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Achat à effet de levier Leveraged buyout Fremdfinanzierte Übernahme 杠杆收购 Compra apalancada Leveraged buyout Leveraged buyout Lånefinansierat uppköp Финансируемый выкуп استحواذ مدعوم بالقروض 차입매수 Leveraged buyout Wykup lewarowany レバレッジド・バイアウト Pembelian terutang Levil-efika prunto
rdfs:comment
الاستحواذ المدعوم بالقروض (بالإنجليزية: Leveraged buyout)‏ عمليات استحواذ مموَّلَة بمعدل مرتفع من الاقتراض، يستخدم خلالها المُستَحوِذ نسبة عالية من المديونية نسبة لرأس المال لتسديد ثمن الهدف. Pembelian terutang (bahasa Inggris: leveraged buyout; LBO) adalah akuisisi (biasanya perusahaan, tetapi bisa pula aset tunggal seperti real estat) yang harga belinya dibantu oleh gabungan saham dan utang dan yang arus kas atau aset targetnya dipakai untuk menjamin dan melunasi utang. Karena utang biasanya memiliki biaya modal yang lebih rendah daripada saham, imbal balik saham meningkat seiring peningkatan utangnya. Utang tersebut otomatis menjadi dongkrak untuk menambah imbal balik yang menjadi asal usul istilah LBO (secara harafiah "pembelian terdongkrak"). Um leveraged buyout (LBO), também conhecido como highly-leveraged transaction, refere-se a uma transação onde um se adquire o controle acionário de empresa e uma parcela signifcativa do pagamento é financiado através de dívida. レバレッジド・バイアウト(英: Leveraged Buyout、LBO)は借入を用いた(レバレッジド)企業買収(バイアウト)である。 Un achat à effet de levier, une acquisition par emprunt, un rachat d'entreprise par endettement ou encore une prise de contrôle par emprunt (en anglais, leveraged buy-out ou LBO) est une technique financière d'achat d'entreprise. Une société holding finance tout ou une partie du rachat d'une entreprise en ayant recours à l'endettement bancaire ou obligataire remboursable par la société achetée, ce qui permet d'augmenter la rentabilité des capitaux propres. La dette d'acquisition, bancaire ou non, est remboursée par une ponction plus importante sur les flux de trésorerie de la société achetée. Финансируемый выкуп (англ. Leveraged Buy-Out, LBO) — вид деятельности компаний из сектора частных капиталовложений, при котором компания выкупается за счет заемных средств. 杠杆收购(英語:leveraged buyout,又缩写作LBO),或称作融資購併,是一種收購的方式,其本质即是举债收购,指收購者僅有少許資金,藉由舉債借入資金來收購其他資本較大的公司,有如運用槓桿原理以較小的力量抬起重物一般。融資收購通常以將收購的公司或未來的現金流做擔保,有時獲利不如預期,因此風險極大。 Wykup lewarowany (ang. Leveraged Buy Out, LBO) – transakcja przejęcia przedsiębiorstwa notowanego na rynku publicznym lub pozostającego w rękach prywatnych przez niewielką grupę inwestorów dostarczających kapitał własny (ang. equity investors), finansowaną głównie przy pomocy długu (jego udział w szczytowym okresie rozwoju transakcji sięgał 90%), którego spłata jest finansowana przez operacyjne przepływy pieniężne przejętego przedsiębiorstwa. LBO stanowi specyficzny i skomplikowany rodzaj transakcji fuzji i przejęć. 차입매수(금융기관차입부 기업매수, Leveraged Buyout)은 자금이 부족한 매수기업이 매수대상의 자산과 수익을 담보로 금융기관으로 자금을 차입하여 매수합병을 하는 것을 하는 것이다. LBO라고도 한다. Una compra apalancada o compra financiada por terceros (en inglés Leveraged buyout) consiste en la adquisición de una empresa, en la que los fondos utilizados para financiar la operación son en su mayoría instrumentos de deuda. Este tipo de operaciones son llevadas a cabo habitualmente por fondos de capital riesgo (private equity). Il leveraged buyout (LBO) è un'operazione di finanza che consiste nell'acquisire una società con denaro preso a prestito dalle banche. Di solito si riferisce a società quotate in borsa. Il termine inglese significa "acquisto a leva", in riferimento alla leva finanziaria utilizzata, ovvero al prestito. Questa operazione sfrutta la capacità di indebitamento della società acquisita, dal momento che la garanzia del prestito è costituita dai cespiti della società obiettivo. Die fremd(kapital)finanzierte Übernahme (englisch leveraged buyout, LBO) ist eine mit hohem Fremdkapitalanteil finanzierte Unternehmensübernahme im Rahmen einer strukturierten Finanzierung. Derartige fremdfinanzierte Übernahmen sind typisch für Private-Equity-Investoren. Levil-efika prunto estas prunto (LBO aŭ LBI) kiu ebligas aĉeti entreprenon per tre malalta kapital-alporto kaj kun prunto je pli malalta interez-elcento ol la atendata . Ĝi okazas kiam akiras regan intereson en la socia kapitalo de firmao kaj kie grava procento de la aĉeta prezo estas financita tra depruntado. La valoraĵoj de la akirita firmao estas uzitaj kiel kromaĵo por la depruntita kapitalo, foje kun valoraĵoj de la akiranta firmao. La obligacioj emisiitaj por la prunto estas ofte konsideritaj sub pro la gravaj riskoj ekzistantaj. A leveraged buyout (LBO) is one company's acquisition of another company using a significant amount of borrowed money (leverage) to meet the cost of acquisition. The assets of the company being acquired are often used as collateral for the loans, along with the assets of the acquiring company. The use of debt, which normally has a lower cost of capital than equity, serves to reduce the overall cost of financing the acquisition. The cost of debt is lower because interest payments often reduce corporate income tax liability, whereas dividend payments normally do not. This reduced cost of financing allows greater gains to accrue to the equity, and, as a result, the debt serves as a lever to increase the returns to the equity. Lånefinansierat uppköp är finansiella transaktioner där ett företag köps med en kombination av eget kapital och skuld, med bolagets kassaflöde som säkerhet. Kassaflödet ska sedan betala av lånet. Lånet som allmänt har en lägre kapitalkostnad än eget kapital, syftar till att minska den totala kostnaden förvärvet. Skuldkostnaden är lägre eftersom räntebetalningarna ofta är avdragsgilla, vilket utdelningarna normalt sett inte är. Den minskade finansieringskostnaden möjliggör större vinster, som ökar eget kapital, vilket ger en hävstång gentemot eget kapital. Det vill säga med mindre eget kapital kan man åstadkomma större avkastning. Leveraged buyout (LBO) is een financieringsmethode waarbij de overname van een bedrijf voornamelijk berust op geleend geld, dat later door het overgenomen bedrijf moet worden terugbetaald. De activa van het overgenomen bedrijf worden als onderpand bij de lening gebruikt. Het nadeel is dat het overgenomen bedrijf opgezadeld wordt met schulden. Als de schuldenberg te groot wordt, kunnen betalingsproblemen ontstaan. De schuldeisers kunnen dan faillissement aanvragen. Ook kunnen ze de zeggenschap overnemen, zoals gebeurde bij HEMA.
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レバレッジド・バイアウト(英: Leveraged Buyout、LBO)は借入を用いた(レバレッジド)企業買収(バイアウト)である。 Um leveraged buyout (LBO), também conhecido como highly-leveraged transaction, refere-se a uma transação onde um se adquire o controle acionário de empresa e uma parcela signifcativa do pagamento é financiado através de dívida. Esta estratégia normalmente passa por criar um veículo (empresa) com relativamente pouco capital que procede à compra da empresa alvo endividando-se pelo montante da compra. De seguida, após a aquisição, o veículo e a empresa alvo são fundidos numa só empresa, pelo que na prática a empresa adquirida acaba por assumir a dívida usada para a comprar, e o investimento total dos compradores, muitas vezes firmas de Private Equity, se resume ao capital do veículo, um montante muito inferior ao custo da compra da empresa alvo; são usuais rácios de 30% equity/70% dívida, mas na prática esta distribuição pode chegar até próxima de 0% equity/100% dívida. Leveraged buyout (ou LBO, ou highly-leveraged transaction (HLT), ou "bootstrap" transaction) ocorre quando um patrocinador financeiro adquire o controle acionário de uma empresa e onde uma significante porcentagem do preço de compra é financiado através de alavancagem (empréstimo). Os ativos da empresa adquirida são usados como colateral para garantir o pagamento do capital emprestado. Os bônus ou outros papéis emitidos para as Leveraged BuyOuts são comumente considerados como papéis Não-Graduados de investimento, por causa dos riscos significantes envolvidos. Empresas de todos os tamanhos e indústrias têm sido alvo de transações de Leveraged BuyOut. Entretanto, por causa da importância da dívida e da capacidade da firma adquirida para fazer os pagamentos do empréstimo regularmente, até o término da operação de Leveraged BuyOut, algumas características da firma-alvo potencial buscam cadidatas a Leverage BuyOut mais atrativas, incluindo: * Existência de baixo carregamento de débito; * Um histórico multi-anual de fluxos de caixas estáveis e recorrentes; * Ativos tangíveis (propriedades, plantas e equipamentos, estoques, recebíveis, etc.) que sejam usados como colateral por baixo custo, assegurando assim o débito; * Um potencial para um novo gerenciamento operacional ou outros improvisos, para a firma impulsionar o fluxo de caixa; * Condições de mercado e percepções que abatam a valoração ou preço das ações... Die fremd(kapital)finanzierte Übernahme (englisch leveraged buyout, LBO) ist eine mit hohem Fremdkapitalanteil finanzierte Unternehmensübernahme im Rahmen einer strukturierten Finanzierung. Derartige fremdfinanzierte Übernahmen sind typisch für Private-Equity-Investoren. Leveraged buyout (LBO) is een financieringsmethode waarbij de overname van een bedrijf voornamelijk berust op geleend geld, dat later door het overgenomen bedrijf moet worden terugbetaald. De activa van het overgenomen bedrijf worden als onderpand bij de lening gebruikt. Op deze manier kunnen investeerders een bedrijf overnemen met een minimale inzet van eigen kapitaal. De rente over deze schulden is aftrekbaar in Nederland, hoewel dit in 2019 werd beperkt tot een maximum. Zo kan met relatief weinig eigen geld toch geprofiteerd worden van de winst van het overgenomen bedrijf. De schulden werken zo als een soort hefboom (Engels: leverage). Daarnaast stimuleert de schuld mogelijk het management om de winstgevendheid te verbeteren. Het nadeel is dat het overgenomen bedrijf opgezadeld wordt met schulden. Als de schuldenberg te groot wordt, kunnen betalingsproblemen ontstaan. De schuldeisers kunnen dan faillissement aanvragen. Ook kunnen ze de zeggenschap overnemen, zoals gebeurde bij HEMA. Private-equityfirma's gebruiken vaak een leveraged buyout om bedrijven over te nemen, waarna ze het bedrijf grondig reorganiseren en vaak delen van het bedrijf verkopen om de leningen en obligaties af te kunnen betalen en winst te maken. Pembelian terutang (bahasa Inggris: leveraged buyout; LBO) adalah akuisisi (biasanya perusahaan, tetapi bisa pula aset tunggal seperti real estat) yang harga belinya dibantu oleh gabungan saham dan utang dan yang arus kas atau aset targetnya dipakai untuk menjamin dan melunasi utang. Karena utang biasanya memiliki biaya modal yang lebih rendah daripada saham, imbal balik saham meningkat seiring peningkatan utangnya. Utang tersebut otomatis menjadi dongkrak untuk menambah imbal balik yang menjadi asal usul istilah LBO (secara harafiah "pembelian terdongkrak"). LBO umum dijumpai dalam lingkungan merger dan akuisisi (M&A) zaman sekarang. Istilah LBO biasanya dipakai ketika sebuah mengakusisi sebuah perusahaan. Akan tetapi, banyak transaksi korporat separuh didanai oleh utang bank, sehingga bisa juga digolongkan ke LBO. LBO memiliki berbagai macam bentuk seperti Management Buy-out (MBO), Management Buy-in (MBI), pembelian sekunder dan tersier. LBO bisa dilakukan pada situasi pertumbuhan, restrukturisasi, dan insolvensi sebagaimana yang terjadi di perusahaan-perusahaan dengan kinerja yang stabil. Kebanyakan LBO dilakukan di perusahaan swasta, tetapi bisa juga dilakukan di perusahaan terbuka (melalui transaksi PtP, Publik ke Privat). Ketika sponsor finansial meningkatkan imbal balik mereka dengan memakai dongkrak yang sangat tinggi (yaitu yang tinggi), mereka memiliki insentif untuk memakai sebanyak mungkin utang untuk mendanai suatu akuisisi. Hal ini dapat memunculkan masalah ketika perusahaan "terlalu terdongkrak", artinya mereka tidak menghasilkan arus kas yang cukup untuk melunasi utang mereka yang kemudian berujung pada insolvensi atau pertukaran utang-ke-saham ketika para pemegang saham kehilangan kendali atas perusahaan dan penyedia utang berhak memegang saham tersebut. الاستحواذ المدعوم بالقروض (بالإنجليزية: Leveraged buyout)‏ عمليات استحواذ مموَّلَة بمعدل مرتفع من الاقتراض، يستخدم خلالها المُستَحوِذ نسبة عالية من المديونية نسبة لرأس المال لتسديد ثمن الهدف. Wykup lewarowany (ang. Leveraged Buy Out, LBO) – transakcja przejęcia przedsiębiorstwa notowanego na rynku publicznym lub pozostającego w rękach prywatnych przez niewielką grupę inwestorów dostarczających kapitał własny (ang. equity investors), finansowaną głównie przy pomocy długu (jego udział w szczytowym okresie rozwoju transakcji sięgał 90%), którego spłata jest finansowana przez operacyjne przepływy pieniężne przejętego przedsiębiorstwa. LBO stanowi specyficzny i skomplikowany rodzaj transakcji fuzji i przejęć. W typowej transakcji LBO jest tworzona spółka celowa (SPV – special purpose vehicle), której udziały obejmują inwestorzy. Spółka celowa, poza środkami inwestorów, uzyskuje kredyt bankowy, którego wartość może kilkakrotnie przewyższać wartość środków zgromadzonych w niej przez inwestorów. Za zakumulowany kapitał spółka celowa nabywa udziały w przejmowanym przedsiębiorstwie, stając się jego właścicielem (ostatecznym właścicielem przejmowanego przedsiębiorstwa są udziałowcy spółki celowej). Przepływy finansowe generowane przez przejęte przedsiębiorstwo trafiają do spółki celowej i są wykorzystywane przez nią do spłaty zaciągniętego długu. Proces ten został schematycznie zaprezentowany na rysunkach obok. Do finansowania transakcji typu Leveraged Buy Out wykorzystuje się kapitał własny (equity), (mezzanine finance) oraz (senior debt, np. kredyt bankowy). 차입매수(금융기관차입부 기업매수, Leveraged Buyout)은 자금이 부족한 매수기업이 매수대상의 자산과 수익을 담보로 금융기관으로 자금을 차입하여 매수합병을 하는 것을 하는 것이다. LBO라고도 한다. Финансируемый выкуп (англ. Leveraged Buy-Out, LBO) — вид деятельности компаний из сектора частных капиталовложений, при котором компания выкупается за счет заемных средств. Un achat à effet de levier, une acquisition par emprunt, un rachat d'entreprise par endettement ou encore une prise de contrôle par emprunt (en anglais, leveraged buy-out ou LBO) est une technique financière d'achat d'entreprise. Une société holding finance tout ou une partie du rachat d'une entreprise en ayant recours à l'endettement bancaire ou obligataire remboursable par la société achetée, ce qui permet d'augmenter la rentabilité des capitaux propres. La dette d'acquisition, bancaire ou non, est remboursée par une ponction plus importante sur les flux de trésorerie de la société achetée. Lorsque l'achat de l'entreprise est effectué par l'équipe de direction en place, on parle de LMBO (anglais : leveraged management buy-out). Una compra apalancada o compra financiada por terceros (en inglés Leveraged buyout) consiste en la adquisición de una empresa, en la que los fondos utilizados para financiar la operación son en su mayoría instrumentos de deuda. Este tipo de operaciones son llevadas a cabo habitualmente por fondos de capital riesgo (private equity). Lånefinansierat uppköp är finansiella transaktioner där ett företag köps med en kombination av eget kapital och skuld, med bolagets kassaflöde som säkerhet. Kassaflödet ska sedan betala av lånet. Lånet som allmänt har en lägre kapitalkostnad än eget kapital, syftar till att minska den totala kostnaden förvärvet. Skuldkostnaden är lägre eftersom räntebetalningarna ofta är avdragsgilla, vilket utdelningarna normalt sett inte är. Den minskade finansieringskostnaden möjliggör större vinster, som ökar eget kapital, vilket ger en hävstång gentemot eget kapital. Det vill säga med mindre eget kapital kan man åstadkomma större avkastning. Il leveraged buyout (LBO) è un'operazione di finanza che consiste nell'acquisire una società con denaro preso a prestito dalle banche. Di solito si riferisce a società quotate in borsa. Il termine inglese significa "acquisto a leva", in riferimento alla leva finanziaria utilizzata, ovvero al prestito. Questa operazione sfrutta la capacità di indebitamento della società acquisita, dal momento che la garanzia del prestito è costituita dai cespiti della società obiettivo. A leveraged buyout (LBO) is one company's acquisition of another company using a significant amount of borrowed money (leverage) to meet the cost of acquisition. The assets of the company being acquired are often used as collateral for the loans, along with the assets of the acquiring company. The use of debt, which normally has a lower cost of capital than equity, serves to reduce the overall cost of financing the acquisition. The cost of debt is lower because interest payments often reduce corporate income tax liability, whereas dividend payments normally do not. This reduced cost of financing allows greater gains to accrue to the equity, and, as a result, the debt serves as a lever to increase the returns to the equity. The term LBO is usually employed when a financial sponsor acquires a company. However, many corporate transactions are partially funded by bank debt, thus effectively also representing an LBO. LBOs can have many different forms such as management buyout (MBO), management buy-in (MBI), secondary buyout and tertiary buyout, among others, and can occur in growth situations, restructuring situations, and insolvencies. LBOs mostly occur in private companies, but can also be employed with public companies (in a so-called PtP transaction – public-to-private). As financial sponsors increase their returns by employing a very high leverage (i.e., a high ratio of debt to equity), they have an incentive to employ as much debt as possible to finance an acquisition. This has, in many cases, led to situations in which companies were "over-leveraged", meaning that they did not generate sufficient cash flows to service their debt, which in turn led to insolvency or to debt-to-equity swaps in which the equity owners lose control over the business to the lenders. Levil-efika prunto estas prunto (LBO aŭ LBI) kiu ebligas aĉeti entreprenon per tre malalta kapital-alporto kaj kun prunto je pli malalta interez-elcento ol la atendata . Ĝi okazas kiam akiras regan intereson en la socia kapitalo de firmao kaj kie grava procento de la aĉeta prezo estas financita tra depruntado. La valoraĵoj de la akirita firmao estas uzitaj kiel kromaĵo por la depruntita kapitalo, foje kun valoraĵoj de la akiranta firmao. La obligacioj emisiitaj por la prunto estas ofte konsideritaj sub pro la gravaj riskoj ekzistantaj. 杠杆收购(英語:leveraged buyout,又缩写作LBO),或称作融資購併,是一種收購的方式,其本质即是举债收购,指收購者僅有少許資金,藉由舉債借入資金來收購其他資本較大的公司,有如運用槓桿原理以較小的力量抬起重物一般。融資收購通常以將收購的公司或未來的現金流做擔保,有時獲利不如預期,因此風險極大。
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