微軟為什么白借錢給戴爾私有化
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????戴爾公司（Dell Inc.）宣布，公司接受以244億美元進行私有化。這個結果并不出人意料，但微軟（Microsoft）決定為戴爾提供20億美元貸款，而不是獲得該公司股權，這就有些匪夷所思了。 ????知情人士透露，這家軟件巨頭擔心，其他制造商可能會認為，微軟偏袒戴爾，因此公司才沒有選擇獲取戴爾公司的股權。 ????此外，微軟也意識到公司此舉可能會造成一種連鎖效應。例如，如果其他設備制造商也要求微軟參與其私有化或其他融資活動，公司該如何應對？如果微軟拒絕，其他制造商肯定會認為微軟確實在偏袒戴爾。 ????看來，微軟認為，雖然未來可以聽聽其他公司的請求，但是幫助戴爾生存下來，并取得成功，值得冒險嘗試。此外，戴爾對于微軟、乃至整個個人電腦市場都異常重要。戴爾僅次于惠普（Hewlett-Packard）和聯想（Lenovo），是世界第三大個人電腦制造商。 ????微軟在關于這筆投資的一份簡短聲明中說： ????“微軟已經為計劃私有化戴爾的財團提供了20億美元貸款。微軟致力于整個PC生態系統的長期成功，將通過各種方式大力投資建設未來的生態系統。我們處在一個常變常新的行業。我們將一如既往地尋求各種機會，來支持致力于在微軟平臺上進行創新和發展業務的合作伙伴。” ????需要注意的是，這次牽頭收購戴爾的私募股權公司銀湖投資集團（Silver Lake Partners）已經不是第一次與微軟的合作了。2011年，銀湖曾以85億美元將Skype出售給微軟。據稱，雙方的關系對于微軟參與戴爾私有化交易起到了重要作用，但并非根本原因。 ????譯者：劉進龍/汪皓 |
????There weren't too many surprises in Dell Inc.'s announcement that it has agreed to be taken private for $24.4 billion. Except for one: Microsoft's $2 billion investment will come as a loan, instead of as equity. ????A source familiar with the situation tells me that the software giant was worried about other customers thinking that Microsoft (MSFT) had incentive to value one over another, so it chose not to take an equity position. ????That said, Microsoft also realizes that it may have created a slippery slope. For example, what if another customer requests involvement in a take-private or other sort of financing event? If Microsoft declines, then is clearly would seem to be valuing one customer (Dell) over another. ????Seems Microsoft decided that helping Dell (DELL) survive and prosper was worth that latter risk, although it is expected to at least listen to any future requests. Moreover, Dell is unusual in its importance to Microsoft and the broader PC market -- with only Hewlett-Packard (HPQ) and Lenovo selling more personal computers. ????In a brief statement about its investment, Microsoft said the following: ????"Microsoft has provided a $2 billion loan to the group that has proposed to take Dell private. Microsoft is committed to the long term success of the entire PC ecosystem and invests heavily in a variety of ways to build that ecosystem for the future. We're in an industry that is constantly evolving. As always, we will continue to look for opportunities to support partners who are committed to innovating and driving business for their devices and services built on the Microsoft platform." ????It also is worth noting that this isn't the first time Microsoft has worked with Silver Lake Partners, the private equity firm leading Dell's acquisition. In 2011, Silver Lake sold Skype to Microsoftfor $8.5 billion. I'm told the existing relationship was valuable to Microsoft's participation in the Dell transaction, but was not its genesis. |
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