金融翻译：美国凯雷入股台湾移动运营商

Taiwan Mobile has agreed to acquire one of the country's leading pay-television operators from Carlyle Group, the US private equity fund, in a $1bn cash and stock deal.
The takeover of Kbro, which is subject to regulatory approval, will create Taiwan's largest provider of phone, web and TV “convergence” services.
It also comes as the island's TV viewers rapidly switch to digital services, which offer higher margins for operators.
Carlyle will receive cash of just NT$440m ($12m) and 589m shares, or a 15.5 per cent stake in Taiwan Mobile, the country's second-largest phone carrier. The buyer will also assume about $800m of Kbro's debt.
The US fund stressed yesterday its long-term commitment to its stake in Taiwan Mobile, where it will become the second largest shareholder after the country's Tsai family. “We are looking forward to making Taiwan Mobile a bigger, better company,” said Gregory M Zeluck, a Carlyle managing director.
Taiwan Mobile's cable-TV unit is its fastest growing division but boasts a market share of only 6 per cent, which will rise to 32 per cent after the takeover. The combined cable-TV business will have 1.6m customers, making it the country's largest provider.
Analysts said the deal would give Taiwan Mobile economies of scale and throw down the gauntlet to rival providers, one of which is owned by MBK Partners, a Korean-based private equity fund, and another by Australia's Macquarie Media Group.
Jason Wang, managing director of Cypress River Advisors in Taipei, said: “Taiwan is a great market. There's a large middle class. It's a perfect market for both content and advertising.”
台湾大哥大(Taiwan Mobile)同意以现金加股票的形式，从美国私人股本基金凯雷集团(Carlyle Group)收购台湾主要付费电视运营商之一凯擘股份(Kbro)，交易总额10亿美元。
对凯擘的收购还有待监管机构的批准。这笔交易将造就台湾最大的电话、网络与电视等“融合”服务提供商。
目前，台湾电视观众正迅速转向数字服务，这类服务能为运营商带来更高利润率。
凯雷将得到现金4.4亿元新台币（合1200万美元）及5.89亿股，相当于台湾第二大电话运营商——台湾大哥大股权的15.5%。台湾大哥大还将承担凯擘8亿美元的债务。
凯雷昨日强调，将长期持有台湾大哥大的股权。凯雷将成为台湾大哥大的第二大股东，仅次于台湾蔡氏家族。凯雷董事总经理格利高里•M•泽拉克(Gregory M Zeluck)表示：“我们期望将台湾大哥大打造成更大更好的公司。”
台湾大哥大的有线电视部门是其发展速度最快的部门，但仅占有6%的市场份额，收购完成之后这个数字将上升至32%。合并后的有线电视业务将拥有160万客户，使其成为台湾最大的提供商。
分析师称，这笔交易将给台湾大哥大带来规模效益，并向竞争对手发起挑战。其对手之一为韩国私人股本基金安博凯投资机构(MBK Partners)所有，另一对手归属于澳大利亚的麦格理媒体集团(Macquarie Media Group)。
台北咨询公司Cypress River Advisors董事总经理王柏仁表示：“台湾是一个巨大的市场。这里有庞大的中产阶级人群。对电视内容和广告而言都是一个理想的市场。”