私募股权退出，NXP的新时代来临

在2006年买下恩智浦半导体(NXP Semiconductors) 80.1%股份的私募股权业者Kohlberg Kravis Roberts (KKR) 与 Bain Capital Partners，近日出售了手中所有的NXP持股，也终止了对这家半导体业者的控制权；当时私募股权业者接手经营业绩表现惨淡的NXP，将这家公司彻底整顿了一番，也让它恢复获利能力。 NXP 日前宣布二次发行1,737万6,611股普通股，每股售价60.35美元，并表示这些股票是由：“若干主要股东所售出，包括Kohlberg Kravis Roberts & Co. L.P. and Bain Capital Partners, LLC所属的合伙人与相关人士。”这次股票发行预计在5月19日结束，依惯例成交条件；NXP将不会由此次股票发行取得任何收益。 针对这个最新宣布，NXP首席执行官Rick Clemmer表示：“此一新信息代表私募股权业者联盟对NXP所有权的结束；新宣布的公开发行生效之后，在2006年9月29日收购NXP的私募股权联盟将售出所有剩余NXP持股。我们想对所有私募股权联盟成员在这些年来对NXP的支持表达感谢之意。” 历史将会评断这八年私募股权业者对NXP所带来的长期影响。确实，NXP这个与皇家飞利浦(Royal Philips)有深厚渊源的半导体公司，已经不再是一家有众多研发项目、横跨不同半导体技术领域的大企业。 很多产业观察家都在私募股权业者执掌NXP时抱持怀疑的态度。Future Horizons首席执行官Malcolm Penn就曾表示，KKR是“突袭”了NXP，将该公司的核心与专长业务剥离成更小的单位；他指出，当私募股权业者从那些剥离出去的业务赚取利润，规模已被削减下来的公司未来将不会有好的成长性。 但也不是每个人都同意以上看法。在18个月前，Clemmer在被问到KKR对该公司的控制权时，这位曾担任KKR资深顾问、被挑选来让NXP转亏为盈的首席执行官表示：“他们让我们的业务聚焦并再生…虽然也有像飞思卡尔(Freescale)那样还有待观察的案例，但仍有很多私募股权业者为半导体公司带来优势，例如飞兆（Fairchild）与Intersil。” 在飞思卡尔仍努力收缩业务焦点－－包括产品线与市场领域－－的同时，NXP已经采取过更大刀阔斧的业务缩减措施，该公司目前的五大产品线包括身分识别、汽车、便携式/运算、基础建设/工业以及标准化产品。 Clemmer 一直认为，NXP必须要找到该公司能绝对主导的市场领域，而不是将自己放在一个必须花费所有力气去追求第一的位置上；到目前为止NXP都做得很好。在 2014年第一季，NXP的总营收达到12.46亿美元，较去年同期成长15%、较上一季略减4%。 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：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.