2013年，戴爾科技（Dell Technologies）通過240億美元的杠桿收購?fù)瓿闪怂接谢?，牽頭人是公司創(chuàng)始人邁克爾·戴爾和私募股權(quán)公司銀湖（Silver Lake Partners）。當(dāng)時(shí)戴爾在致員工的信中寫道：“公司正在順利轉(zhuǎn)型，但我們意識到這需要更多時(shí)間、投資和耐心?！痹诖饲暗奈迥陼r(shí)間里，戴爾的股價(jià)下跌了31%，原因是個(gè)人電腦銷售滑坡，移動計(jì)算革命以及初露鋒芒的云計(jì)算都在蠶食其銷售額和利潤。

7月2日，戴爾宣布，離開股市五年后公司已基本實(shí)現(xiàn)復(fù)蘇，而且有可能再次上市。不過，戴爾正在策劃一次復(fù)雜的回歸，這次不完全是首發(fā)上市（IPO），而且高度依賴于戴爾2017年收購的EMC及其軟件附屬VMWare。

不通過IPO戴爾怎樣上市？

兩年前斥資670億美元收購EMC時(shí)，戴爾還從后者手中買下了VMWare約八成控股權(quán)。剩余的VMWare股份已經(jīng)上市，證券代碼為“VMW”。這次收購讓戴爾背上了沉重的債務(wù)負(fù)擔(dān)，因此它決定向EMC股東支付一部分現(xiàn)金，另一部分則是至少在紙面上代表WMWare控股權(quán)的新追蹤股票。這些追蹤股份的代碼是“DVMT”，由于基本實(shí)現(xiàn)了這個(gè)目標(biāo)，它們的走勢一直和WMWare自身的股票緊密相關(guān)?，F(xiàn)在戴爾提議用現(xiàn)金加新發(fā)行的戴爾C類股票來全面收購這些追蹤股份。這些C類股票將在紐約證交所上市，從而使戴爾再次成為上市公司。

持有VMWare追蹤股票的股東會拿到多少錢？

他們可以選擇用1股追蹤股票來換109美元現(xiàn)金或1.3665股的戴爾C股。6月29日，該追蹤股票收于84.58美元。也就是說，戴爾提出的現(xiàn)金收購方案溢價(jià)29%，換股則溢價(jià)一倍以上。如果選擇戴爾C股，其價(jià)值將取決于這些股票上市后的價(jià)格。

也就是說股市上又會有戴爾的股票了，那這為什么不是IPO呢？

IPO不光是一家公司把股票放到公開市場上交易。所謂的“發(fā)行”是通過向公眾出售股份來融資，其目的是讓原先的投資者套現(xiàn)或充實(shí)公司資金。戴爾既沒有出售任何新股，也沒有籌集資金，它只是把一種股票換成了另外一種。同樣的，Spotify今年4月的上市也不符合IPO的定義，因?yàn)镾potify只是讓現(xiàn)有股東通過證交所來買賣它的股份，這家音樂流媒體龍頭并未發(fā)售任何新股，也沒有進(jìn)行融資。

新C股股東對戴爾有多少所有權(quán)？

戴爾表示，換股后上述追蹤股票股東將持有該公司21%-31%的股份，具體數(shù)字要看有多少人選擇現(xiàn)金，有多少人選擇換股（這些追蹤股票的價(jià)值約為220億美元，而戴爾只準(zhǔn)備了90億美元收購現(xiàn)金，所以并不是所有人都能選擇現(xiàn)金）。但邁克爾·戴爾及其私募伙伴仍將全面控制戴爾，因?yàn)樗麄兯止善钡耐镀睓?quán)大于這些新C股。

戴爾最近表現(xiàn)如何？

戴爾現(xiàn)在可能要上市的原因之一就是目前它的情況遠(yuǎn)好于私有化時(shí)期。在最近的一個(gè)完整季度中，該公司收入上升了19%，達(dá)到214億美元；凈虧損5億美元，減少了55%；息稅折舊攤銷前利潤增長了33%，升至24億美元。（財(cái)富中文網(wǎng)）

譯者：Charlie

審校: 夏林

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Back in 2013, Dell Technologies went private in a $24 billion leveraged buyout led by founder Michael Dell and private equity firm Silver Lake Partners. “Dell’s transformation is well under way, but we recognize it will still take more time, investment and patience,” he wrote to his employees at the time. Over the prior five years, the company’s stock price had fallen 31%, as slipping personal computer sales, the mobile computing revolution, and the beginning of the cloud computing revolution all ate into sales and profits.

On July 2nd, the company announced that after spending the next five years off the stock market, the recovery was largely in hand and it would go public once again. Dell is plotting a complex return, however, that’s not quite an initial public offering and leans heavily on its 2017 acquisition of EMC and its software unit, VMWare.

How will Dell go public without an IPO?

When Dell acquired EMC for $67 billion two years ago, it also acquired EMC’s roughly 80% controlling stake in VMware. The remaining ownership of VMWare was already publicly traded under the symbol “VMW.” Carrying a massive debt burden from the acquisition, Dell decided to pay EMC shareholders partly in cash and partly with a new tracking stock that—at least on paper—represented the controlling stake in VMWare. The tracking stock, under the symbol “DVMT,” largely met that goal and has traded in close correlation with VMware’s own stock. Now Dell is proposing to buy out owners of the tracking stock with a combination of cash and a newly issued “C” class of stock in Dell itself. That new stock will trade on the New York Stock Exchange, making Dell again a public company.

How much will owners of Dell’s VMWare tracking stock get paid?

Owners can choose to take $109 in cash or 1.3665 shares of the new Dell “C” class of stock. The tracking stock closed at $84.58 on June 29, so the offer represents a 29% premium for the cash option and more than double what the tracking stock was worth when Dell first handed it out. The value for those who choose the almost 1.4 shares of Dell “C” stock will depend on the price of those shares once trading begins.

So if Dell will again have a publicly traded stock, why isn’t this an IPO?

An IPO, or initial public offering, is more that just a company listing its stock for public trading. The “offering” is the sale of shares to the public to raise money and either pay off prior investors or bolster the company’s coffers. Dell isn’t selling any new shares or raising any money—it’s just exchanging one kind of stock for another. Likewise, Spotify’s deal to publicly list its stock in April didn’t qualify as an IPO, because the company just let existing shareholders start trading their stock on an exchange. The music streaming leader didn’t sell any new shares or raise any money.

How much of Dell will holders of the new “C” class of stock own?

Dell says holders of the tracking stock will end up owning 21% to 31% of the company after the exchange, depending on how many people choose cash or stock (only $9 billion in cash will be available to pay off about $22 billion worth of tracking stock, so not everyone can take the cash option). Michael Dell and his private equity partners will retain substantial control of the company, however, because the class of stock they own has greater voting rights than the new class “C” shares.

How has Dell been doing lately?

Part of the reason Dell may be going public now is that the company is doing much better than when it went private. Revenue in its most recently completed quarter rose 19% to $21.4 billion while the company’s net loss fell by 55% to $500 million. Adjusted earnings before interest, taxes, depreciation, and amortization rose 33% to $2.4 billion.