PC大厂戴尔(Dell)日前宣布，该公司将因一项总金额约244亿美元的杠杆收购(leveraged buyout)交易而成为私人企业；根据该交易条款，戴尔创办人、董事长暨CEO Michael Dell，将与专门杠杆收购科技厂商的投资业者 Silver Lake Partners联手收购戴尔所有股 票。
这 项交易的买方包括由Michael Dell所出资、数量不明的现金与股 票，由 Silver Lake 旗下的投资基金所出资的现金，还有Michael Dell私人投资公司所出资的现金，以及一笔由微软(Microsoft)出借的20亿美元贷款；交易内容项目则包括戴尔现有债务以及由数家金融机构承诺 的债权融资(debt financing)的债权延展(rollover)。
Michael Dell 目前拥有约14%的戴尔普通股，在上述交易完成后，他仍将继续担任公司董事长与CEO职务。
戴尔创办人暨CEO Michael S. Dell
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根据交易条款，戴尔的股东将获得每股13.65美元的普通股收购价；戴尔表示，该价格为该公司1月11日(戴尔将私有化之传言第一次公开的日期)股价的25%溢价，或是当日前90日戴尔股 票平均收盘价的37%溢价。而戴尔股价在美国时间2月4日的收盘价为13.27美元。
戴尔成立于1980年代中期，近年来与对手惠普(HP) 竞逐全球PC龙头厂地位；但根据市场研究机构 Gartner 的最新统计，在2012年第四季，戴尔落后惠普与中国的联想(Lenovo)落至PC市场第三名，全球市占率约10%。惠普与戴尔这两家美国PC大厂正面临联想、宏碁(Acer)等来自亚洲的PC同业越来越强大的竞争。
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本文授权编译自EE Times，版权所有，谢绝转载
本文下一页：通过杠杆收购私有化，会让企业陷入长时间债务危机
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• 联想夺冠无望，惠普仍执PC市场牛耳WaSesmc
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而戴尔的这桩杠杆收购案，也将成为2008年全球金融危机以来规模最大的杠杆收购交易；杠杆收购交易在过去的十年间盛行于科技产业界，包括飞思卡尔半导体(Freescale)与恩智浦半导体(NXP)也透过该类收购私有化，但也让这些公司背负至今无法摆脱的债务。Silver Lake 也参与了恩智浦的杠杆收购，当初该收购案金额规模约80亿美元。
“我相信这项交易将为戴尔、我们的客户以及公司团队成员开启崭新章节；”Michael Dell表示：“我们能为股东带来立即的价值，同时将以私有企业的形式继续执行长期性的策略，聚焦于提供客户最高等级的解决方案。”
Michael Dell表示，戴尔在过去四年来已经在策略执行上取得稳固的进展，但他也指出，要实现公司的策略需要花更多的时间、投资与耐心：“藉由与Silver Lake在共同愿景上的合作，我相信我们的努力会有更好成果；我将致力于此一新旅程，而且也投入了自己的大量资本，与Silver Lake共同分担风险。”
戴尔表示，该公司董事会已经同意了成立一个独立董事特别委员会的建议，而该公司也无异议通过这项杠杆收购交易。此外戴尔也表示，其创办人暨董事长Michael Dell已回避参与所有关于该收购案的董事会讨论。
这项交易的完成还有数个条件，包括股东的投票；戴尔指出，Michael Dell是在2012年8月首次与公司董事会针对该项交易进行接触。
本文授权编译自EE Times，版权所有，谢绝转载
编译：Judith Cheng
参考英文原文：Dell going private in $24 billion deal，by Dylan McGrath
相关阅读：
• 遭超极本拒绝，第三方DRAM模组生产商营收仍将下挫
• 2012年中国PC产业仍实现正增长
• 联想夺冠无望，惠普仍执PC市场牛耳WaSesmc
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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.
责编：Quentin
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