A few months ago, US electronics maker Tyco put its ADT Korea unit up for auction. The bidding for Tyco Fire & Security Services Korea was fierce, with private equity investors and small Korean domestic funds combining with each other to muster enough capital to make a credible offer. Domestic banks were also happy to provide bidders with record amounts of debt. That is why, when Carlyle won, it paid almost $2bn for a company with an operating income of around $125m.
几个月前,美国电子产品制造商泰科(Tyco)将旗下韩国业务部门ADT Korea挂牌出售。对Tyco Fire & Security Services Korea的竞购相当激烈,私人股本投资者和韩国国内小型基金纷纷联合,以募集足够多的资金,提出一份可信的报价。韩国国内银行也很高兴向竞购者提供创纪录的债务。这就是为什么最终竞购成功的凯雷(Carlyle)花了近20亿美元才买下一家营运利润约为1.25亿美元的公司。