Takeovers are a huge part of the tech business, and they’re not always hostile. In fact, many young entrepreneurs build niche companies hoping to be acquired. And for the giants of tech, mergers and acquisitions are a critical growth strategy. 

收购是科技业务中的重要组成部分，而且收购的原因并不总出于仇视。事实上，许多年轻企业家建立利基公司，希望被大公司收购。对于科技巨头来说，并购是一种战略措施，在维护公司增长方面有着至关重要的作用。

Twitter is clearly a high-profile example of an individual billionaire purchasing a pet project. With a merger, on the other hand, it’s the integration of two equals. And in many cases, it’s about one company – rather than an individual - acquiring another.

当然，也有很多人凭一己之力就轻松将其他公司收入囊中，推特就是一个典型的例子。合并则是建立在双方平等的基础之上结合，在大多数情况下，合并发生在公司与公司之间，而不是个体与公司之间。

Success certainly can’t be taken for granted. In fact, research tells us that over 70% of mergers and acquisitions failed to increase the value of the company. This means that the companies are getting deals across the finish line, but it’s what happens after the big announcement that is most important. 

当然，成功并不是理所当然。事实上，研究告诉我们，超过70%的并购未能增加公司的价值。这意味着这些公司正在越过终点线达成交易，但最重要的是在重大公告之后发生的事情。

Takeovers gone wrong – like Microsoft’s famous $7 billion blunder with Nokia - are legendary. But for every big failure, there’s a success. Think about Facebook’s purchase of Instagram, or Google’s masterful takeover of YouTube. Even if we’ve seen some slowing in the M&A world in recent years, the strategy isn’t likely to disappear as a modus operandi in the tech world. As Christopher Auld, head of finance at Stifel Financial Corp, points out:

错误的收购堪称传奇，例如微软斥资70亿美元收购诺基亚。但塞翁失马，焉知非福，每一次挫败都会有成功。例如脸书收购了Instagram，或者谷歌巧妙地收购了YouTube。近年来，并购业务出现部分放缓，但这种科技界的重要战略也不太可能就此销声匿迹。

Mergers and acquisitions slowed substantially in 2022 as companies faced a mix of financing challenges, including rising interest rates, a pullback in leveraged finance, bond-market jitters and the possibility of a recession. But many companies adapted, structuring deals to sidestep market volatility and minimize financing costs. 

2022年，并购大幅放缓，公司面临着一系列融资挑战，包括利率上升、杠杆融资回落、债券市场紧张以及经济衰退的可能性。但许多公司进行了调整，构建交易以避开市场波动并将融资成本降至最低。

In doing so, they provided a glimpse of what’s likely ahead for deal making this year, bankers and advisers said. “The M&A market is not going to stop. It just doesn’t work that way. What it does is it evolves.”

银行家和顾问们表示，通过这样做，他们可以一窥今年交易的前景。“并购市场不会停止。它不会那样运作。它所做的是不断发展。”

词汇小结：

• takeovers：收购；接收；接管

• entrepreneurs：企业家

• mergers and acquisitions：合并与收购

• taken for granted：认为理所当然

• modus operandi：工作方法

• bond-market jitters：债券市场恐慌

编辑：ETTBL

译：Gleen

材料来源：BusinessEnglishpod