投资银行家敦促苹果花钱招聘投资银行家,11日新闻

我无法相信布隆伯格是由亚历克斯·韦伯和亚历克斯·谢尔曼发表的这个故事,“苹果公司努力实现大交易,阻碍战略转移”整个故事包括投资银行家的报价,他们认为苹果应聘请投资银行家进行更大规模的收购真的,就是这样。

But Apple has struggled for years to pull off bigger deals because of a series of quirks: an aversion to risk, reluctance to work with external advisers like investment banks and inexperience in closing and integrating large takeovers, said people who have worked on acquisitions with the companyThey asked not to be identified speaking about private merger and acquisition deliberations.

苹果公司以任何方式努力进行任何收购的唯一证据就是他们没有进行更多的收购没有提到苹果追求但未能收购的任何公司不是一个。

Apple’s biggest deal in its 41-year history was the $3 billion purchase Beats Electronics in 2014, followed by the $400 million acquisition of NeXT Computer in 1996In Facebook Inc.’s 13 years, it has made three acquisitions of at least $1 billion, including its $22 billion WhatsApp purchaseGoogle, founded in 1998, has done four such deals, while Microsoft Corphas completed at least 10, according to data compiled by Bloomberg.

上段的比较完全取决于这样的假设:越来越多的收购本身就是一件好事没有人提到这些收购是否真的对公司有利(苹果公司4亿美元的NeXT收购成功。)

Instead of closing big deals, Cook has so far focused on growing Apple’s services businesses, including Apple Music, the App Store and iCloudThat’s beginning to work, with the company recently forecasting that annual revenue from those operations will top $50 billion by 2021.

But even here, some analysts and investors argue for a big acquisition, especially in online video streamingApple has started distributing videos through the Music service, and pooling other providers’ video in its mobile TV app, but it has no service akin to Netflix or Amazon.com Inc.’s Prime Video.

Apple不能买Prime,但他们可以买Netflix但Netflix的市值超过600亿美元和Apple有一项服务“类似”Netflix称为Apple Music。Netflix拥有超过9000万用户Apple Music在12月份吸引了2000万付费用户在本周的Code会议上,Eddy Cue声称Apple Music比其他任何订阅服务都更快地吸引了2000万付费用户在这一点上,他们只是准备抓住包括原创视频内容的表面。1

苹果可能不得不提供至少购买Netflix需要750亿美元至少将Apple Music变成一个严肃的视频服务只需要花费一小部分。

星期五,桑福德C.Bernstein analyst Toni Sacconaghi said Apple needs at least one big acquisition in online video.

不,他们没有所有他们需要做的就是与工作室和电视网络进行谈判,以获得目前在iTunes Store中购买的电影和电视节目(作为购买)获得Netflix风格的“每月支付10美元并观看您想要的”流媒体。

To reach its $50 billion target, the company must find an extra $13 billion in services revenue over the next four years — beyond what it can generate itselfNetflix公司ended 2016 with sales of less than $9 billion, so even buying that business may not be enough, the analyst said.

即使以750亿美元收购Netflix也可能还不够。Who said that with a straight face? These fuckers wouldn’t be satisfied unless Apple drunkenly spent every goddamn penny of their cash.

“They’re going to have to pursue something bigger than a Beats-like acquisition,” said Erick Maronak, chief investment officer at Victory Capital Management, which holds Apple stock among its $55 billion under management.

他们可能,但他们不“必须”What exactly is the result going to be if they don’t? (I am reminded of Trip “Claim” Chowdhry’s declaration in March 2014 that Apple would “disappear” if they didn’t “come up with an iWatch” within 60 days严重的是,他说过。)

当AT&T公司同意收购时代华纳公司for $85 billion in October, the telecom company was concerned Apple might make a competing bid, people familiar with AT&T’s thinking said at the timeApple had held tentative talks about a year earlier, but when the AT&T deal emerged, a person familiar with the technology giant’s thinking said it wouldn’t be able to pull together a competing proposal quickly enough.

翻译:如果只有苹果公司聘请了将这个故事提供给彭博社的投资银行家,他们本可以买下时代华纳。

Apple’s deals team is composed of about a dozen people under former Goldman Sachs banker Adrian Perica, and most acquisitions take place at the behest of the company’s engineersProduct managers usually meet every month with Perica’s team members to identify targets with attractive technology or talented engineers, according to a person familiar with the process.

Microsoft’s deals team is not significantly bigger, and it still hired investment bank Morgan Stanley for its $26 billion acquisition of LinkedIn last year, beating rival bidders including Salesforce.com Inc和Facebook。

翻译:微软拥有自己的内部团队,但他们仍然聘请了一家大型投资银行,那么为什么Apple不能让这些银行获得苹果现金的公平份额呢?

Apple often refuses to work with investment bankers appointed by the seller, preferring to deal directly with company management, according to people who have been involved in such negotiations. Apple also dictates terms and tells targets to take it or leave it, betting that the promise of product development support later and the chance of appearing in future iPhones are alluring enough, the people said.

Apple于2015年收购Metaio GmbH时就是这种情况Bankers appointed by the augmented-reality firm to negotiate weren’t allowed in the room, and while Metaio executives felt the offer was low, Apple’s vision for the technology convinced them to sell, according to a person familiar with the discussions.

这个轶事确实强化了苹果公司因不聘请外部投资银行而受到损害的情况,并且公司遭遇“缺乏经验”。

Apple’s current M&A strategy works well for acquiring startups developing new technology that can be added to existing Apple productsIt bought 15 to 20 companies per year over the last four yearsBut buying larger companies presents a different challenge, particularly if there are rival bidsBankers often diffuse tension between bidders and targets, but Apple’s approach can make that process difficult[...]

For Apple’s acquisition of Beats, neither party used an investment bankApple struggled to integrate the team, and when the initial Apple Music offering emerged from the combination, it got lukewarm reviews该服务的更高版本得到改进However, Apple’s lack of a successful track record integrating big acquisitions puts off sellers, according to a person who has negotiated with Apple’s deals team.

Yes, I’m sure a large team of investment bankers would have helped “integrate” Beats within Apple, and the bankers would have made Apple Music — which, again, has over 20 million paying subscribers and is growing fast — a better product at launch.

收购苹果公司的Beats表明,与本文的核心论点相反:苹果公司最好不与投资银行家合作,即使是30亿美元的交易。


  1. 现在他们正在进入原创视频内容,这让我想知道“Apple Music”是否是该服务的短视名称Then again, they built a nice business selling movies though a service called the iTunes Music Store. ↩︎