在2006年買下恩智浦半導(dǎo)體(NXP Semiconductors) 80.1%股份的私募股權(quán)業(yè)者Kohlberg Kravis Roberts (KKR) 與 Bain Capital Partners，近日出售了手中所有的NXP持股，也終止了對(duì)這家半導(dǎo)體業(yè)者的控制權(quán)；當(dāng)時(shí)私募股權(quán)業(yè)者接手經(jīng)營業(yè)績(jī)表現(xiàn)慘淡的NXP，將這家公司徹底整頓了一番，也讓它恢復(fù)獲利能力。 NXP 日前宣布二次發(fā)行1,737萬6,611股普通股，每股售價(jià)60.35美元，并表示這些股票是由：“若干主要股東所售出，包括Kohlberg Kravis Roberts & Co. L.P. and Bain Capital Partners, LLC所屬的合伙人與相關(guān)人士?！边@次股票發(fā)行預(yù)計(jì)在5月19日結(jié)束，依慣例成交條件；NXP將不會(huì)由此次股票發(fā)行取得任何收益。 針對(duì)這個(gè)最新宣布，NXP首席執(zhí)行官Rick Clemmer表示：“此一新信息代表私募股權(quán)業(yè)者聯(lián)盟對(duì)NXP所有權(quán)的結(jié)束；新宣布的公開發(fā)行生效之后，在2006年9月29日收購NXP的私募股權(quán)聯(lián)盟將售出所有剩余NXP持股。我們想對(duì)所有私募股權(quán)聯(lián)盟成員在這些年來對(duì)NXP的支持表達(dá)感謝之意?！? 歷史將會(huì)評(píng)斷這八年私募股權(quán)業(yè)者對(duì)NXP所帶來的長(zhǎng)期影響。確實(shí)，NXP這個(gè)與皇家飛利浦(Royal Philips)有深厚淵源的半導(dǎo)體公司，已經(jīng)不再是一家有眾多研發(fā)項(xiàng)目、橫跨不同半導(dǎo)體技術(shù)領(lǐng)域的大企業(yè)。 很多產(chǎn)業(yè)觀察家都在私募股權(quán)業(yè)者執(zhí)掌NXP時(shí)抱持懷疑的態(tài)度。Future Horizons首席執(zhí)行官M(fèi)alcolm Penn就曾表示，KKR是“突襲”了NXP，將該公司的核心與專長(zhǎng)業(yè)務(wù)剝離成更小的單位；他指出，當(dāng)私募股權(quán)業(yè)者從那些剝離出去的業(yè)務(wù)賺取利潤，規(guī)模已被削減下來的公司未來將不會(huì)有好的成長(zhǎng)性。 但也不是每個(gè)人都同意以上看法。在18個(gè)月前，Clemmer在被問到KKR對(duì)該公司的控制權(quán)時(shí)，這位曾擔(dān)任KKR資深顧問、被挑選來讓NXP轉(zhuǎn)虧為盈的首席執(zhí)行官表示：“他們讓我們的業(yè)務(wù)聚焦并再生…雖然也有像飛思卡爾(Freescale)那樣還有待觀察的案例，但仍有很多私募股權(quán)業(yè)者為半導(dǎo)體公司帶來優(yōu)勢(shì)，例如飛兆（Fairchild）與Intersil。” 在飛思卡爾仍努力收縮業(yè)務(wù)焦點(diǎn)－－包括產(chǎn)品線與市場(chǎng)領(lǐng)域－－的同時(shí)，NXP已經(jīng)采取過更大刀闊斧的業(yè)務(wù)縮減措施，該公司目前的五大產(chǎn)品線包括身分識(shí)別、汽車、便攜式/運(yùn)算、基礎(chǔ)建設(shè)/工業(yè)以及標(biāo)準(zhǔn)化產(chǎn)品。 Clemmer 一直認(rèn)為，NXP必須要找到該公司能絕對(duì)主導(dǎo)的市場(chǎng)領(lǐng)域，而不是將自己放在一個(gè)必須花費(fèi)所有力氣去追求第一的位置上；到目前為止NXP都做得很好。在 2014年第一季，NXP的總營收達(dá)到12.46億美元，較去年同期成長(zhǎng)15%、較上一季略減4%。 本文授權(quán)編譯自EE Times，版權(quán)所有，謝絕轉(zhuǎn)載 編譯：Judith Cheng 參考英文原文：Private Equities Cut Ties to NXP，by Junko Yoshida

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{pagination} Private Equities Cut Ties to NXP Junko Yoshida PARIS — Private equity funds, which bought 80.1 percent of NXP Semiconductors in the fall of 2006, are selling off their remaining NXP shares, terminating their control over the Dutch semiconductor company. The move marks the end of an era when the private fund consortium, comprising Kohlberg Kravis Roberts (KKR) and Bain Capital Partners, took over the then troubled NXP, cut the company to its bare bones, and restored profitability. NXP announced on Wednesday, May 14, the pricing of a previously announced secondary offering of 17,376,611 shares of its common stock at a price to the public of $60.35 per share. Those shares are "to be sold by certain of its principal stockholders, including affiliates of funds managed or advised by Kohlberg Kravis Roberts & Co. L.P. and Bain Capital Partners, LLC," according to NXP. The offering is expected to settle and close on May 19, 2014, subject to customary closing conditions. NXP will not receive any proceeds from the sale of shares in the offering. Commenting on the announcement Wednesday, NXP CEO Rick Clemmer said in a statement: Today's news marks the end of the ownership of NXP Semiconductors by the Private Equity Consortium. After giving effect to today's announced offering, the Private Equity Consortium that purchased NXP on September 29, 2006 will have sold all their remaining NXP shares. We would like to thank all members of the Private Equity Consortium for their support in NXP throughout the years. History will judge the long-term impact of a roughly eight-year reign over NXP by the private equity consortium. Certainly, NXP, a storied semiconductor company with deep roots in Royal Philips, is no longer a sprawling entity juggling numerous R&D projects and ruling various semiconductor market segments. Many industry observers were dubious when the private equity funds took the helm at NXP. Malcolm Penn, CEO of Future Horizons, was quoted as saying that KKR "raided NXP" to strip out "the NXP heart and crown jewels into a variety of smaller entities." His point was that, while private equity harvested spun-off divisions for bigger profit, the downsized company was left with no prospects for good growth in the future. Not everyone agreed. 18 months ago, asked about KKR's control over NXP, CEO Clemmer, once a senior advisor to KKR and handpicked by the firm to turn around NXP, said, "They've given us focus and regeneration... The jury is still out on Freescale, but there are a plenty of examples where private equity firms were beneficial to chip companies... like Fairchild or Intersil." While Freescale today is still working to narrow its focus -- in its product lines and market segments -- NXP has taken far more drastic measures. NXP today is focused on five product segments including identification, automotive, portable/computing, infrastructure/industrial, and standard products. Clemmer has always held the view that NXP must find specific areas where the company can absolutely dominate and lead, rather than putting itself in a position to spend all its energy and resources to chase No 1. NXP has so far done that and done it well. In the first quarter of 2014, NXP delivered total revenues of $1,246 million, a 15 percent increase year-on-year and a 4 percent sequential decline.