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2021-07-14
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The $20 billion acquisition of SAS may be shattered, does Broadcom still want to become "soft"
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15:00","market":"us","language":"zh","title":"The $20 billion acquisition of SAS may be shattered, does Broadcom still want to become \"soft\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1199302566","media":"全球半导体观察","summary":"昨天，根据外媒消息，博通打算就收购数据分析软件巨头SAS Institute Inc.（简称SAS）一案进行谈判，这笔交易对SAS的估值在150亿美元至200亿美元之间，但能否达成最终的协议还不确定。","content":"<p>Yesterday, according to foreign media reports, Broadcom intends to negotiate the acquisition of data analysis software giant SAS Institute Inc. (SAS for short). This transaction values SAS at between US $15 billion and US $20 billion, but whether it can be reached A final agreement is uncertain.</p><p><img src=\"https://static.tigerbbs.com/aea2218d622d8f9bc07272ea96f293f3\" tg-width=\"1080\" tg-height=\"326\" referrerpolicy=\"no-referrer\"></p><p>Today, people familiar with the matter revealed that after the news of the purchase was made public on Monday, the negotiations broke down, which also means that Broadcom's idea of expanding its infrastructure software by acquiring SAS can only be temporarily shelved.</p><p><b>Premium 5 ~ 6.6 times</b></p><p>According to foreign media news, the purchase price is set at between US $15 and US $20 billion. According to SAS's financial report, its revenue in 2020 is US $3 billion, which means that Broadcom will acquire SAS at a premium of 5 to 6.7 times., which shows how serious Broadcom attaches.</p><p>Even if the merger and acquisition case is still going on, it is obvious that it is impossible for Broadcom to use cash to acquire at present, because Broadcom, as an acquisition madman, consumed a lot of cash in the acquisition of CA and Symantec in 2018 and 2019, and there is still 40 billion on its balance sheet. $100 million in debt. Therefore, Broadcom should be more inclined to acquire SAS through stock acquisition. After all, Broadcom's stock has risen by about 52% in the past year.</p><p>About SAS, a company founded in 1976, currently has 12,000 employees and is headquartered in Cary, North Carolina. It mainly sells analytics, business intelligence and data management software.</p><p>The company is the largest privately held software enterprise in the world. From the perspective of customer distribution, 91% of the top 100 enterprises in the world are its customers. From the perspective of regional distribution, the Americas account for 50%, the Asia-Pacific region accounts for 14%, and Europe, the Middle East, and Africa together account for 36%.</p><p><img src=\"https://static.tigerbbs.com/28c7e79340ce3f1ee3a759d1ab79b409\" tg-width=\"945\" tg-height=\"726\" referrerpolicy=\"no-referrer\"></p><p>Banking-related business accounted for 30% of revenue, followed by government business accounting for 17%, insurance business accounting for 11%, and life sciences accounting for 8%.</p><p><b>Broadcom's M&A History</b></p><p><b>Looking at the history of Broadcom's development, it is actually a history of mergers and acquisitions, especially since 2000, Broadcom has participated in more than ten mergers and acquisitions</b>。</p><p>Before Avago acquired Broadcom and changed its name, Avago acquired Nemicon in 2008 in order to enrich its motion control product series. In the same year, Anhua Hi-Tech acquired Infineon's bulk acoustic wave (BAW) business, which also caused Anhua Hi-Tech's share in related fields to soar to 56%.</p><p>In 2009, Anhua High-tech was listed on Nasdaq in the United States. After listing, Anhua High-tech still hasn't stopped \"buying, buying, buying\".</p><p>In 2013, they acquired CyOptics and Javelin Semiconductor, respectively. After the completion of the acquisition, Anhua High-tech has also been strengthened in the fields of optical fiber products and wireless communications. In the same year, Avago acquired LSI for US $6.6 billion, strengthening its position in the memory chip market.</p><p><b>Of course, Avago's most eye-catching merger and acquisition was in 2016, when Avago acquired Broadcom for US $37 billion and hid its name from the new company. This acquisition made the reorganized Broadcom the fifth largest semiconductor company in the world after Intel, Samsung, TSMC and Qualcomm.</b></p><p>Another famous acquisition of Broadcom was to offer $130 billion in 2017, trying to swallow Qualcomm. This acquisition was strongly opposed by Qualcomm. Later, in March 2018, Trump vetoed Broadcom's acquisition of Qualcomm on the grounds of national security.</p><p>After the merger and acquisition plan was shattered, Broadcom seemed to have changed its mentality and made two moves. The first step is to move the headquarters from Singapore back to the United States, and the second step is to \"go from hard to soft\".</p><p><b>From hard to soft</b></p><p>After returning to the United States, Broadcom did not change its strategy of buying, buying, buying. In July of that year, Broadcom announced the acquisition of CA, a company specializing in cloud computing and traditional enterprise software, for $18.9 billion in cash.</p><p>As the world's largest WLAN chip manufacturer, Broadcom's acquisition of CA is an important step from hardware to software. Broadcom hopes to diversify its business through this acquisition. But the market doesn't seem to buy it. After the news was announced, Broadcom's market value once evaporated by $19 billion, the largest drop in history.</p><p>But this did not stop Broadcom from \"changing from hard to soft\".</p><p>At the end of 2019, Broadcom announced the acquisition of Symantec for US $10.7 billion to continue to enter the software business. The latter is the world's largest manufacturer of network security software, providing content, network security software and hardware solutions for enterprises, individual users and service providers, and is the fourth largest independent software company in the world.</p><p>This time, Broadcom also failed to win applause. In a month after the acquisition, Broadcom's share price fell by 8.7%, underperforming the S&P 500 index.</p><p>While continuously acquiring software companies, there is news in the market that Broadcom wants to sell its wireless business.</p><p><b>Sell or stay</b></p><p>After the acquisition of Symantec, it was reported that Broadcom was cooperating with Credit Suisse to find a buyer for its wireless chip business, which was one of the original businesses of its predecessor Avago and accounted for 25% of Broadcom's revenue at that time.</p><p>According to media reports, the reason why Broadcom wanted to sell its wireless chip business at that time was that the business had declined in revenue, while at the same time, the revenue of Broadcom's entire company was growing, and with the growth of the basic software business, the semiconductor share was declining..</p><p>It can be seen from Broadcom's financial report that in 2019, the basic software business only accounted for 22.82% of the total revenue. The proportion of basic software business increased to 27.72%. At the same time, the revenue growth rate of basic software was 28%, while the revenue growth rate of semiconductor business was 1%.</p><p><img src=\"https://static.tigerbbs.com/341340d64bdf2879b3619906b59052cf\" tg-width=\"1080\" tg-height=\"310\" referrerpolicy=\"no-referrer\"></p><p>However, Broadcom's sale of its wireless chip business disappeared later. Maybe this news itself is a rumor, but there may also be other reasons.</p><p>Finding a buyer, and negotiating the acquisition itself takes time. Starting from the second half of 2020, global semiconductors have entered a golden age. Almost all semiconductor companies have earned considerable profits, and Broadcom, a radio frequency chip giant, is no exception.</p><p>The large-scale application of 5G smartphones and the construction of 5G base stations all require radio frequency chips, thus driving the growth of Broadcom's semiconductor business. This can be confirmed in its financial report.</p><p>According to Broadcom's financial report for the second quarter of this year, its net revenue was US $6.610 billion, an increase of 15% compared with US $5.742 billion in the same period last year, and the semiconductor business contributed the vast majority of the growth. Its net semiconductor revenue was US $4.820 billion, an increase of 20% compared with US $4.027 billion in the same period last year.</p><p><img src=\"https://static.tigerbbs.com/47dd16ca94145304f3f79a317e52240c\" tg-width=\"734\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p><p>It can be seen that Broadcom's semiconductor business has entered another period of growth from the previous downturn. Perhaps for this reason, Broadcom did not sell its wireless business, but perhaps because the semiconductor business has made money, Broadcom can acquire SAS again. software companies, thereby accelerating their own diversification.</p><p><b>sum up</b></p><p>In recent years, the proportion of software spending in global IT spending has been increasing, and cloud computing spending has also increased rapidly. Against this background, global IT companies have transformed into cloud computing. Perhaps after seeing this opportunity, Broadcom has begun to transform and diversify, both hard and soft.</p><p>On the other hand, compared with asset-heavy industries such as semiconductors, software is relatively lightweight and has higher profits. If Broadcom wants to gain more profits, it naturally wants to make achievements in software. However, after this attempted acquisition, will Broadcom stop buying in buy buy? At least from Broadcom's past, it is difficult.</p>","source":"lsy1601870658538","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The $20 billion acquisition of SAS may be shattered, does Broadcom still want to become \"soft\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe $20 billion acquisition of SAS may be shattered, does Broadcom still want to become \"soft\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">全球半导体观察</strong><span class=\"h-time small\">2021-07-14 15:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Yesterday, according to foreign media reports, Broadcom intends to negotiate the acquisition of data analysis software giant SAS Institute Inc. (SAS for short). This transaction values SAS at between US $15 billion and US $20 billion, but whether it can be reached A final agreement is uncertain.</p><p><img src=\"https://static.tigerbbs.com/aea2218d622d8f9bc07272ea96f293f3\" tg-width=\"1080\" tg-height=\"326\" referrerpolicy=\"no-referrer\"></p><p>Today, people familiar with the matter revealed that after the news of the purchase was made public on Monday, the negotiations broke down, which also means that Broadcom's idea of expanding its infrastructure software by acquiring SAS can only be temporarily shelved.</p><p><b>Premium 5 ~ 6.6 times</b></p><p>According to foreign media news, the purchase price is set at between US $15 and US $20 billion. According to SAS's financial report, its revenue in 2020 is US $3 billion, which means that Broadcom will acquire SAS at a premium of 5 to 6.7 times., which shows how serious Broadcom attaches.</p><p>Even if the merger and acquisition case is still going on, it is obvious that it is impossible for Broadcom to use cash to acquire at present, because Broadcom, as an acquisition madman, consumed a lot of cash in the acquisition of CA and Symantec in 2018 and 2019, and there is still 40 billion on its balance sheet. $100 million in debt. Therefore, Broadcom should be more inclined to acquire SAS through stock acquisition. After all, Broadcom's stock has risen by about 52% in the past year.</p><p>About SAS, a company founded in 1976, currently has 12,000 employees and is headquartered in Cary, North Carolina. It mainly sells analytics, business intelligence and data management software.</p><p>The company is the largest privately held software enterprise in the world. From the perspective of customer distribution, 91% of the top 100 enterprises in the world are its customers. From the perspective of regional distribution, the Americas account for 50%, the Asia-Pacific region accounts for 14%, and Europe, the Middle East, and Africa together account for 36%.</p><p><img src=\"https://static.tigerbbs.com/28c7e79340ce3f1ee3a759d1ab79b409\" tg-width=\"945\" tg-height=\"726\" referrerpolicy=\"no-referrer\"></p><p>Banking-related business accounted for 30% of revenue, followed by government business accounting for 17%, insurance business accounting for 11%, and life sciences accounting for 8%.</p><p><b>Broadcom's M&A History</b></p><p><b>Looking at the history of Broadcom's development, it is actually a history of mergers and acquisitions, especially since 2000, Broadcom has participated in more than ten mergers and acquisitions</b>。</p><p>Before Avago acquired Broadcom and changed its name, Avago acquired Nemicon in 2008 in order to enrich its motion control product series. In the same year, Anhua Hi-Tech acquired Infineon's bulk acoustic wave (BAW) business, which also caused Anhua Hi-Tech's share in related fields to soar to 56%.</p><p>In 2009, Anhua High-tech was listed on Nasdaq in the United States. After listing, Anhua High-tech still hasn't stopped \"buying, buying, buying\".</p><p>In 2013, they acquired CyOptics and Javelin Semiconductor, respectively. After the completion of the acquisition, Anhua High-tech has also been strengthened in the fields of optical fiber products and wireless communications. In the same year, Avago acquired LSI for US $6.6 billion, strengthening its position in the memory chip market.</p><p><b>Of course, Avago's most eye-catching merger and acquisition was in 2016, when Avago acquired Broadcom for US $37 billion and hid its name from the new company. This acquisition made the reorganized Broadcom the fifth largest semiconductor company in the world after Intel, Samsung, TSMC and Qualcomm.</b></p><p>Another famous acquisition of Broadcom was to offer $130 billion in 2017, trying to swallow Qualcomm. This acquisition was strongly opposed by Qualcomm. Later, in March 2018, Trump vetoed Broadcom's acquisition of Qualcomm on the grounds of national security.</p><p>After the merger and acquisition plan was shattered, Broadcom seemed to have changed its mentality and made two moves. The first step is to move the headquarters from Singapore back to the United States, and the second step is to \"go from hard to soft\".</p><p><b>From hard to soft</b></p><p>After returning to the United States, Broadcom did not change its strategy of buying, buying, buying. In July of that year, Broadcom announced the acquisition of CA, a company specializing in cloud computing and traditional enterprise software, for $18.9 billion in cash.</p><p>As the world's largest WLAN chip manufacturer, Broadcom's acquisition of CA is an important step from hardware to software. Broadcom hopes to diversify its business through this acquisition. But the market doesn't seem to buy it. After the news was announced, Broadcom's market value once evaporated by $19 billion, the largest drop in history.</p><p>But this did not stop Broadcom from \"changing from hard to soft\".</p><p>At the end of 2019, Broadcom announced the acquisition of Symantec for US $10.7 billion to continue to enter the software business. The latter is the world's largest manufacturer of network security software, providing content, network security software and hardware solutions for enterprises, individual users and service providers, and is the fourth largest independent software company in the world.</p><p>This time, Broadcom also failed to win applause. In a month after the acquisition, Broadcom's share price fell by 8.7%, underperforming the S&P 500 index.</p><p>While continuously acquiring software companies, there is news in the market that Broadcom wants to sell its wireless business.</p><p><b>Sell or stay</b></p><p>After the acquisition of Symantec, it was reported that Broadcom was cooperating with Credit Suisse to find a buyer for its wireless chip business, which was one of the original businesses of its predecessor Avago and accounted for 25% of Broadcom's revenue at that time.</p><p>According to media reports, the reason why Broadcom wanted to sell its wireless chip business at that time was that the business had declined in revenue, while at the same time, the revenue of Broadcom's entire company was growing, and with the growth of the basic software business, the semiconductor share was declining..</p><p>It can be seen from Broadcom's financial report that in 2019, the basic software business only accounted for 22.82% of the total revenue. The proportion of basic software business increased to 27.72%. At the same time, the revenue growth rate of basic software was 28%, while the revenue growth rate of semiconductor business was 1%.</p><p><img src=\"https://static.tigerbbs.com/341340d64bdf2879b3619906b59052cf\" tg-width=\"1080\" tg-height=\"310\" referrerpolicy=\"no-referrer\"></p><p>However, Broadcom's sale of its wireless chip business disappeared later. Maybe this news itself is a rumor, but there may also be other reasons.</p><p>Finding a buyer, and negotiating the acquisition itself takes time. Starting from the second half of 2020, global semiconductors have entered a golden age. Almost all semiconductor companies have earned considerable profits, and Broadcom, a radio frequency chip giant, is no exception.</p><p>The large-scale application of 5G smartphones and the construction of 5G base stations all require radio frequency chips, thus driving the growth of Broadcom's semiconductor business. This can be confirmed in its financial report.</p><p>According to Broadcom's financial report for the second quarter of this year, its net revenue was US $6.610 billion, an increase of 15% compared with US $5.742 billion in the same period last year, and the semiconductor business contributed the vast majority of the growth. Its net semiconductor revenue was US $4.820 billion, an increase of 20% compared with US $4.027 billion in the same period last year.</p><p><img src=\"https://static.tigerbbs.com/47dd16ca94145304f3f79a317e52240c\" tg-width=\"734\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p><p>It can be seen that Broadcom's semiconductor business has entered another period of growth from the previous downturn. Perhaps for this reason, Broadcom did not sell its wireless business, but perhaps because the semiconductor business has made money, Broadcom can acquire SAS again. software companies, thereby accelerating their own diversification.</p><p><b>sum up</b></p><p>In recent years, the proportion of software spending in global IT spending has been increasing, and cloud computing spending has also increased rapidly. Against this background, global IT companies have transformed into cloud computing. Perhaps after seeing this opportunity, Broadcom has begun to transform and diversify, both hard and soft.</p><p>On the other hand, compared with asset-heavy industries such as semiconductors, software is relatively lightweight and has higher profits. If Broadcom wants to gain more profits, it naturally wants to make achievements in software. However, after this attempted acquisition, will Broadcom stop buying in buy buy? At least from Broadcom's past, it is difficult.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/noUMtx0GZ_NPpy2qyP0Npw\">全球半导体观察</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/870bc9b61bdd5517f5c8da554e89a89e","relate_stocks":{"AVGO":"博通"},"source_url":"https://mp.weixin.qq.com/s/noUMtx0GZ_NPpy2qyP0Npw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199302566","content_text":"昨天，根据外媒消息，博通打算就收购数据分析软件巨头SAS Institute Inc.（简称SAS）一案进行谈判，这笔交易对SAS的估值在150亿美元至200亿美元之间，但能否达成最终的协议还不确定。\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n今天，知情人士透露，洽购消息在周一被公开后，谈判破裂，这也意味着博通想要借助收购SAS扩展其基础设施软件的想法，只能暂时被搁置了。\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n溢价5~6.6倍\n\n\n\n\n\n\n根据外媒的消息，此次收购价定在了150~200亿美元之间，而根据SAS的财报显示，其2020年的营收为30亿美元，意味着博通会溢价5~6.7倍去收购SAS，可见博通的重视程度。\n即使并购案仍在继续，但显然目前博通不可能用现金去收购，因为作为收购狂人的博通，在2018年和2019年收购CA和赛门铁克消耗了大量现金，目前资产负债表上仍有400亿美元的债务。所以博通应该更倾向于用股票收购的方式拿下SAS，毕竟在过去一年，博通股票上涨了约52%。\n关于SAS这家企业，其成立于1976年，目前有1.2万员工，总部位于北卡罗莱纳州卡瑞，主要销售分析、商业智能和数据管理软件。\n该公司是世界上最大的私营软件企业。从客户的分布来看，世界前100强中，有91%的企业都是其客户。从地区分布来看，美洲占比50%，亚太地区占比14%，欧洲、中东、非洲共占比36%。\n\n\n\n\n\n银行相关业务占据营收的30%，其次是政府业务占据17%，保险业务占据11%，生命科学占据8%。\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n博通的并购史\n\n\n\n\n\n\n纵观博通的发展史，其实是一部并购史，尤其是从2000年以来，博通参与的并购多达十余次。\n在安华高收购博通并改名之前，2008年安华高科技为了充实自己的运动控制产品系列，收购Nemicon。同年，安华高科技又收购英飞凌的体声波（BAW）业务，这也使得安华高科技在相关领域的占有率直接飙升至56%。\n2009年，安华高科技在美国纳斯达克敲钟上市。上市之后的安华高科技仍然没停止“买买买”。\n2013年分别收购了CyOptics和Javelin Semiconductor。完成收购后，安华高科技在光纤产品领域和无线通信领域也得到加强。同年，安华高又以66亿美元收购了LSI，强化在存储芯片市场的地位。\n当然安华高最引人瞩目的并购是在2016年，安华高以370亿美元的价格蛇吞象收购博通，并将自己的名字在新公司中隐去，这起收购让重组后的博通成为继英特尔、三星、台积电和高通之后的全球第五大半导体公司。\n博通的另一大著名收购便是在2017年报价1300亿美元，想要吞掉高通。这场收购遭到了高通的强烈反对，后来在2018年3月，特朗普以国家安全为由，一纸否决了博通对高通的并购。\n这次并购计划破灭之后，博通似乎转变了心态，并走了两步棋。第一步是将总部从新加坡迁回美国，第二步是“由硬变软”。\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n由硬变软\n\n\n\n\n\n\n回归美国之后，博通不改买买买的策略。当年7月，博通宣布以189亿美元的现金收购CA，后者是一家专门开发云计算和传统企业软件的公司。\n作为全球最大的WLAN芯片厂商，博通收购CA是从硬件跨向软件的重要一步。博通希望通过这次收购实现业务的多元化。但市场似乎并不买账，消息公布之后，博通的市值一度蒸发了190亿美元，创历史最大跌幅。\n但这并未阻止博通“由硬变软”的脚步。\n2019年末，博通又宣布以107亿美元收购赛门铁克，继续进军软件业务。后者是是全球最大的网络安全软件制造商，为企业、个人用户和服务提供商提供内容、网络安全软件以及硬件的解决方案，是全球第四大独立软件公司。\n这次，博通同样没有赢得喝彩，收购完成后的一个月时间里，博通的股价下跌了8.7%，表现逊于标准普尔500指数。\n在不断收购软件企业的同时，市场有消息传出，博通想要出售自家的无线业务。\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n卖or留\n\n\n\n\n\n\n收购赛门铁克后，有消息报道，博通在与瑞士信贷合作，为其无线芯片业务寻找买家，这一业务是前身安华高的原始业务之一，占据了当时博通25%的营收。\n据媒体报道，博通当时想要出售其无线芯片业务的原因是该业务在营收上出现了下滑，而同时博通整个公司的营收是增长的，并且随着基础软件业务的增长，半导体份额在下降。\n从博通的财报可以看出，2019年时，基础软件业务仅占总营收的22.82%，到2020年。基础软件业务的占比增长到了27.72%。同时基础软件的营收增速为28%，而半导体业务的营收增速为1%。\n\n\n\n\n\n不过博通出售无线芯片业务后来没了下文，也许本身这件新闻就是谣传，但也有可能存在其他原因。\n寻找买家，并且谈判收购本身需要时间。而从2020年下半年开始，全球半导体进入了黄金时代，几乎所有的半导体企业都赚取了可观的利润，作为射频芯片巨头的博通也不例外。\n5G智能手机的大规模应用，以及5G基站的建设，这些都需要射频芯片，从而带动博通半导体业务的增长。这一点在其财报上就可以得到印证。\n根据博通今年第二季度的财报显示，其净营收为66.10亿美元，与去年同期的57.42亿美元相比增长15%，而半导体业务贡献了绝大多数增长，其半导体净营收为48.20亿美元，与去年同期的40.27亿美元相比增长20%。\n\n\n\n\n\n可以看出，博通的半导体业务由此前的低迷，进入了又一个增长期，也许出于这个原因，博通才没有出售无线业务，但也许又因为半导体业务赚到了钱，让博通可以再去收购SAS这样的软件企业，从而加快自身的多元化。\n总结\n近年来，软件支出在全球IT支出中的比例不断提升，云计算支出也在快速提升。在此背景下，全球IT企业纷纷向云计算转型，也许是看到了这个机会，博通开始转型多元化，既要硬也要软。\n另一方面，相比于半导体这种重资产产业，软件相对比较轻量化，而且利润方面也会更高，博通想要博得更多利润，自然想在软件方面有所建树。只不过，经历了这次收购未遂之后，博通还会停止买买买的步伐吗？至少从博通的过往来看，很难。","news_type":1,"symbols_score_info":{"AVGO":0.9}},"isVote":1,"tweetType":1,"viewCount":1384,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":145753173,"gmtCreate":1626248590492,"gmtModify":1703756299589,"author":{"id":"3585124799601081","authorId":"3585124799601081","name":"Annieliew111","avatar":"https://static.tigerbbs.com/67bba0733f22521ae4219950b712b026","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585124799601081","idStr":"3585124799601081"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/145753173","repostId":"1199302566","repostType":4,"repost":{"id":"1199302566","kind":"news","pubTimestamp":1626246029,"share":"https://ttm.financial/m/news/1199302566?lang=en_US&edition=fundamental","pubTime":"2021-07-14 15:00","market":"us","language":"zh","title":"The $20 billion acquisition of SAS may be shattered, does Broadcom still want to become \"soft\"","url":"https://stock-news.laohu8.com/highlight/detail?id=1199302566","media":"全球半导体观察","summary":"昨天，根据外媒消息，博通打算就收购数据分析软件巨头SAS Institute Inc.（简称SAS）一案进行谈判，这笔交易对SAS的估值在150亿美元至200亿美元之间，但能否达成最终的协议还不确定。","content":"<p>Yesterday, according to foreign media reports, Broadcom intends to negotiate the acquisition of data analysis software giant SAS Institute Inc. (SAS for short). This transaction values SAS at between US $15 billion and US $20 billion, but whether it can be reached A final agreement is uncertain.</p><p><img src=\"https://static.tigerbbs.com/aea2218d622d8f9bc07272ea96f293f3\" tg-width=\"1080\" tg-height=\"326\" referrerpolicy=\"no-referrer\"></p><p>Today, people familiar with the matter revealed that after the news of the purchase was made public on Monday, the negotiations broke down, which also means that Broadcom's idea of expanding its infrastructure software by acquiring SAS can only be temporarily shelved.</p><p><b>Premium 5 ~ 6.6 times</b></p><p>According to foreign media news, the purchase price is set at between US $15 and US $20 billion. According to SAS's financial report, its revenue in 2020 is US $3 billion, which means that Broadcom will acquire SAS at a premium of 5 to 6.7 times., which shows how serious Broadcom attaches.</p><p>Even if the merger and acquisition case is still going on, it is obvious that it is impossible for Broadcom to use cash to acquire at present, because Broadcom, as an acquisition madman, consumed a lot of cash in the acquisition of CA and Symantec in 2018 and 2019, and there is still 40 billion on its balance sheet. $100 million in debt. Therefore, Broadcom should be more inclined to acquire SAS through stock acquisition. After all, Broadcom's stock has risen by about 52% in the past year.</p><p>About SAS, a company founded in 1976, currently has 12,000 employees and is headquartered in Cary, North Carolina. It mainly sells analytics, business intelligence and data management software.</p><p>The company is the largest privately held software enterprise in the world. From the perspective of customer distribution, 91% of the top 100 enterprises in the world are its customers. From the perspective of regional distribution, the Americas account for 50%, the Asia-Pacific region accounts for 14%, and Europe, the Middle East, and Africa together account for 36%.</p><p><img src=\"https://static.tigerbbs.com/28c7e79340ce3f1ee3a759d1ab79b409\" tg-width=\"945\" tg-height=\"726\" referrerpolicy=\"no-referrer\"></p><p>Banking-related business accounted for 30% of revenue, followed by government business accounting for 17%, insurance business accounting for 11%, and life sciences accounting for 8%.</p><p><b>Broadcom's M&A History</b></p><p><b>Looking at the history of Broadcom's development, it is actually a history of mergers and acquisitions, especially since 2000, Broadcom has participated in more than ten mergers and acquisitions</b>。</p><p>Before Avago acquired Broadcom and changed its name, Avago acquired Nemicon in 2008 in order to enrich its motion control product series. In the same year, Anhua Hi-Tech acquired Infineon's bulk acoustic wave (BAW) business, which also caused Anhua Hi-Tech's share in related fields to soar to 56%.</p><p>In 2009, Anhua High-tech was listed on Nasdaq in the United States. After listing, Anhua High-tech still hasn't stopped \"buying, buying, buying\".</p><p>In 2013, they acquired CyOptics and Javelin Semiconductor, respectively. After the completion of the acquisition, Anhua High-tech has also been strengthened in the fields of optical fiber products and wireless communications. In the same year, Avago acquired LSI for US $6.6 billion, strengthening its position in the memory chip market.</p><p><b>Of course, Avago's most eye-catching merger and acquisition was in 2016, when Avago acquired Broadcom for US $37 billion and hid its name from the new company. This acquisition made the reorganized Broadcom the fifth largest semiconductor company in the world after Intel, Samsung, TSMC and Qualcomm.</b></p><p>Another famous acquisition of Broadcom was to offer $130 billion in 2017, trying to swallow Qualcomm. This acquisition was strongly opposed by Qualcomm. Later, in March 2018, Trump vetoed Broadcom's acquisition of Qualcomm on the grounds of national security.</p><p>After the merger and acquisition plan was shattered, Broadcom seemed to have changed its mentality and made two moves. The first step is to move the headquarters from Singapore back to the United States, and the second step is to \"go from hard to soft\".</p><p><b>From hard to soft</b></p><p>After returning to the United States, Broadcom did not change its strategy of buying, buying, buying. In July of that year, Broadcom announced the acquisition of CA, a company specializing in cloud computing and traditional enterprise software, for $18.9 billion in cash.</p><p>As the world's largest WLAN chip manufacturer, Broadcom's acquisition of CA is an important step from hardware to software. Broadcom hopes to diversify its business through this acquisition. But the market doesn't seem to buy it. After the news was announced, Broadcom's market value once evaporated by $19 billion, the largest drop in history.</p><p>But this did not stop Broadcom from \"changing from hard to soft\".</p><p>At the end of 2019, Broadcom announced the acquisition of Symantec for US $10.7 billion to continue to enter the software business. The latter is the world's largest manufacturer of network security software, providing content, network security software and hardware solutions for enterprises, individual users and service providers, and is the fourth largest independent software company in the world.</p><p>This time, Broadcom also failed to win applause. In a month after the acquisition, Broadcom's share price fell by 8.7%, underperforming the S&P 500 index.</p><p>While continuously acquiring software companies, there is news in the market that Broadcom wants to sell its wireless business.</p><p><b>Sell or stay</b></p><p>After the acquisition of Symantec, it was reported that Broadcom was cooperating with Credit Suisse to find a buyer for its wireless chip business, which was one of the original businesses of its predecessor Avago and accounted for 25% of Broadcom's revenue at that time.</p><p>According to media reports, the reason why Broadcom wanted to sell its wireless chip business at that time was that the business had declined in revenue, while at the same time, the revenue of Broadcom's entire company was growing, and with the growth of the basic software business, the semiconductor share was declining..</p><p>It can be seen from Broadcom's financial report that in 2019, the basic software business only accounted for 22.82% of the total revenue. The proportion of basic software business increased to 27.72%. At the same time, the revenue growth rate of basic software was 28%, while the revenue growth rate of semiconductor business was 1%.</p><p><img src=\"https://static.tigerbbs.com/341340d64bdf2879b3619906b59052cf\" tg-width=\"1080\" tg-height=\"310\" referrerpolicy=\"no-referrer\"></p><p>However, Broadcom's sale of its wireless chip business disappeared later. Maybe this news itself is a rumor, but there may also be other reasons.</p><p>Finding a buyer, and negotiating the acquisition itself takes time. Starting from the second half of 2020, global semiconductors have entered a golden age. Almost all semiconductor companies have earned considerable profits, and Broadcom, a radio frequency chip giant, is no exception.</p><p>The large-scale application of 5G smartphones and the construction of 5G base stations all require radio frequency chips, thus driving the growth of Broadcom's semiconductor business. This can be confirmed in its financial report.</p><p>According to Broadcom's financial report for the second quarter of this year, its net revenue was US $6.610 billion, an increase of 15% compared with US $5.742 billion in the same period last year, and the semiconductor business contributed the vast majority of the growth. Its net semiconductor revenue was US $4.820 billion, an increase of 20% compared with US $4.027 billion in the same period last year.</p><p><img src=\"https://static.tigerbbs.com/47dd16ca94145304f3f79a317e52240c\" tg-width=\"734\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p><p>It can be seen that Broadcom's semiconductor business has entered another period of growth from the previous downturn. Perhaps for this reason, Broadcom did not sell its wireless business, but perhaps because the semiconductor business has made money, Broadcom can acquire SAS again. software companies, thereby accelerating their own diversification.</p><p><b>sum up</b></p><p>In recent years, the proportion of software spending in global IT spending has been increasing, and cloud computing spending has also increased rapidly. Against this background, global IT companies have transformed into cloud computing. Perhaps after seeing this opportunity, Broadcom has begun to transform and diversify, both hard and soft.</p><p>On the other hand, compared with asset-heavy industries such as semiconductors, software is relatively lightweight and has higher profits. If Broadcom wants to gain more profits, it naturally wants to make achievements in software. However, after this attempted acquisition, will Broadcom stop buying in buy buy? At least from Broadcom's past, it is difficult.</p>","source":"lsy1601870658538","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The $20 billion acquisition of SAS may be shattered, does Broadcom still want to become \"soft\"</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe $20 billion acquisition of SAS may be shattered, does Broadcom still want to become \"soft\"\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">全球半导体观察</strong><span class=\"h-time small\">2021-07-14 15:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Yesterday, according to foreign media reports, Broadcom intends to negotiate the acquisition of data analysis software giant SAS Institute Inc. (SAS for short). This transaction values SAS at between US $15 billion and US $20 billion, but whether it can be reached A final agreement is uncertain.</p><p><img src=\"https://static.tigerbbs.com/aea2218d622d8f9bc07272ea96f293f3\" tg-width=\"1080\" tg-height=\"326\" referrerpolicy=\"no-referrer\"></p><p>Today, people familiar with the matter revealed that after the news of the purchase was made public on Monday, the negotiations broke down, which also means that Broadcom's idea of expanding its infrastructure software by acquiring SAS can only be temporarily shelved.</p><p><b>Premium 5 ~ 6.6 times</b></p><p>According to foreign media news, the purchase price is set at between US $15 and US $20 billion. According to SAS's financial report, its revenue in 2020 is US $3 billion, which means that Broadcom will acquire SAS at a premium of 5 to 6.7 times., which shows how serious Broadcom attaches.</p><p>Even if the merger and acquisition case is still going on, it is obvious that it is impossible for Broadcom to use cash to acquire at present, because Broadcom, as an acquisition madman, consumed a lot of cash in the acquisition of CA and Symantec in 2018 and 2019, and there is still 40 billion on its balance sheet. $100 million in debt. Therefore, Broadcom should be more inclined to acquire SAS through stock acquisition. After all, Broadcom's stock has risen by about 52% in the past year.</p><p>About SAS, a company founded in 1976, currently has 12,000 employees and is headquartered in Cary, North Carolina. It mainly sells analytics, business intelligence and data management software.</p><p>The company is the largest privately held software enterprise in the world. From the perspective of customer distribution, 91% of the top 100 enterprises in the world are its customers. From the perspective of regional distribution, the Americas account for 50%, the Asia-Pacific region accounts for 14%, and Europe, the Middle East, and Africa together account for 36%.</p><p><img src=\"https://static.tigerbbs.com/28c7e79340ce3f1ee3a759d1ab79b409\" tg-width=\"945\" tg-height=\"726\" referrerpolicy=\"no-referrer\"></p><p>Banking-related business accounted for 30% of revenue, followed by government business accounting for 17%, insurance business accounting for 11%, and life sciences accounting for 8%.</p><p><b>Broadcom's M&A History</b></p><p><b>Looking at the history of Broadcom's development, it is actually a history of mergers and acquisitions, especially since 2000, Broadcom has participated in more than ten mergers and acquisitions</b>。</p><p>Before Avago acquired Broadcom and changed its name, Avago acquired Nemicon in 2008 in order to enrich its motion control product series. In the same year, Anhua Hi-Tech acquired Infineon's bulk acoustic wave (BAW) business, which also caused Anhua Hi-Tech's share in related fields to soar to 56%.</p><p>In 2009, Anhua High-tech was listed on Nasdaq in the United States. After listing, Anhua High-tech still hasn't stopped \"buying, buying, buying\".</p><p>In 2013, they acquired CyOptics and Javelin Semiconductor, respectively. After the completion of the acquisition, Anhua High-tech has also been strengthened in the fields of optical fiber products and wireless communications. In the same year, Avago acquired LSI for US $6.6 billion, strengthening its position in the memory chip market.</p><p><b>Of course, Avago's most eye-catching merger and acquisition was in 2016, when Avago acquired Broadcom for US $37 billion and hid its name from the new company. This acquisition made the reorganized Broadcom the fifth largest semiconductor company in the world after Intel, Samsung, TSMC and Qualcomm.</b></p><p>Another famous acquisition of Broadcom was to offer $130 billion in 2017, trying to swallow Qualcomm. This acquisition was strongly opposed by Qualcomm. Later, in March 2018, Trump vetoed Broadcom's acquisition of Qualcomm on the grounds of national security.</p><p>After the merger and acquisition plan was shattered, Broadcom seemed to have changed its mentality and made two moves. The first step is to move the headquarters from Singapore back to the United States, and the second step is to \"go from hard to soft\".</p><p><b>From hard to soft</b></p><p>After returning to the United States, Broadcom did not change its strategy of buying, buying, buying. In July of that year, Broadcom announced the acquisition of CA, a company specializing in cloud computing and traditional enterprise software, for $18.9 billion in cash.</p><p>As the world's largest WLAN chip manufacturer, Broadcom's acquisition of CA is an important step from hardware to software. Broadcom hopes to diversify its business through this acquisition. But the market doesn't seem to buy it. After the news was announced, Broadcom's market value once evaporated by $19 billion, the largest drop in history.</p><p>But this did not stop Broadcom from \"changing from hard to soft\".</p><p>At the end of 2019, Broadcom announced the acquisition of Symantec for US $10.7 billion to continue to enter the software business. The latter is the world's largest manufacturer of network security software, providing content, network security software and hardware solutions for enterprises, individual users and service providers, and is the fourth largest independent software company in the world.</p><p>This time, Broadcom also failed to win applause. In a month after the acquisition, Broadcom's share price fell by 8.7%, underperforming the S&P 500 index.</p><p>While continuously acquiring software companies, there is news in the market that Broadcom wants to sell its wireless business.</p><p><b>Sell or stay</b></p><p>After the acquisition of Symantec, it was reported that Broadcom was cooperating with Credit Suisse to find a buyer for its wireless chip business, which was one of the original businesses of its predecessor Avago and accounted for 25% of Broadcom's revenue at that time.</p><p>According to media reports, the reason why Broadcom wanted to sell its wireless chip business at that time was that the business had declined in revenue, while at the same time, the revenue of Broadcom's entire company was growing, and with the growth of the basic software business, the semiconductor share was declining..</p><p>It can be seen from Broadcom's financial report that in 2019, the basic software business only accounted for 22.82% of the total revenue. The proportion of basic software business increased to 27.72%. At the same time, the revenue growth rate of basic software was 28%, while the revenue growth rate of semiconductor business was 1%.</p><p><img src=\"https://static.tigerbbs.com/341340d64bdf2879b3619906b59052cf\" tg-width=\"1080\" tg-height=\"310\" referrerpolicy=\"no-referrer\"></p><p>However, Broadcom's sale of its wireless chip business disappeared later. Maybe this news itself is a rumor, but there may also be other reasons.</p><p>Finding a buyer, and negotiating the acquisition itself takes time. Starting from the second half of 2020, global semiconductors have entered a golden age. Almost all semiconductor companies have earned considerable profits, and Broadcom, a radio frequency chip giant, is no exception.</p><p>The large-scale application of 5G smartphones and the construction of 5G base stations all require radio frequency chips, thus driving the growth of Broadcom's semiconductor business. This can be confirmed in its financial report.</p><p>According to Broadcom's financial report for the second quarter of this year, its net revenue was US $6.610 billion, an increase of 15% compared with US $5.742 billion in the same period last year, and the semiconductor business contributed the vast majority of the growth. Its net semiconductor revenue was US $4.820 billion, an increase of 20% compared with US $4.027 billion in the same period last year.</p><p><img src=\"https://static.tigerbbs.com/47dd16ca94145304f3f79a317e52240c\" tg-width=\"734\" tg-height=\"280\" referrerpolicy=\"no-referrer\"></p><p>It can be seen that Broadcom's semiconductor business has entered another period of growth from the previous downturn. Perhaps for this reason, Broadcom did not sell its wireless business, but perhaps because the semiconductor business has made money, Broadcom can acquire SAS again. software companies, thereby accelerating their own diversification.</p><p><b>sum up</b></p><p>In recent years, the proportion of software spending in global IT spending has been increasing, and cloud computing spending has also increased rapidly. Against this background, global IT companies have transformed into cloud computing. Perhaps after seeing this opportunity, Broadcom has begun to transform and diversify, both hard and soft.</p><p>On the other hand, compared with asset-heavy industries such as semiconductors, software is relatively lightweight and has higher profits. If Broadcom wants to gain more profits, it naturally wants to make achievements in software. However, after this attempted acquisition, will Broadcom stop buying in buy buy? At least from Broadcom's past, it is difficult.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/noUMtx0GZ_NPpy2qyP0Npw\">全球半导体观察</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/870bc9b61bdd5517f5c8da554e89a89e","relate_stocks":{"AVGO":"博通"},"source_url":"https://mp.weixin.qq.com/s/noUMtx0GZ_NPpy2qyP0Npw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199302566","content_text":"昨天，根据外媒消息，博通打算就收购数据分析软件巨头SAS Institute Inc.（简称SAS）一案进行谈判，这笔交易对SAS的估值在150亿美元至200亿美元之间，但能否达成最终的协议还不确定。\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n今天，知情人士透露，洽购消息在周一被公开后，谈判破裂，这也意味着博通想要借助收购SAS扩展其基础设施软件的想法，只能暂时被搁置了。\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n溢价5~6.6倍\n\n\n\n\n\n\n根据外媒的消息，此次收购价定在了150~200亿美元之间，而根据SAS的财报显示，其2020年的营收为30亿美元，意味着博通会溢价5~6.7倍去收购SAS，可见博通的重视程度。\n即使并购案仍在继续，但显然目前博通不可能用现金去收购，因为作为收购狂人的博通，在2018年和2019年收购CA和赛门铁克消耗了大量现金，目前资产负债表上仍有400亿美元的债务。所以博通应该更倾向于用股票收购的方式拿下SAS，毕竟在过去一年，博通股票上涨了约52%。\n关于SAS这家企业，其成立于1976年，目前有1.2万员工，总部位于北卡罗莱纳州卡瑞，主要销售分析、商业智能和数据管理软件。\n该公司是世界上最大的私营软件企业。从客户的分布来看，世界前100强中，有91%的企业都是其客户。从地区分布来看，美洲占比50%，亚太地区占比14%，欧洲、中东、非洲共占比36%。\n\n\n\n\n\n银行相关业务占据营收的30%，其次是政府业务占据17%，保险业务占据11%，生命科学占据8%。\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n博通的并购史\n\n\n\n\n\n\n纵观博通的发展史，其实是一部并购史，尤其是从2000年以来，博通参与的并购多达十余次。\n在安华高收购博通并改名之前，2008年安华高科技为了充实自己的运动控制产品系列，收购Nemicon。同年，安华高科技又收购英飞凌的体声波（BAW）业务，这也使得安华高科技在相关领域的占有率直接飙升至56%。\n2009年，安华高科技在美国纳斯达克敲钟上市。上市之后的安华高科技仍然没停止“买买买”。\n2013年分别收购了CyOptics和Javelin Semiconductor。完成收购后，安华高科技在光纤产品领域和无线通信领域也得到加强。同年，安华高又以66亿美元收购了LSI，强化在存储芯片市场的地位。\n当然安华高最引人瞩目的并购是在2016年，安华高以370亿美元的价格蛇吞象收购博通，并将自己的名字在新公司中隐去，这起收购让重组后的博通成为继英特尔、三星、台积电和高通之后的全球第五大半导体公司。\n博通的另一大著名收购便是在2017年报价1300亿美元，想要吞掉高通。这场收购遭到了高通的强烈反对，后来在2018年3月，特朗普以国家安全为由，一纸否决了博通对高通的并购。\n这次并购计划破灭之后，博通似乎转变了心态，并走了两步棋。第一步是将总部从新加坡迁回美国，第二步是“由硬变软”。\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n由硬变软\n\n\n\n\n\n\n回归美国之后，博通不改买买买的策略。当年7月，博通宣布以189亿美元的现金收购CA，后者是一家专门开发云计算和传统企业软件的公司。\n作为全球最大的WLAN芯片厂商，博通收购CA是从硬件跨向软件的重要一步。博通希望通过这次收购实现业务的多元化。但市场似乎并不买账，消息公布之后，博通的市值一度蒸发了190亿美元，创历史最大跌幅。\n但这并未阻止博通“由硬变软”的脚步。\n2019年末，博通又宣布以107亿美元收购赛门铁克，继续进军软件业务。后者是是全球最大的网络安全软件制造商，为企业、个人用户和服务提供商提供内容、网络安全软件以及硬件的解决方案，是全球第四大独立软件公司。\n这次，博通同样没有赢得喝彩，收购完成后的一个月时间里，博通的股价下跌了8.7%，表现逊于标准普尔500指数。\n在不断收购软件企业的同时，市场有消息传出，博通想要出售自家的无线业务。\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n卖or留\n\n\n\n\n\n\n收购赛门铁克后，有消息报道，博通在与瑞士信贷合作，为其无线芯片业务寻找买家，这一业务是前身安华高的原始业务之一，占据了当时博通25%的营收。\n据媒体报道，博通当时想要出售其无线芯片业务的原因是该业务在营收上出现了下滑，而同时博通整个公司的营收是增长的，并且随着基础软件业务的增长，半导体份额在下降。\n从博通的财报可以看出，2019年时，基础软件业务仅占总营收的22.82%，到2020年。基础软件业务的占比增长到了27.72%。同时基础软件的营收增速为28%，而半导体业务的营收增速为1%。\n\n\n\n\n\n不过博通出售无线芯片业务后来没了下文，也许本身这件新闻就是谣传，但也有可能存在其他原因。\n寻找买家，并且谈判收购本身需要时间。而从2020年下半年开始，全球半导体进入了黄金时代，几乎所有的半导体企业都赚取了可观的利润，作为射频芯片巨头的博通也不例外。\n5G智能手机的大规模应用，以及5G基站的建设，这些都需要射频芯片，从而带动博通半导体业务的增长。这一点在其财报上就可以得到印证。\n根据博通今年第二季度的财报显示，其净营收为66.10亿美元，与去年同期的57.42亿美元相比增长15%，而半导体业务贡献了绝大多数增长，其半导体净营收为48.20亿美元，与去年同期的40.27亿美元相比增长20%。\n\n\n\n\n\n可以看出，博通的半导体业务由此前的低迷，进入了又一个增长期，也许出于这个原因，博通才没有出售无线业务，但也许又因为半导体业务赚到了钱，让博通可以再去收购SAS这样的软件企业，从而加快自身的多元化。\n总结\n近年来，软件支出在全球IT支出中的比例不断提升，云计算支出也在快速提升。在此背景下，全球IT企业纷纷向云计算转型，也许是看到了这个机会，博通开始转型多元化，既要硬也要软。\n另一方面，相比于半导体这种重资产产业，软件相对比较轻量化，而且利润方面也会更高，博通想要博得更多利润，自然想在软件方面有所建树。只不过，经历了这次收购未遂之后，博通还会停止买买买的步伐吗？至少从博通的过往来看，很难。","news_type":1,"symbols_score_info":{"AVGO":0.9}},"isVote":1,"tweetType":1,"viewCount":1384,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
