The buyout of Dell Inc. is a breakout moment for Egon Durban.
杜尔班(Egon Durban)来说,收购戴尔公司(Dell Inc.)是他取得突破性成功的一刻。
Mr. Durban, a 39-year-old managing
partner at private-equity firm Silver Lake Partners, led the $24.4
billion deal reached Tuesday to take the
computer maker private.
39岁的杜尔班是私募股权投资公司银湖资本(Silver Lake Partners)的执行合伙人,他负责牵头了周二达成的以244亿美元将戴尔私有化的协议。
If approved by Dell shareholders, the deal would be the largest corporate privatization since the
financial crisis. It would also fuel Mr. Durban's
reputation as both savvy about technology and agile with Wall Street number-crunching, if he and his fellow buyers succeed in reviving the company.
这宗交易如果获得戴尔股东批准,那么该交易将成为自金融危机以来规模最大的企业私有化案例。如果杜尔班和其他买家能够成功重振戴尔公司,那么杜尔班将赢得既精通技术、又非常了解华尔街"算术"的双重美誉。
Not all of his deals have been hits. Yahoo Inc. wasn't persuaded to accept a 2011 deal Mr. Durban spearheaded to buy all or parts of the Internet company, and investments he pursued in Zynga Inc. and Groupon Inc. when they were private haven't lived up to expectations.
杜尔班操刀的交易也并非个个成功。雅虎(Yahoo Inc.)就没有被说服接受杜尔班在2011年牵头的收购该公司全部或部分股权的交易。他在Zynga Inc.和Groupon Inc.还未上市时对这两家公司的投资也未达到预期。
To date, Mr. Durban's
calling card is Silver Lake's 2009 deal to buy a majority stake in video-calling company Skype for just over $2
billion in cash and loans, including $975 million from the private-equity firm's funds. When Microsoft Corp. agreed 18 months later to buy Skype for $8.5 billion, the deal made Silver Lake and other Skype investors a multibillion-dollar profit.
到目前为止,杜尔班最成功的投资是银湖在2009年以价值略高于20亿美元的现金和贷款收购视频通话公司Skype的多数股权,其中包括银湖所出的9.75亿美元。18个月后,微软(Microsoft Corp.)在同意以85亿美元的价格收购Skype,这宗交易令银湖和Skype的其他投资人获得了数十亿美元的利润。
After Mr. Durban negotiated to buy most of Skype from eBay Inc., he was
instrumental in
finding ways to clean up the company and make it more valuable, according to people familiar with the transaction. He negotiated to hire a well-respected new chief executive, Tony Bates, from Cisco Systems Inc., helped strike deals for Verizon Wireless and Facebook Inc. to
incorporate Skype into those companies' services, and settled an intellectual-property lawsuit that had spooked other
potential Skype buyers.
据熟悉交易的知情人士透露,在杜尔班通过谈判从eBay Inc.手中收购Skype的大部分股权后,在寻找方法对公司进行整顿并提高其价值方面,杜尔班发挥了重要作用。通过谈判他聘请了来自思科系统(Cisco Systems Inc.)的受人尊敬的新首席执行长贝茨(Tony Bates),以帮助达成同Verizon Wireless和Facebook Inc.的交易。这些交易为的是让这两家公司将Skype整合入其所提供的服务。他同时和解了一宗知识产权诉讼,这宗诉讼吓退了Skype的其他潜在买家。
'They added a lot of value to Skype and they were excellent owners, and Egon
personally is world class at what he does,' said eBay Chief Executive John Donahoe, who negotiated with Mr. Durban on the Skype purchase.
eBay首席执行长多纳霍(John Donahoe)说,他们给Skype增加了很多价值,他们是非常优秀的所有者;杜尔班在所擅长的事情方面达到了世界级水准。多纳霍曾就出售Skype股权一事同杜尔班展开谈判。
Mr. Donahoe said he was so convinced Mr. Durban and Silver Lake would improve Skype's operations and
valuation that he asked for eBay to continue to own a stake in Skype. Mr. Durban agreed, and eBay wound up owning 30% of Skype.
多纳霍说,他深信杜尔班和银湖将改善Skype的业务和估值水平,并因此要求eBay继续持有Skype的股份。对此杜尔班表示同意,eBay最终仍持有Skype 30%的股份。
That deal also helped
cement Mr. Durban's
relationship with
senior Microsoft executives, people familiar with the matter said. Microsoft was part of the Silver Lake group that attempted to do a Yahoo deal, and is helping fund the Dell buyout.
据知情人士透露,这一交易也有助于巩固杜尔班同微软高层的关系。在银湖试图收购雅虎的过程中,微软曾参与其中。微软此次也为收购戴尔的这宗交易提供了资金支持。
Working
mostly out of Silver Lake's offices along Sand Hill Road in Menlo Park, Calif., the nexus of Silicon Valley investors, Mr. Durban conducts meticulous
research on
potential deal targets, according to people who know him.
据知情人士透露,杜尔班大多数时候都不在银湖位于加州门洛帕克(Menlo Park)沙山路(Sand Hill Road)的办公室内办公,而是在对潜在交易对象展开细致的研究。门洛帕克是将硅谷投资者联系起来的一条纽带。
When Mr. Durban was
considering an
investment in Hollywood
talentagency William Morris Endeavor Entertainment, he read books by film-industry executives Lew Wasserman and Michael Ovitz, and scoured Hollywood insider blogs to learn about the movie business, said Ari Emanuel, co-chief
executive of the agency. Silver Lake purchased a 31% stake in WME.
银湖联席首席执行长伊曼纽尔(Ari Emanuel)说,当杜尔班考虑投资好莱坞演艺经纪人公司威廉•莫理斯奋进娱乐公司(William Morris Endeavor Entertainment)时,他阅读了电影业高管沃瑟曼(Lew Wasserman)和奥维茨(Michael Ovitz)写的书,搜遍了好莱坞内部幕人撰写的博客以了解电影产业。银湖最终收购了威廉•莫理斯奋进娱乐公司31%的股权。
Venture-capital
investor Marc Andreessen, an
investor in Silver Lake's Skype transaction, described Mr. Durban as a 'deal junkie' and the pair trade emails at all hours about tech topics. People who have worked with Mr. Durban also said he urges
investment partners to make calculated
financial decisions rather than
emotional ones.
银湖公司Skype交易的投资人之一、风险投资家安德森(Marc Andreessen)说,杜尔班是一个交易狂人,两人无时无刻不在通过邮件交流对科技概念的看法。与杜尔班共事过的人还说,他常常敦促投资伙伴经过权衡之后再做财务决定,不要感情用事。
On the phone, 'there is about a nanosecond of pleasantries [with Mr. Durban], and then it's straight into the deal,' said Mark Wiseman, chief
executive of the Canada Pension Plan Investment Board, which manages assets of the 170
billion Canadian dollar (US$170.2 billion)
pension plan for Canadian workers. CPPIB has invested more than C$1
billion with Silver Lake since 2004, and co-invested with the firm on the Skype deal.
加拿大退休计划投资委员会(Canada Pension Plan Investment Board)的首席执行长怀斯曼(Mark Wiseman)说,杜尔班在电话中寒暄了大约一微秒,然后就直接切入了有关这笔交易的话题。该委员会管理着加拿大工人养老计划的1,700亿加元(1,702亿美元)资产。2004年以来,该委员会已经向银湖投资了超过10亿加元,并且与银湖共同投资了收购Skype股权的交易。
When Skype was weighing the sale to Microsoft, Mr. Andreessen said he and his investing partner, Ben Horowitz, opposed the sale and instead wanted to take the company public. Mr. Durban walked to Andreessen Horowitz's offices