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.
幾個月前,美國電子產品製造商泰科(Tyco)將旗下南韓業務部門ADT Korea掛牌出售。對Tyco Fire & Security Services Korea的競購相當激烈,私人股本投資者和南韓國內小型基金紛紛聯合,以募集足夠多的資金,提出一份可信的報價。南韓國內銀行也很高興向競購者提供創紀錄的債務。這就是爲什麼最終競購成功的凱雷(Carlyle)花了近20億美元纔買下一家營運利潤約爲1.25億美元的公司。