Huawei terminal department seeking to go public?
Recently, it was reported that Huawei has selected two major consortiums from five private equity funds to bid for at least 49% of the equity of its terminal department. The consortium formed by the group conducts the ultimate PK, which determines the final ownership of Huawei's terminal part.
Although Huawei officials did not comment on the news, a person familiar with Huawei revealed to the newspaper that Huawei's offer price was $ 4 billion. Once the transaction is completed, the transaction is expected to become the largest private equity fund investment case in mainland China.
Two major consortium PK
Huawei spokesman Yu Jie said that this time Morgan Stanley was hired as the designer and underwriter of the equity sale plan, and the purpose of the cooperation was to strengthen the international operation of the Huawei terminal business group.
According to sources, the news that Huawei locked two consortiums was released by Morgan Stanley. The two consortia selected were: a consortium composed of private equity funds Silver Lake Partners and Provi-dence Equity Partners. , And a consortium composed of AEA Investors and General Atlantic Investment Group (GeneralAtlanTIcLLC). People familiar with the matter said members of the consortium did not rule out changes. The three private equity funds that failed to vote are Bain Capital, Goldman Sachs Private Equity, and KKR.
Some analysts said that among the two major funds facing PK, the consortium composed of Silver Lake and Providence is more dominant in terms of capital scale. The consortium formed by AEA Investors and Pan-Atlantic Investment Group is slightly weaker. Analysts believe that both AEA Investors and Pan-Atlantic Investment Group are medium-sized funds, so it may be necessary to introduce third parties to participate in bidding.
In China, Pan-Atlantic Investment Group currently invests in Digital China and Lenovo (Enterprise Library Forum) Group.
Huawei terminal seeking to go public?
According to Huawei insiders, Huawei sold about 50% of its assets in the terminal sector, including mobile phones, notebook wireless network cards and home routers. The transaction size is about US $ 4 billion, and its price-earnings ratio is 20 times.
According to industry analysts, Huawei's overall net profit margin last year was 5%, but the profit margin of the terminal sector exceeded 10%. This is one of the reasons why private equity is looking at Huawei's terminal equity; in addition, it is using the rising Huawei to open the current The relatively closed Chinese market and deepening into other communication fields are likely to be a consideration for foreign private equity. "After the introduction of private placement, Huawei terminals will seek to go public because Huawei ’s own equity structure is too complicated to be listed as a whole; while the terminal is an independent department and the equity structure is clear."
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