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欧洲技术和通讯部门欲掀起并购高潮 |
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| 欧洲技术和通讯部门欲掀起并购高潮 |
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作者：佚名 文章来源：不详 点击数： 更新时间：2006-12-21 16:58:22  |
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EUROPE''s technology and telecoms sectors are set for a wave of takeovers from US and Asian firms this year as they compete to buy European companies.
According to PricewaterhouseCoopers, last year saw a 23% increase in technology mergers and acquisitions (M&A) worldwide totalling E155bn. This year, the trend is expected to accelerate as Asian companies such as Infosys, Wipro and Tata bid against Microsoft and HP.
PricewaterhouseCoopers corporate finance partner Barry Canavan said: "The increase in European technology M&A is being driven by the convergence of IT and telecoms as companies try to cater to clients wanting a one-stop shop for communications and computing. Europe is highly attractive for global IT corporations as it has no real players."
Despite strong telecoms players like Vodafone and Nokia, Europe has not had a serious computer manufacturer since Holland''s Tulip stopped making PCs and Britain''s Psion ceased manufacturing handheld computers.
According to PricewaterhouseCoopers, there is no shortage of US cash for acquisitions of mid-market players, in addition to the tens of billions of dollars held by Microsoft and HP.
"Private equity houses such as Goldman Sachs are experiencing a flight to quality and are increasingly attracted by companies with revenues capable of financing bank debt," said Canavan. "International acquirers, particularly those from North America, clearly have renewed confidence in the sector and are becoming less risk-averse and more internationally focused."
In 2004, cross-border activity grew by 22%, with the transatlantic route continuing to be the most prolific deal channel, accounting for 51% of volume and 47% by value of cross-border technology deals.
Last year, North America was the world''s only net importer of technology, acquiring more overseas businesses than were sold to foreign buyers.
According to PricewaterhouseCoopers: "The significant increase in cross-border M&A between Asia and Europe - which looks set to continue in 2005 - highlights the further development of a truly global market."
Last year, deals between North America and Europe surged 102% by volume and 242% by value. They included the E1.5bn acquisition of SchlumbergerSema by Aos Origina and Yahoo''s E475m purchase of French shoppingportal Kelkoo. PricewaterhouseCoopers says India''s Infosys are searching for European acquisitions.
The growth in M&A is likely to be fuelled by a mid-market rather than mega deals. Transactions valued at between E10m and E250m represented 89% of global technology activity and 97% of UK deals in 2004. |
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