Page 14 - CCFA Journal - Fifth Issue

加中金融 并购 M&A

Tech M&A has led the way 科技公司的并购是其中的佼佼者
The rebound of the M&A market was unevenly distributed 并购市场的反弹在各个行业之间分布不均。不出意外，
across industries. Unsurprisingly, the technology sector led the 科技行业以其创新产品引领行业并购，这些产品不仅让
charge with its innovative products which not only allowed 人们无缝切换到在家办公的环境，还让他们成为收购的
people to seamlessly shift to a work-from-home environment, 主要目标。自 2020 中以来, 科技公司收购方已经开始挥
but also allowed them to become prime targets for takeovers.
Since mid-2020s, technology firm acquirers have been on a 霍——出现了一些史上最大的竞价 出现(超过百亿美元的
spending spree – making some of the largest megadeals in 估值), 而且这样得趋势并没有放缓的迹象, 相比较与并
recent history (over $10B in value) – and have shown no signs 购行业，门庭冷落备受冲击的行业,如旅游、酒店和休闲,
of slowing down, which contrasts with M&A in some of the 和 零 售 仍 疲 软 乏 力 。 这 些 天 文 数 字 得 并 购 案 包 括
hardest hit sectors such as travel, hospitality and leisure, and Salesforce 以 277 亿美元收购 Slack, AMD 以 350 亿美元
retail which continues to be anemic. Some of these deals 收购 Xilinx，英伟达以 400 亿美元收购 ARM，以及 Thoma
include Salesforce acquiring Slack for $27.7B, AMD acquiring Bravo 以 123 亿美元收购 Proofpoint。
Xilinx for $35B, Nvidia’s pending acquisition of ARM for $40B,
and Thoma Bravo acquiring Proofpoint for $12.3B. 标 准 普 尔 全 球 市 场 情 报 (S&P Global Market
Intelligence)旗下 451 Research 的数据显示，在过去 20
Data from 451 Research, a unit of S&P Global Market 年约 6.8 万亿美元的科技行业交易流中，仅过去一年就达
Intelligence, indicates that, of the roughly $6.8T worth of tech 到了 1.1 万亿美元。这意味着，尽管过去 12 个月仅占同
deal flow chronicled over the past two decades, $1.1T of that 期总时间的 5%左右，但在 2020 年夏季之后的短短时间里，
has come in just the past one year alone. This means that 科技企业并购支出占总 20 年支出的 16%，这一比例之高
although the past 12 months only accounted for about 5% of 令人震惊。
the total time over this period, a whopping 16% of overall tech
M&A spending has come after the summer of 2020.

Figure 3 Recent monthly tech M&A activity

- Special purpose acquisition companies (SPACs): SPACs are so- -特殊目的收购公司(SPACs): SPACs 是所谓的“空白支票”
called “blank cheque” shell companies created for the sole 空壳公司，其唯一目的是将私人公司上市。仅在美国，
purpose of taking a private company public. In the U.S. alone, 以技术为重点的 SPACs“空白支票”公司在 2020 年就筹
tech-focused SPACs raised almost $20B in 2020, along with an 集了近 200 亿美元，其他领域的借壳上市公司也筹集了
additional $22B amongst SPACs in other sectors. Even though 220 亿美元。尽管自今年年初以来，SPAC 的 ipo 数量有所
the number of SPAC IPOs have slowed since the beginning of 放缓，但 SPAC 及其大量资金仍将是科技相关资产的有力
the year, SPACs and their considerable dry powder will remain 竞争者。从首次公开募股(IPO)到完成与目标公司的业务
a strong contender for technology-related assets. SPACs 合并，SPACs 通常有 24 个月的时间(否则他们需要将资本
typically have 24 months from IPO to complete a business
combination with a target company (else they need to return 返还给股东)，而且在未来几个月，他们将继续成为并购
the capital to shareholders), and they will continue to be a 活动的主要推动力量。2021 年，有记录的 SPAC 收购已经
major driving force of M&A activity in the months ahead. In 有 97 起，这与前十年相比是巨大的，在前十年，空白支
2021, there have already been 97 recorded SPAC acquisitions, 票公司平均每年收购 12 家技术供应商，其中大部分是不
this is gigantic compared to the previous decade, where blank- 知名的。更令人震惊的是，截至今年 6 月，这些“de-
check companies acquired an average of 12 – mostly unknown SPAC”交易的企业价值总计 2720 亿美元。“de-SPAC”是
– tech vendors each year. Even more stunning, the combined 指一家公司通过借壳成功上市。
enterprise value of the 'de-SPAC' deals – when a company has
successfully been taken public via a SPAC – totals $272B as of
June this year.

CCFA JOURNAL OF FINANCE October 2021
Page 14 第14页