<p>“金融时报的报道是不正确的。我们的开发合作伙伴 Related Digital 从一组竞争选项中选择了最佳的股权合作伙伴，而在这种情况下并不是 Blue Owl。他们的股权交易的最终谈判正在推进。” 这份来自 Oracle 的声明，提供给 CNBC，直接驳斥了早前关于 Blue Owl 因经济条件不利而决定不追求在密歇根州的 100 亿美元数据中心项目的报道。这一澄清改变了叙述，表明 Blue Owl 并未最终被选为这一重要开发项目的股权合作伙伴。</p>
<p>Seema Mody 在 “Squawk on the Street” 上报道，一位熟悉此事的消息人士表示，Blue Owl 审查了该交易，但最终决定不追求。该消息人士提到的原因是债务条款不利以及对地方政治可能延迟项目的担忧。这与 Oracle 的官方声明存在分歧，后者暗示是他们的开发合作伙伴 Related Digital 选择了不同的股权合作伙伴。</p>
<p>如此大规模基础设施融资的复杂性往往取决于债务和股权的具体结构。对于这样规模的项目，偿还条款、利率和整体风险特征是任何潜在投资者的关键考虑因素。作为专业的信用投资者，Blue Owl 会对这些财务安排进行仔细审查。“不利的债务条款” 的提及表明，拟议的融资结构与 Blue Owl 的投资标准或风险偏好不符。</p>
<p>此外，关于 “地方政治” 可能延迟项目的担忧引入了监管和社区风险的因素。大型基础设施项目，特别是需要大量电力和土地使用的数据中心，通常受当地分区法律、环境审查和社区参与过程的制约。任何感知到的障碍或漫长的审批时间都可能显著影响项目经济和投资者信心。看起来 Blue Owl 在决策过程中考虑了这些潜在的阻力。</p>
<p>然而，Oracle 的声明将情况框定为其开发合作伙伴 Related Digital 的战略选择。该公司声称 Related Digital“从一组竞争选项中选择了最佳股权合作伙伴”，暗示 Blue Owl 是几个潜在合作伙伴之一，而另一个最终被认为更合适。这一观点表明，决定并不一定是基于 Blue Owl 对项目可行性的评估而拒绝，而是一个竞争选择过程，Blue Owl 并未中标。</p>
<p>消息来源的信息与 Oracle 的声明之间的差异突显了高风险金融谈判中常见的复杂性和细微差别。虽然 Oracle 强调合作伙伴的选择过程，但消息来源指出具体的经济和政治问题是 Blue Owl 撤回的驱动因素。这突显了一个核心见解：大型项目的成功不仅依赖于战略愿景，还依赖于财务条款的细致对齐和地方环境的导航。</p>
<p>无论事件的确切顺序如何，结果是 Blue Owl 将不会成为 Oracle 在密歇根数据中心开发中的直接股权合作伙伴。这一情况也突显了对大型资本密集型项目日益增加的审查趋势。投资者变得更加挑剔，特别是在当前经济环境下，要求健全的财务结构和明确的执行路径。市场的反应，如 Oracle 的股票表现，反映了投资者对如此雄心勃勃的项目的持续情绪。</p>

<p>Oracle 澄清，Blue Owl 并未被选为其 100 亿美元密歇根数据中心项目的股权合作伙伴，这与报道所称的 Blue Owl 因经济条件不利而拒绝交易的说法相反。Oracle 表示，他们的开发合作伙伴 Related Digital 从竞争池中选择了另一家股权合作伙伴。Blue Owl 的担忧包括不利的债务条款和潜在的地方政治延误。这一情况突显了在当前经济环境下，大规模基础设施融资和投资者审查的复杂性</p>

<p>“The FT story is incorrect. Our development partner, Related Digital, selected the best equity partner from a competitive group of options, which in this instance was not Blue Owl. Final negotiations for their equity deal are moving forward.” This statement from Oracle, provided to CNBC, directly refutes earlier reports that Blue Owl had decided against pursuing a $10 billion data center project in Michigan due to unfavorable economics. The clarification shifts the narrative, indicating that Blue Owl was not ultimately chosen as the equity partner for this significant development.</p>
<div class="lb-trans"><p>“金融时报的报道是不正确的。我们的开发合作伙伴 Related Digital 从一组竞争选项中选择了最佳的股权合作伙伴，而在这种情况下并不是 Blue Owl。他们的股权交易的最终谈判正在推进。” 这份来自 Oracle 的声明，提供给 CNBC，直接驳斥了早前关于 Blue Owl 因经济条件不利而决定不追求在密歇根州的 100 亿美元数据中心项目的报道。这一澄清改变了叙述，表明 Blue Owl 并未最终被选为这一重要开发项目的股权合作伙伴。</p>
</div><p>Seema Mody reported on “Squawk on the Street” that a source familiar with the matter indicated Blue Owl reviewed the deal but ultimately decided not to pursue it. The reasons cited by this source were unfavorable debt terms and concerns that local politics could delay the project. This presents a divergence from Oracle’s official statement, which suggests the decision was made by their development partner, Related Digital, to select a different equity partner from a competitive pool.</p>
<div class="lb-trans"><p>Seema Mody 在 “Squawk on the Street” 上报道，一位熟悉此事的消息人士表示，Blue Owl 审查了该交易，但最终决定不追求。该消息人士提到的原因是债务条款不利以及对地方政治可能延迟项目的担忧。这与 Oracle 的官方声明存在分歧，后者暗示是他们的开发合作伙伴 Related Digital 选择了不同的股权合作伙伴。</p>
</div><p>The intricacies of such large-scale infrastructure financing often hinge on the precise structure of debt and equity. For a project of this magnitude, the terms of repayment, interest rates, and the overall risk profile are critical considerations for any potential investor. Blue Owl, as a specialized credit investor, would scrutinize these financial arrangements with a keen eye. The mention of “unfavorable debt terms” suggests that the proposed financing structure did not align with Blue Owl’s investment criteria or risk appetite.</p>
<div class="lb-trans"><p>如此大规模基础设施融资的复杂性往往取决于债务和股权的具体结构。对于这样规模的项目，偿还条款、利率和整体风险特征是任何潜在投资者的关键考虑因素。作为专业的信用投资者，Blue Owl 会对这些财务安排进行仔细审查。“不利的债务条款” 的提及表明，拟议的融资结构与 Blue Owl 的投资标准或风险偏好不符。</p>
</div><p>Furthermore, the concern about “local politics” potentially delaying the project introduces an element of regulatory and community risk. Large infrastructure projects, particularly data centers which require significant power and land use, are often subject to local zoning laws, environmental reviews, and community engagement processes. Any perceived obstacles or lengthy approval timelines can significantly impact project economics and investor confidence. It appears Blue Owl factored these potential headwinds into their decision-making calculus.</p>
<div class="lb-trans"><p>此外，关于 “地方政治” 可能延迟项目的担忧引入了监管和社区风险的因素。大型基础设施项目，特别是需要大量电力和土地使用的数据中心，通常受当地分区法律、环境审查和社区参与过程的制约。任何感知到的障碍或漫长的审批时间都可能显著影响项目经济和投资者信心。看起来 Blue Owl 在决策过程中考虑了这些潜在的阻力。</p>
</div><p>Oracle’s statement, however, frames the situation as a strategic selection by their development partner, Related Digital. The company asserts that Related Digital “selected the best equity partner from a competitive group of options,” implying that Blue Owl was one of several potential partners considered, and that another was ultimately deemed more suitable. This perspective suggests that the decision was not necessarily a rejection based on Blue Owl’s assessment of the project’s viability, but rather a competitive selection process where Blue Owl was not the winning bid.</p>
<div class="lb-trans"><p>然而，Oracle 的声明将情况框定为其开发合作伙伴 Related Digital 的战略选择。该公司声称 Related Digital“从一组竞争选项中选择了最佳股权合作伙伴”，暗示 Blue Owl 是几个潜在合作伙伴之一，而另一个最终被认为更合适。这一观点表明，决定并不一定是基于 Blue Owl 对项目可行性的评估而拒绝，而是一个竞争选择过程，Blue Owl 并未中标。</p>
</div><p>The discrepancy between the source’s information and Oracle’s statement highlights the complexities and nuances often present in high-stakes financial negotiations. While Oracle emphasizes the partner’s selection process, the source points to specific economic and political concerns as the drivers for Blue Owl’s withdrawal. This underscores a core insight: the success of mega-projects relies not only on the strategic vision but also on the meticulous alignment of financial terms and the navigation of local landscapes.</p>
<div class="lb-trans"><p>消息来源的信息与 Oracle 的声明之间的差异突显了高风险金融谈判中常见的复杂性和细微差别。虽然 Oracle 强调合作伙伴的选择过程，但消息来源指出具体的经济和政治问题是 Blue Owl 撤回的驱动因素。这突显了一个核心见解：大型项目的成功不仅依赖于战略愿景，还依赖于财务条款的细致对齐和地方环境的导航。</p>
</div><p>Regardless of the precise sequence of events, the outcome is that Blue Owl will not be a direct equity partner in Oracle’s Michigan data center development. This situation also brings into focus the broader trend of increased scrutiny on large capital-intensive projects. Investors are becoming more discerning, particularly in the current economic climate, demanding robust financial structures and a clear path to execution. The market’s reaction, as seen in Oracle’s stock performance, reflects the ongoing investor sentiment toward such ambitious undertakings.</p>
<div class="lb-trans"><p>无论事件的确切顺序如何，结果是 Blue Owl 将不会成为 Oracle 在密歇根数据中心开发中的直接股权合作伙伴。这一情况也突显了对大型资本密集型项目日益增加的审查趋势。投资者变得更加挑剔，特别是在当前经济环境下，要求健全的财务结构和明确的执行路径。市场的反应，如 Oracle 的股票表现，反映了投资者对如此雄心勃勃的项目的持续情绪。</p>
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Blue Owl Capital 因经济条件不利而拒绝了 Oracle 在密歇根的数据中心交易