重磅 | 行业变局，语言服务巨头RWS将收购SDL
RWS is using the clout of its all-time-high market cap for a transformative acquisition. The boards of Super Agencies RWS and SDL announced on August 27, 2020 that they “have reached agreement on the terms of a recommended all-share merger of RWS and SDL,” in a deal that sees RWS buy SDL outright.
RWS 正利用其历史最高市值的影响力启动一次变革性收购。2020年8月27日，语言服务巨头RWS 和 SDL 的董事会宣布，它们“已就 RWS 和 SDL 建议的全股份合并条款达成协议”。根据协议，RWS 将完全收购 SDL。
The transaction values SDL shares at 907p (i.e., GBP 854m; USD 1.128bn) — a whopping 52% premium over SDL’s most recent share price.
这笔交易对 SDL 股票的估值为每股907便士(即8.54亿英镑; 11.28亿美元) ，较 SDL 最近的股价溢价52%.
SDL shareholders (most of which are institutional investors) will own approximately 29.5% of the combined group, with RWS shareholders owning 70.5%. The SDL brand will disappear, and all SDL units rebranded as RWS over time. The combined company will remain listed on London’s AIM market and keep its HQ in Chalfont St Peter (UK).
SDL 的股东(大部分是机构投资者)将持有合并后集团约29.5% 的股份，RWS 的股东将持有70.5% 。SDL 品牌将消失，随着时间的推移，所有 SDL 产品都将更名为 RWS。合并后的公司将继续在伦敦的 AIM 市场上市，并保留其在英国Chalfont St Peter的总部。
The transaction is not a completely done deal as yet. Prior to final completion, there will be a series of shareholder votes and other regulatory steps that need to be taken. However, all-share mergersare a well-established technique, the deal already has the approval of roughly a third of both RWS and SDL shareholders, and the 52% premium is compelling.
交易还没有最终完成。在最终完成之前，还有一系列股东投票和其他必要的监管措施。然而，全股票并购是一种行之有效的方法，这笔交易已经获得了约三分之一的 RWS 和 SDL 股东的批准，52% 的溢价也很有说服力。
The deal is expected to be completed in Q4 2020, and RWS said they expect the transaction to result in double-digit earnings per share accretion. With pro forma FY2019 revenues of GBP 732m (USD 967m) and adjusted operating profit of GBP 116m, the combined organization will become the largest language service provider by revenue, by a wide margin — and will likely take the top spot from TransPerfect in the 2021 Slator Language Service Provider Index.
这笔交易预计将于2020年第四季度完成，RWS 表示，他们预计这笔交易将带来两位数的每股收益增长。预计2019财年的收入为7.32亿英镑(合9.67亿美元) ，调整后的营业利润为1.16亿英镑，合并后的公司将成为营收最高的语言服务提供商，利润空间很大，并有可能在2021年语言服务提供商排名中取代 TransPerfect 位居榜首。
RWS emphasized the two businesses’ highly complementary nature as well as combining its services business with SDL’s proprietary technology and translation workflow software as key drivers of the deal. Cost savings, of course, is another. And RWS said that after consulting with SDL management they expect at least GBP 15m in annualized cost savings from the deal.
RWS 强调两家公司的高度互补性，并将其服务业务与 SDL 的专有技术和翻译工作流软件结合起来，作为此笔交易的关键驱动力。当然，节省成本是另一个原因。RWS 表示，在与 SDL 管理层协商后，他们预计这笔交易每年将节省至少1500万英镑的成本。
The leadership of the combined group will be firmly in RWS’ hands. Andrew Brode, Chairman of RWS, will become Chairman of the Board of the Combined Group. Richard Thompson, CEO of RWS, will become CEO of the Combined Group. Desmond Glass, CFO of RWS, will become CFO of the Combined Group.
合并后集团的领导权将牢牢掌握在 RWS 手中。RWS 董事长安德鲁?布罗德(Andrew Brode)将出任合并后集团董事会主席。RWS集团的首席执行官理查德·汤普森（Richard Thompson），将成为合并后集团的首席执行官。RWS 首席财务官戴斯蒙德?格拉斯(Desmond Glass)将出任合并后集团的首席财务官。
From SDL, Azad Ootam, CTO of SDL, will become CTO of the Combined Group.
来自 SDL 的首席技术官 Azad Ootam 将成为合并后集团的首席技术官。
Current SDL CEO Adolfo Hernandez and SDL CFO Xenia Walters will leave the company, but RWS said they “will enter into a new service or consultancy agreement with RWS.” So RWS wants to keep them close, for now.
目前 SDL 首席执行官 Adolfo Hernandez 和 SDL CFO Xenia Walters 将离开公司，但 RWS 表示，他们“将与 RWS 签订新的服务或咨询协议”因此，RWS 希望暂时和他们保持密切关系。
A combination of RWS and SDL is the transformative acquisition the language industry has awaited for years. After Lionbridge’s failed attempt to buy TransPerfect in 2017, language industry M&A continued at a rapid clip, but was mostly focused on smaller targets in buy-and-build strategies or select technology acquisitions.
RWS 和 SDL 的合并是语言产业多年未有的变革性收购。2017年，莱博智(Lionbridge)收购 TransPerfect 的尝试失败后，语言服务行业的并购活动迅速升温，但主要集中在收购建设策略或某些技术收购方面的较小标的上。
A combination of RWS and SDL changes the landscape as it creates a Super Agency present in many of the most lucrative, fastest-growing language industry verticals.
RWS 和 SDL 的结合改变了语言服务行业格局，因为它在许多利润最高、增长最快的语言服务垂直领域创建了一个超级巨头。
RWS shares were down 4% on the news as of press time. Predictably, SDL shares rallied and were up over 40%.
截至发稿时，RWS 的股价在消息公布后下跌了4% 。不出所料，SDL 股价上涨，涨幅超过40%。
转自公众号@RWS集团，原题为RWS to Buy SDL in Transformative Deal for the Language Industry. 译文由公众号@机器翻译观察翻译并发布。
