SOFTBANK just Sun and a huge gamble: liabilities to crazy buying ARM-Softbank, ARM, son-IT information

Masayoshi Son, mad has always been a commendatory. Descendants of the self-styled grandson Japan entrepreneur, business strategist is amazing. In the past 25 years, son with a amazing deal from scratch to build a global empire. ￡ 24.3 billion acquisition of United Kingdom mobile chip maker ARM, is he crazy history of investment and a big, but certainly not the last.

Outbreak once every two or three years

"I always have some big ideas, break out once every two or three years", said Masayoshi Son. Although it has been nearly 60 years, but he was kind of risky genes never change.

Indeed, every few years, Masayoshi Son, will always be a sky-high shocked the industry. Last month, Masayoshi Son, Ali, has been selling some of the shares and the sale of game developer SuperCell, a total of cashing nearly $ 18.6 billion , the outside world once thought this was to express aid SOFTBANK heavy debt pressures. But some analysts believe that Masayoshi Son Meanwhile in funding for a sky-high because adventure is his genes.

Masayoshi Son, made no secret of his business ambitions. Sony, Toshiba, sharp once dominated the global electronics industry, such as the Japan flag business in recession times of difficulties, Masayoshi Son, hopes to build a global empire. But with Sony and other traditional Japan technology companies rooted in the industry, the road to Empire of the Sun just set up more from the acquisitions and investments .

In 2006, Masayoshi Son, has decided to spend $ 15 billion acquisition of Vodafone subsidiary Japan subsidiary, the deal lays the cornerstone of SOFTBANK Empire. Even today, SOFTBANK's business around the world, and investment across many industries, SOFTBANK's revenue still comes from the two-thirds market value of 68 billion dollars in Japan's third-largest telecom operator .

Although SOFTBANK is the company's largest shareholder, but Ali's steering wheel firmly in the hands of Ma and other core management. Although this investment to SOFTBANK and SOFTBANK brings a return of more than 60 billion dollars, but Ali's territory in the Empire and not a son . Japan market can't support the imperial ambitions of the Sun of Justice, so he can only expand through acquisitions and investments in the global market.

The past ten years, SOFTBANK has invested more than $ 82 billion for more than 140 mergers and acquisitions and investment transactions. In 2012, the $ 2.3 billion acquisition of telecom operator eAccess. In 2013, the $ 22 billion acquisition of United States carriers Sprint stake, $ 1.1 billion acquisition of United States telecommunications distributor Brightstar stake, $ 1.5 billion acquisition of Finland game developer Supercell control. In 2014 and 2015, $ 627 million and US $ 1 billion investment in India e-commerce platform Snapdeal and Korea e-commerce platform Coupang.

Buy Sprint meet one's Waterloo

In 2012, SOFTBANK invested $ 22 billion acquisition of United States third-largest carriers Sprint, to become the world's third-largest telecommunications company . But this deal makes SOFTBANK suffered its biggest hurdle yet. Masayoshi son had hoped that by price competition from Verizon and AT&T for the users, but crazy expensive Sprint also suffered huge losses, 2015 fiscal year loss up to $ 1.5 billion.

Masayoshi Son at one point hoped acquisition United States's fourth largest operator, t-mobile, by expanding the business scale to turn things around, but the plan was rejected by the United States Government's veto. Acquisition of Sprint, SOFTBANK's debt crisis is more serious, the current net debt of more than 60 billion dollars, the global telecommunications giant's debt rating to junk status .

Sprint reverse hopeless over the past two years, SOFTBANK shares have highs all the way down to the present from 9000 Yen 6000 yen, one-third, in value. Sprint reverse hopeless, escape is difficult. Last year, SOFTBANK had intended to sell Sprint, but this hot potato, nobody answered. Even more worrying is that Sprint has been overtaken by t-mobile, United States fourth largest carrier.

Perhaps realized that it needed a replacement. July 2014, the son from Google hired Chief Operations Officer, Mr Arora (Nikesh Arora) in charge of overseas investment, and a year later was promoted to President of SOFTBANK. Outsiders think Arora will be SOFTBANK's next CEO. In order to show their determination to expand together with SOFTBANK, last August, Mr Arora had spent $ 483 million acquisition of SOFTBANK's shares, as the second son of the second-largest individual shareholder.

Under the care of Mr Arora, SOFTBANK invest at least 5 to 10 overseas companies each year, ranging in size from 100 million to 1 billion dollars, including a $ 250 million investment drops and India markets investments totaling $ 1.5 billion . In March this year, Masayoshi Son, SOFTBANK to split in two. With a focus on Japan domestic operations, a focus on global expansion; Mr Arora is directly responsible for the latter.

But the sudden resignation in June Mr Arora took the world by surprise. Mr Arora said in a media interview directly, had planned to retire son decided to postpone giving way, intends to take on 5-10, which is eager to take over CEO loses his patience. Masayoshi Son, admits that they do not want to make a premature retirement, also wants to continue to run the company.

Masayoshi Son said he played an accelerator pedal in Softbank, while the ashila plays the role with the brakes. After the departure of the Arora, markets were worried over son's crazy dreams may lose the check. The coincidence is, Mr Arora left after less than a month, SOFTBANK announced $ 31 billion acquisition of ARM. Look, no brakes after, SOFTBANK went back to the son of crazy speed style.

Invest in the future of Internet opportunities

A RM does not manufacture chips but its chip design dominates the Smartphone industry, has a strong patent pool, and in the field of future Internet occupies a significant first-mover advantage. Neither Apple nor Samsung, Huawei is millet, use ARM-designed chips. ARM chips shipped 15 million last year, an increase of 3 million pieces .

But ARM's revenue comes from licensing the chip last year, revenues were ￡ 1 billion . Softbank, the purchase price is equivalent to ARM 70 times last year's net profit, compared with the current share price premium 40%, but also cash. Since SOFTBANK are already burdened by debt, the outside world it is hard to imagine Masayoshi Son, will the funds used to purchase ARM.

Masayoshi son has never been cover up themselves to the Internet of things, especially interest in robotics and artificial intelligence. He said when explaining the acquisition, along with SOFTBANK, actively looking for networking opportunities, great ARM will be SOFTBANK's strategic assets complements and core of the future growth strategy, which is one of the most important investment by SOFTBANK. Masayoshi Son similarly obsessed with robots. Last year, SOFTBANK company robot Pepper has been listed for sale, the products from several of the robots of companies acquired in the past few years.

Masayoshi Son, while $ 31 billion acquisition of ARM's cost a lot of money, but if you take into account future Internet market size and ARM of the first-mover advantage, the deal will bring huge returns in the future. IDC projected 2020 global Internet market will grow from current more than 600 billion dollars to $ 1.7 trillion . After the deal was announced, SOFTBANK shares did not show sharp fluctuations, closing flat. It seems investors for this transaction does not worry too much.

But it cannot be denied is that the deal makes SOFTBANK's debt crisis worse. In cash in addition to the $ 18 billion, SOFTBANK also needs to continue to invest 13 billion dollars to acquire ARM. SOFTBANK currently has $ 25 billion in cash, while net debt was close to us $ 60 billion, net profit of almost four times. Perhaps the next half year, SOFTBANK will continue to sell other assets to mitigate the debt burden. Fortunately, the Ali of soft silver stake of more than 50 billion dollars.

In fact, Japan enterprise through overseas acquisitions in the past decade and not too many success stories. Whether SOFTBANK to buy Sprint, Nomura's acquisition of Lehman Brothers, Toshiba acquired Westinghouse, then suffered a nightmare for asset values shrinks, but also to the heavy pressure on their balance sheets. In a Sprint after the Waterloo, Masayoshi Son, can you break this vicious circle?

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软银孙正义的又一次豪赌：负债也要疯狂收购ARM - 软银,ARM,孙正义 - IT资讯

对于孙正义来说，疯狂从来都是一个褒义词。这位自称孙子后人的日本企业家，在商场上的运筹帷幄令人惊叹。在过去的25年时间里，孙正义用一笔笔令人惊叹的交易，从白手起家打造了一个全球性科技帝国。243亿英镑收购英国移动芯片巨头ARM，是他疯狂投资史上的又一个大手笔，但毫无疑问也不是最后一笔。

每两三年爆发一次

“我总是有一些大的想法，每两到三年就会爆发一次”，孙正义如是说。虽然已经年近六十，但他身上那种冒险的基因却从未改变。

的确，每隔几年，孙正义总会以一笔天价收购震惊业界。上个月孙正义先后抛售部分阿里股份和出售游戏开发商SuperCell，总计套现近186亿美元，外界曾经认为这是为了抒援软银沉重的债务压力。但也有分析认为，孙正义同时在筹资用于下一笔天价收购，因为冒险从来都是他的基因。

孙正义从不掩饰自己的商业野心。在索尼、东芝、夏普等曾经主导全球电子行业的日本旗帜企业陷入衰退困境的时候，孙正义希望打造一个全球性科技帝国。但与索尼等传统日本科技公司扎根于产业不同，孙正义的科技帝国组建之路更多来自于收购和投资。

2006年，孙正义拍板斥资150亿美元收购了沃达丰旗下日本子公司，这笔交易奠定了软银帝国的基石所在。即便如今软银的业务遍布全球，投资横跨诸多行业，软银三分之二的营收依然来自于这个市值680亿美元的日本第三大电信运营商。

尽管软银是阿里巴巴的最大股东，但阿里的方向盘牢牢掌握在马云等核心管理层手中。虽然这笔投资给孙正义和软银带来了超过600亿美元的回报，但阿里并不能算是孙正义商业帝国中的版图。日本市场远远无法支撑孙正义的帝国野心，因此他只能通过收购和投资在全球市场进行扩张。

过去十年，软银投入了820亿美元用于140多笔并购和投资交易。2012年，23亿美元收购电信运营商eAccess。2013年，220亿美元收购美国运营商Sprint控股权，11亿美元收购美国电信经销商Brightstar控股权，15亿美元收购芬兰游戏开发商Supercell控股权。2014年和2015年，6.27亿美元和10亿美元投资印度电商平台Snapdeal和韩国电商平台Coupang。

收购Sprint遭遇滑铁卢

2012年，软银斥资220亿美元收购美国第三大运营商Sprint，一举成为全球第三大电信公司。但这笔收购却让孙正义遭遇了迄今最大的困境。孙正义原本希望通过价格战从Verizon和AT&T争夺用户，但疯狂烧钱也让Sprint承受了巨额亏损，单是2015财年亏损就高达15亿美元。

孙正义一度希望并购美国第四大运营商T-Mobile，通过扩大业务规模来扭转局面，但这一计划却遭到了美国政府的否决。收购Sprint让软银原本的债务危机更加严重，目前净负债600多亿美元，这家全球性电信巨头的债务评级已经被降至垃圾级。

随着Sprint扭转无望，过去两年时间，软银股价已经从9000日元的高点一直下滑到目前的6000日元左右，市值缩水了三分之一。Sprint扭转无望，摆脱也是艰难。去年孙正义曾经有意出售Sprint，但这个烫手山芋却无人敢接。更令人担忧的是，Sprint已经被T-Mobile超越，成为美国第四大运营商。

或许是意识到自己需要接班人。2014年7月，孙正义从谷歌挖来了首席业务官阿罗拉(Nikesh Arora)负责海外投资业务，一年后升任软银总裁。外界都认为阿罗拉会成为软银下一任CEO。为了显示自己与软银共同扩大的决心，去年8月阿罗拉个人斥资4.83亿美元收购了软银股份，成为仅次于孙正义的第二大个人股东。

在阿罗拉的打理下，软银每年至少投资5到10家海外公司，规模从1亿到10亿美元不等，其中包括了2.5亿美元投资滴滴出行以及在印度市场总额15亿美元的投资。今年3月，孙正义把软银一分为二。一个专注于日本本土业务，一个着眼于全球市场扩张；阿罗拉则直接负责后者。

但6月份阿罗拉的突然辞职却让外界感到意外。阿罗拉在接受媒体采访时直接表示，原本打算退休的孙正义决定推迟让位时间，打算再干5到10年，这让急于接班CEO的他失去了耐心。孙正义也承认，自己不愿意过早退休，还希望继续执掌公司。

孙正义曾经说，自己在软银发挥着油门踏板的作用，而阿什拉扮演的则是刹车的角色。在阿罗拉离职之后，市场就曾担忧过孙正义的疯狂梦想可能失去了牵制。巧合的是，阿罗拉离开不到一个月后，软银就宣布310亿美元收购ARM。看起来，在没有了刹车之后，软银又回到了孙正义的疯狂加速风格。

投资未来物联网机遇

ARM并不生产芯片，但其设计的芯片主导了整个智能手机行业，拥有强大的专利池，并在未来的物联网领域占据着重要的先发优势。无论是苹果还是三星，华为还是小米，都在使用ARM设计的芯片。去年ARM芯片出货量达到了1500万片，增长了300万片。

但ARM的营收主要来自于芯片专利授权，去年营收为10亿英镑。软银此次收购价格相当于ARM去年净利润的70倍，较当前股价溢价40%，而且还是全现金方式。鉴于软银已经背负沉重的债务压力，外界也很难想象孙正义会将此前套现的资金全部用于收购ARM。

孙正义从未掩饰自己对物联网，尤其是机器人及人工智能领域的兴趣。他在解释这笔收购的时候表示，随着软银积极寻找物联网的机遇，ARM会成为软银绝佳的战略资产补充和未来增长战略的核心，这是软银所进行最为重要的投资之一。孙正义对机器人同样痴迷。去年，软银的陪伴机器人Pepper已经上市发售，这一产品来自于过去几年收购的数家机器人公司。

或许在孙正义看来，虽然310亿美元收购ARM的成本不菲，但如果考虑到未来物联网的市场规模以及ARM的先发优势，这笔交易会在未来带来巨大的回报。IDC曾经预计，2020年全球物联网市场规模将从目前的6000多亿美元增长到1.7万亿美元。交易宣布之后，软银股价也没有出现大幅波动，收盘基本持平。看起来，投资者对这笔交易并不过分担忧。

但不可否认的是，这笔交易也让软银的债务危机更加严重。在此前套现的180亿美元之外，孙正义还需要继续投入130亿美元用于收购ARM。软银目前还有250亿美元的现金头寸，而净负债已经接近了600亿美元，几乎是净利润的四倍。或许未来半年，孙正义还会继续抛售其它资产用于缓解债务压力。好在，软银光所持阿里的股份就超过500亿美元。

实际上，日本企业过去十年的天价海外收购并没有太多成功的经历。无论是软银收购Sprint，野村证券收购雷曼兄弟，东芝收购西屋，随后都遭遇了资产价值严重缩水的噩梦，也给自己的资产负债表带来了沉重压力。在遭遇Sprint滑铁卢之后，孙正义能打破这个怪圈吗？

相关阅读：

《243亿英镑！日本软银正式宣布收购芯片巨头ARM》

《溢价高达43%！软银为何想要收购ARM？》

《软银卖掉阿里巴巴股票之真相大白：收购ARM》