When a consortium of investors, including Carlyle Group, proposed to take Focus Media – a Chinese US-listed advertising group – private on Monday for $3.5bn, it may not have realised that this would be China’s biggest ever leveraged buyout. There have only been nine LBOs of Chinese companies above $250m, according to Dealogic data. The second biggest came in 2008 when Bahrain bank Arcapita took private China’s wind energy group Honiton Energy for $2bn. Why so few?
當(dāng)一個(gè)包括凱雷集團(tuán)(Carlyle Group)在內(nèi)的投資財(cái)團(tuán)周一向分眾傳媒(Focus Media)提出35億美元的私有化收購(gòu)要約時(shí)，他們可能沒(méi)有意識(shí)到，這將成為中國(guó)規(guī)模最大的一起杠桿收購(gòu)(LBO)。分眾傳媒是一家在美國(guó)上市的中國(guó)廣告集團(tuán)。Dealogic數(shù)據(jù)顯示，高于2.5億美元的中國(guó)企業(yè)杠桿收購(gòu)案僅出現(xiàn)過(guò)9起。第二大杠桿收購(gòu)案發(fā)生在2008年，當(dāng)時(shí)巴林的Arcapita銀行以20億美元收購(gòu)了中國(guó)的風(fēng)能集團(tuán)宏騰能源(Honiton Energy)。中國(guó)企業(yè)杠桿收購(gòu)為何如此罕見(jiàn)？