全球私人股本交易額升至2007年以來最高水平

Record sums of unspent capital, cheap debt and highly favourable borrowing terms have pushed the value of global private equity transactions to $212bn, its highest level since the boom years of a decade ago.

創(chuàng)紀(jì)錄的未使用資本、低成本債務(wù)加上非常有利的借款條款，推動全球私人股本交易金額達(dá)到2120億美元，為10年前繁榮年代以來的最高水平。

Buyout values surged nearly 25 per cent in the first nine months of the year, representing just under one-tenth of total M&A dealmaking, according to data from Thomson Reuters, with activity in the US and Europe at its strongest since 2007 when it reached $526bn in the same period.

湯森路透(Thomson Reuters)的數(shù)據(jù)顯示，今年前3個(gè)季度的并購交易金額激增近25%，美國和歐洲的并購活動達(dá)到自2007年同期達(dá)5260億美元以來的最強(qiáng)水平。

Worldwide M&A activity totalled $2.4tn during the year-to-date 2017, up 2 per cent compared with the same period last year.

今年迄今，世界范圍的并購活動總金額達(dá)到2.4萬億美元，較去年同期升高了2%。

The latest figures include some of the private equity industry’s biggest deals since the financial crisis, including an $18bn deal for Toshiba’s memory chip unit by a Bain Capital-led consortium, a planned $6.5bn takeover of US office supply retailer Staples by Sycamore Partners and the $5.3bn buyout of Scandinavian payments processor Nets A/S by Hellman & Friedman.

最新數(shù)據(jù)包括了自金融危機(jī)以來私人股本行業(yè)一些最大的交易，比如由貝恩資本(Bain Capital)領(lǐng)銜的一家財(cái)團(tuán)以180億美元收購東芝(Toshiba)的存儲芯片業(yè)務(wù)、Sycamore Partners計(jì)劃以65億美元收購美國辦公室用品零售商史泰博(Staples)，以及赫爾曼•弗雷德曼(Hellman & Friedman)以53億美元收購斯堪的納維亞支付服務(wù)提供商N(yùn)ets A/S。

From CVC in Europe to Apollo Global Management in the US, private equity groups have rapidly raised record-sized funds backed by institutional and sovereign investors who are chasing high returns in a low-interest rate environment. Moreover, Saudi Arabia’s aggressive shift into private equity investing has prompted the creation of SoftBank’s $93bn Vision Fund and a planned $40bn infrastructure fund led by Blackstone.

從歐洲的CVC到美國的阿波羅全球管理公司(Apollo Global Management)，私人股本集團(tuán)已快速融到了規(guī)模創(chuàng)紀(jì)錄的資金，出資者為機(jī)構(gòu)和主權(quán)投資者——它們正在低利率環(huán)境里追逐高回報(bào)。此外，沙特阿拉伯雄心勃勃地切入私人股本投資領(lǐng)域，推動成立了軟銀(SoftBank)旗下930億美元規(guī)模的愿景基金(Vision Fund)，以及由黑石集團(tuán)(Blackstone)主導(dǎo)的一只計(jì)劃金額為400億美元的基礎(chǔ)設(shè)施基金。

Fuelling the boom are more relaxed debt terms and an ability to access loans more easily, which is also propelling deal activity. The rates at which private equity sponsors can raise bonds and loans has hit all-time lows, helped by a marked increase in the issuance of collateralised-loan obligations — the biggest buyers of leveraged loans.

更寬松的貸款條件和更容易獲得貸款的能力，也增加了交易活動的熱度，助推了這場繁榮。在貸款抵押債券(Collateralised Loan Obligation)發(fā)行量顯著增加的幫助下，私人股本出資人發(fā)行債券和取得貸款的利率已達(dá)到了歷史最低點(diǎn)。

In total, buyouts in Europe reached $69bn in the first nine months of 2017, representing a 60 per cent increase from the same period a year earlier. In the US, buyouts amounted to $105bn, or a 31 per cent rise. Asia-Pacific buyouts fell by nearly half to $24bn.

總體而言，2017年前3個(gè)季度，歐洲的并購交易金額達(dá)到690億美元，較去年同期增加了60%。在美國，并購交易金額達(dá)到1050億美元，同比增加31%。亞太地區(qū)并購交易金額則下降近一半，降至240億美元。

Large corporations, including Unilever, Akzo Nobel and Sanofi, are all looking to dispose of multibillion units in the coming months and are all likely targets for private equity. Multiple dealmakers told the FT that they expect to see a $10bn — or greater — private equity deal targeting a publicly traded company before the end of the year.

包括聯(lián)合利華(Unilever)、阿克蘇諾貝爾(Akzo Nobel)和賽諾菲(Sanofi)在內(nèi)，大型企業(yè)都尋求在未來幾個(gè)月內(nèi)賣掉數(shù)十億美元的旗下部門，都可能成為私人股本公司的目標(biāo)。多家交易撮合機(jī)構(gòu)告訴英國《金融時(shí)報(bào)》，它們預(yù)計(jì)在今年年底前，將發(fā)生一宗規(guī)模為100億美元或更高的私人股本公司收購一家大型上市公司的交易。