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2021-11-29
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Buyout Boom Gains Steam in Record Year for Private Equity<blockquote>私募股权收购热潮在创纪录的一年中势头强劲</blockquote>
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So far this year, there have been five $10 billion-plus deals in the U.S., equaling the total in all of 2007, though still below the high-water mark of nine in 2006.</p><p><blockquote>Dealogic 的数据显示，今年迄今为止，私募股权公司已宣布在美国进行创纪录的 9,444 亿美元收购，是去年同期交易量的 2.5 倍，是 2007 年上一次峰值的两倍多。今年到目前为止，美国已经有5笔超过100亿美元的交易，相当于2007年全年的总数，尽管仍低于2006年9笔的高潮。</blockquote></p><p> Driving the urge to go big are the billions of dollars flowing into private-equity coffers as institutions such as pension funds seek higher returns in an era of low interest rates. Buyout firms have raised $314.8 billion in capital to invest in North America so far in 2021, pushing available cash earmarked for the region to a record $755.6 billion, according to data from Preqin.</p><p><blockquote>随着养老基金等机构在低利率时代寻求更高的回报，数十亿美元流入私募股权金库，推动了扩大规模的冲动。根据 Preqin 的数据，2021 年迄今为止，收购公司已筹集了 3,148 亿美元的资金用于北美投资，使该地区的可用现金达到创纪录的 7,556 亿美元。</blockquote></p><p> The fundraising shows no signs of abating, indicating the private-equity shopping spree will continue. Thoma Bravo LP, KKR & Co., Carlyle Group Inc. and Permira Advisers are among those raising big new funds, each with targets ranging from $15 billion and $22 billion, Preqin data show.</p><p><blockquote>筹款没有减弱的迹象，表明私募股权的购物狂潮将继续。Preqin 数据显示，Thoma Bravo LP、KKR & Co.、凯雷集团 (Carlyle Group Inc.) 和 Permira Advisers 等公司正在筹集大型新基金，每家基金的目标从 150 亿美元到 220 亿美元不等。</blockquote></p><p> As the end of the year approaches, big buyouts are coming fast and furious. A week ago , private-equity firms Bain Capital and Hellman & Friedman LLC agreed to buy healthcare-technology company Athenahealth Inc.for $17 billion including debt.A week earlier, KKR and Global Infrastructure Partners LLC said they would buy data-center operator CyrusOne Inc. for nearly $12 billion. And the week before that, Advent International Corp. and Permira signed an $11.8 billion deal for cybersecurity-software firm McAfee Corp.</p><p><blockquote>随着年底的临近，大型收购正在快速而猛烈地到来。一周前，私募股权公司贝恩资本 (Bain Capital) 和 Hellman & Friedman LLC 同意以 170 亿美元（包括债务）收购医疗保健技术公司 Athenahealth Inc.。一周前，KKR 和 Global Infrastructure Partners LLC 表示将收购数据中心运营商 CyrusOne Inc. 价值近 120 亿美元。此前一周，Advent International Corp.和Permira签署了一项价值118亿美元的网络安全软件公司McAfee Corp.的交易。</blockquote></p><p> The recent string of big LBOs followed the $30 billion-plus deal for medical-supply company Medline Industries Inc. that H&F,BlackstoneInc.and Carlyle struck in June in the largest buyout since the 2007-08 financial crisis.</p><p><blockquote>最近一系列大型杠杆收购是在医疗用品公司 Medline Industries Inc. 达成超过 300 亿美元的交易之后发生的，H&F、BlackstoneInc. 和凯雷于 6 月份达成了自 2007-08 年金融危机以来最大规模的收购。</blockquote></p><p> Many of the pre-financial crisis deals—some of which, like TXU Corp., were bigger than the current crop—struggled, leading to a decade of cautious behavior by buyout firms.</p><p><blockquote>金融危机前的许多交易——其中一些交易，如TXU公司，比当前的收购规模更大——都举步维艰，导致收购公司十年来一直谨慎行事。</blockquote></p><p> Private-equity executives say the current generation of big deals won’t suffer the same fate as TXU (renamed Energy Future Holdings Corp.), whichfiled for chapter 11 bankruptcy protection in 2014, and others of that era.</p><p><blockquote>私募股权高管表示，当代大宗交易不会遭受与 TXU（更名为 Energy Future Holdings Corp.）以及那个时代的其他公司同样的命运。</blockquote></p><p> “There is a huge difference in the level of stability of these businesses, the level of interest rates and the depth of the industry’s resources,” said John Connaughton, co-managing partner at Bain.</p><p><blockquote>“贝恩联合执行合伙人约翰-康诺顿（John Connaughton）说：”这些业务的稳定性水平、利率水平和行业资源深度存在巨大差异。</blockquote></p><p> The big deals Bain and its rivals are doing are in healthcare and technology, two fast-growing areas of the economy with room for consolidation, where scale doesn’t have to mean sacrificing returns, he said.</p><p><blockquote>他说，贝恩及其竞争对手正在进行的大交易是在医疗保健和技术领域，这两个经济快速增长的领域都有整合的空间，规模并不一定意味着牺牲回报。</blockquote></p><p> Private equity isn’t the only corner of the deals market that is surging, as lofty stock prices and low interest rates encourage transacting. The IPO market is alsorunning at a record pace, and merger volume in the U.S. istwice last year’s level, according to Dealogic.</p><p><blockquote>私募股权并不是交易市场中唯一蓬勃发展的角落，因为高昂的股价和低利率鼓励了交易。根据 Dealogic 的数据，IPO 市场也在以创纪录的速度运行，美国的并购量是去年水平的两倍。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Buyout Boom Gains Steam in Record Year for Private Equity<blockquote>私募股权收购热潮在创纪录的一年中势头强劲</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBuyout Boom Gains Steam in Record Year for Private Equity<blockquote>私募股权收购热潮在创纪录的一年中势头强劲</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Wall Street Journal</strong><span class=\"h-time small\">2021-11-29 08:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Big leveraged buyouts are back, and this year’s crop might just be a taste of things to come.</p><p><blockquote>大型杠杆收购又回来了，今年的收购可能只是未来的一个预兆。</blockquote></p><p> Private-equity firms have announced a record $944.4 billion worth of buyouts in the U.S. so far this year, 2.5 times the volume in the same period last year and more than double that of the previous peak in 2007, according to Dealogic. So far this year, there have been five $10 billion-plus deals in the U.S., equaling the total in all of 2007, though still below the high-water mark of nine in 2006.</p><p><blockquote>Dealogic 的数据显示，今年迄今为止，私募股权公司已宣布在美国进行创纪录的 9,444 亿美元收购，是去年同期交易量的 2.5 倍，是 2007 年上一次峰值的两倍多。今年到目前为止，美国已经有5笔超过100亿美元的交易，相当于2007年全年的总数，尽管仍低于2006年9笔的高潮。</blockquote></p><p> Driving the urge to go big are the billions of dollars flowing into private-equity coffers as institutions such as pension funds seek higher returns in an era of low interest rates. Buyout firms have raised $314.8 billion in capital to invest in North America so far in 2021, pushing available cash earmarked for the region to a record $755.6 billion, according to data from Preqin.</p><p><blockquote>随着养老基金等机构在低利率时代寻求更高的回报，数十亿美元流入私募股权金库，推动了扩大规模的冲动。根据 Preqin 的数据，2021 年迄今为止，收购公司已筹集了 3,148 亿美元的资金用于北美投资，使该地区的可用现金达到创纪录的 7,556 亿美元。</blockquote></p><p> The fundraising shows no signs of abating, indicating the private-equity shopping spree will continue. Thoma Bravo LP, KKR & Co., Carlyle Group Inc. and Permira Advisers are among those raising big new funds, each with targets ranging from $15 billion and $22 billion, Preqin data show.</p><p><blockquote>筹款没有减弱的迹象，表明私募股权的购物狂潮将继续。Preqin 数据显示，Thoma Bravo LP、KKR & Co.、凯雷集团 (Carlyle Group Inc.) 和 Permira Advisers 等公司正在筹集大型新基金，每家基金的目标从 150 亿美元到 220 亿美元不等。</blockquote></p><p> As the end of the year approaches, big buyouts are coming fast and furious. A week ago , private-equity firms Bain Capital and Hellman & Friedman LLC agreed to buy healthcare-technology company Athenahealth Inc.for $17 billion including debt.A week earlier, KKR and Global Infrastructure Partners LLC said they would buy data-center operator CyrusOne Inc. for nearly $12 billion. And the week before that, Advent International Corp. and Permira signed an $11.8 billion deal for cybersecurity-software firm McAfee Corp.</p><p><blockquote>随着年底的临近，大型收购正在快速而猛烈地到来。一周前，私募股权公司贝恩资本 (Bain Capital) 和 Hellman & Friedman LLC 同意以 170 亿美元（包括债务）收购医疗保健技术公司 Athenahealth Inc.。一周前，KKR 和 Global Infrastructure Partners LLC 表示将收购数据中心运营商 CyrusOne Inc. 价值近 120 亿美元。此前一周，Advent International Corp.和Permira签署了一项价值118亿美元的网络安全软件公司McAfee Corp.的交易。</blockquote></p><p> The recent string of big LBOs followed the $30 billion-plus deal for medical-supply company Medline Industries Inc. that H&F,BlackstoneInc.and Carlyle struck in June in the largest buyout since the 2007-08 financial crisis.</p><p><blockquote>最近一系列大型杠杆收购是在医疗用品公司 Medline Industries Inc. 达成超过 300 亿美元的交易之后发生的，H&F、BlackstoneInc. 和凯雷于 6 月份达成了自 2007-08 年金融危机以来最大规模的收购。</blockquote></p><p> Many of the pre-financial crisis deals—some of which, like TXU Corp., were bigger than the current crop—struggled, leading to a decade of cautious behavior by buyout firms.</p><p><blockquote>金融危机前的许多交易——其中一些交易，如TXU公司，比当前的收购规模更大——都举步维艰，导致收购公司十年来一直谨慎行事。</blockquote></p><p> Private-equity executives say the current generation of big deals won’t suffer the same fate as TXU (renamed Energy Future Holdings Corp.), whichfiled for chapter 11 bankruptcy protection in 2014, and others of that era.</p><p><blockquote>私募股权高管表示，当代大宗交易不会遭受与 TXU（更名为 Energy Future Holdings Corp.）以及那个时代的其他公司同样的命运。</blockquote></p><p> “There is a huge difference in the level of stability of these businesses, the level of interest rates and the depth of the industry’s resources,” said John Connaughton, co-managing partner at Bain.</p><p><blockquote>“贝恩联合执行合伙人约翰-康诺顿（John Connaughton）说：”这些业务的稳定性水平、利率水平和行业资源深度存在巨大差异。</blockquote></p><p> The big deals Bain and its rivals are doing are in healthcare and technology, two fast-growing areas of the economy with room for consolidation, where scale doesn’t have to mean sacrificing returns, he said.</p><p><blockquote>他说，贝恩及其竞争对手正在进行的大交易是在医疗保健和技术领域，这两个经济快速增长的领域都有整合的空间，规模并不一定意味着牺牲回报。</blockquote></p><p> Private equity isn’t the only corner of the deals market that is surging, as lofty stock prices and low interest rates encourage transacting. The IPO market is alsorunning at a record pace, and merger volume in the U.S. istwice last year’s level, according to Dealogic.</p><p><blockquote>私募股权并不是交易市场中唯一蓬勃发展的角落，因为高昂的股价和低利率鼓励了交易。根据 Dealogic 的数据，IPO 市场也在以创纪录的速度运行，美国的并购量是去年水平的两倍。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/buyout-boom-gains-steam-in-record-year-for-private-equity-11638095402?siteid=yhoof2\">Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KKR":"KKR & Co L.P."},"source_url":"https://www.wsj.com/articles/buyout-boom-gains-steam-in-record-year-for-private-equity-11638095402?siteid=yhoof2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160593477","content_text":"Big leveraged buyouts are back, and this year’s crop might just be a taste of things to come.\nPrivate-equity firms have announced a record $944.4 billion worth of buyouts in the U.S. so far this year, 2.5 times the volume in the same period last year and more than double that of the previous peak in 2007, according to Dealogic. So far this year, there have been five $10 billion-plus deals in the U.S., equaling the total in all of 2007, though still below the high-water mark of nine in 2006.\nDriving the urge to go big are the billions of dollars flowing into private-equity coffers as institutions such as pension funds seek higher returns in an era of low interest rates. Buyout firms have raised $314.8 billion in capital to invest in North America so far in 2021, pushing available cash earmarked for the region to a record $755.6 billion, according to data from Preqin.\nThe fundraising shows no signs of abating, indicating the private-equity shopping spree will continue. Thoma Bravo LP, KKR & Co., Carlyle Group Inc. and Permira Advisers are among those raising big new funds, each with targets ranging from $15 billion and $22 billion, Preqin data show.\nAs the end of the year approaches, big buyouts are coming fast and furious. A week ago , private-equity firms Bain Capital and Hellman & Friedman LLC agreed to buy healthcare-technology company Athenahealth Inc.for $17 billion including debt.A week earlier, KKR and Global Infrastructure Partners LLC said they would buy data-center operator CyrusOne Inc. for nearly $12 billion. And the week before that, Advent International Corp. and Permira signed an $11.8 billion deal for cybersecurity-software firm McAfee Corp.\nThe recent string of big LBOs followed the $30 billion-plus deal for medical-supply company Medline Industries Inc. that H&F,BlackstoneInc.and Carlyle struck in June in the largest buyout since the 2007-08 financial crisis.\nMany of the pre-financial crisis deals—some of which, like TXU Corp., were bigger than the current crop—struggled, leading to a decade of cautious behavior by buyout firms.\nPrivate-equity executives say the current generation of big deals won’t suffer the same fate as TXU (renamed Energy Future Holdings Corp.), whichfiled for chapter 11 bankruptcy protection in 2014, and others of that era.\n“There is a huge difference in the level of stability of these businesses, the level of interest rates and the depth of the industry’s resources,” said John Connaughton, co-managing partner at Bain.\nThe big deals Bain and its rivals are doing are in healthcare and technology, two fast-growing areas of the economy with room for consolidation, where scale doesn’t have to mean sacrificing returns, he said.\nPrivate equity isn’t the only corner of the deals market that is surging, as lofty stock prices and low interest rates encourage transacting. The IPO market is alsorunning at a record pace, and merger volume in the U.S. istwice last year’s level, according to Dealogic.","news_type":1,"symbols_score_info":{"KKR":0.9}},"isVote":1,"tweetType":1,"viewCount":3058,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/600682705"}
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