dell going private in $24 billion deal Dylan McGrath Leveraged buyout includes investment from founder Michael Deal, Silver Lake Partners and a $2 billion loan from Microsoft. SAN FRANCISCO--PC maker Dell Inc. will become a private company under a leveraged buyout deal worth about $24.4 billion, the company said Tuesday (Feb. 5). Under the terms of the deal, Michael Dell, the company’s chairman and CEO, will acquire Dell in partnership with Silver Lake Partners, a leveraged buyout specialty firm focused on high-tech. The deal includes an unspecified amount of cash and equity contributed by Michael Dell, cash funded by investment funds affiliated with Silver Lake, a cash investment from an investment firm owned by Michael Dell and a $2 billion loan from Microsoft. Terms of the deal also include rollover of existing debt and debt financing committed by several financial institutions. A breakout of how much Michael Dell and Silver Lake are each investing was not immediately available. Michael Dell already owns roughly 14 percent of Dell’s common shares. He will continue to lead the company as chairman and CEO after the completion of the deal, Dell said. Michael S. Dell Dell stockholders will receive $13.65 in cash for each share of Dell common stock under the terms of the deal. According to Dell, the price represents a premium of 25 percent over Dell’s closing stock price on Jan. 11, the last trading day before rumors that the company would go private were first published. The price also represents a 37 percent premium over Dell’s average closing price during the 90 days prior to Jan. 11, Dell said. Dell’s stock price closed at $13.27 Monday. Dell, founded in the mid-1980s, has in recent years battled rival Hewlett-Packard Co. for leadership in global PC sales.But in the fourth quarter of 2012, Dell trailed both HP and China’s Lenovo Group Ltd. with a PC market share of about 10 percent, according to Gartner Inc. Both HP and deal are facing increased competition from the likes of Lenovo, Acer and other OEMs based in Asia. Largest leveraged buyout since financial crisis The leveraged buyout of Dell would reportedly be the largest such deal since the global financial crisis that began in 2008. Leveraged buyout deals were in vogue in high tech in the middle of the last decade, when chip vendors Freescale Semiconductor and NXP Semiconductors were each taken private. Those deals saddled the companies with debt that they are still struggling with today. Silver Lake was involved in the NXP buyout deal, which was worth about $8 billion. "I believe this transaction will open an exciting new chapter for Dell, our customers and team members," said Michael Dell. "We can deliver immediate value to stockholders, while we continue the execution of our long-term strategy and focus on delivering best-in-class solutions to our customers as a private enterprise." Michael Dell said the company has made solid progress executing on its strategy over the past four years, but said the realization of the company’s strategy will take more time, investment and patience. "I believe our efforts will be better supported by partnering with Silver Lake in our shared vision," Michael Dell said. "I am committed to this journey and I have put a substantial amount of my own capital at risk together with Silver Lake." Dell said its board of directors agreed on the recommendation of a special committee of independent directors, which the company said unanimously approved the deal. Michael Dell, the company’s founder and chairman of its board of directors, recused himself from all board discussions over the deal, according to Dell. Closing of the deal is subject to a number of conditions, including a stockholder vote, Dell said. Michael Dell first approached the board of directors about the deal last August, Dell said.