<p>2025 年，全球公共市场失去了大量公司，转向私募股权，因为董事会和投资者重新评估了在动荡市场和日益增加的监管负担下保持上市的成本和限制。</p>
<p>从零售和软件到游戏和人力资本管理，越来越多的公司选择私有化，受到充足的私募股权资本和赞助商认为具有吸引力的估值的鼓励。</p>
<p>根据 FactSet 的数据，全球私有化交易量从 2023 年每季度约 640 亿美元的中位数上升至截至 2025 年 10 月 1 日的近 1000 亿美元，增长超过 50%。</p>
<p>在过去三年中，233 家在前五年内上市的公司被私有化，较十年前增长了 58%。</p>
<p>值得注意的是，其中有 44 家公司估值超过 10 亿美元，而十年前同期仅有 8 家。</p>
<p>市场波动加剧、合规成本上升以及创纪录的私募股权干粉水平都促成了这一转变。</p>
<p><strong>沃尔格林的百年篇章结束</strong></p>
<p>在三月份，沃尔格林联合博姿同意以高达 237 亿美元的交易被 Sycamore Partners 私有化，结束了近 100 年的上市公司历史，Sycamore 同意以每股 11.45 美元的现金支付。</p>
<p>沃尔格林于 1927 年上市，开设了其在芝加哥的第 100 家门店一年后，但在经历了多年的业绩下滑后，其在公共市场上的漫长任期结束。</p>
<p>在过去十年中，该公司的市值损失了数十亿美元，同时超过 10% 的门店位置关闭。</p>
<p>激烈的竞争、药房利润的压力和消费者行为的变化对业务造成了沉重打击，使其成为寻求摆脱公众审查的私募股权公司的有吸引力的目标。</p>
<p><strong>创纪录的 EA Sports 收购案</strong></p>
<p>这一趋势最戏剧性的例子出现在九月份，当时全球最大的电子游戏出版商之一电子艺界同意以 550 亿美元的交易被出售，这被描述为有史以来最大的杠杆收购。</p>
<p>由 Silver Lake 和 Affinity Partners 牵头的财团，以及沙特阿拉伯公共投资基金，同意以全现金交易收购该公司。</p>
<p>买方承诺投入约 360 亿美元的股权，而摩根大通承销了 200 亿美元的杠杆贷款和高收益债券——这是单个银行为杠杆收购安排的最大债务包。</p>
<p>该交易突显了私募股权的雄心壮志和贷方愿意为巨额交易提供融资的意愿，尽管利率高于本十年早期的水平。</p>
<p><strong>科技和软件交易加速</strong></p>
<p>在八月份，全球人力资本管理软件提供商 Dayforce 同意以 123 亿美元的全现金交易被 Thoma Bravo 收购。</p>
<p>最近，私募股权公司 Permira 和 Warburg Pincus 达成协议，以 84 亿美元（包括假定债务）将 Clearwater Analytics 私有化。</p>
<p>尽管对其投资分析工具的需求稳定，该软件提供商在上市后一直难以恢复其立足之地。</p>
<p>在科技领域，私募股权赞助商瞄准了现金流稳定但公众投资者需求有限的公司，尤其是那些在增长和盈利叙事之间挣扎的公司。</p>
<p><strong>为何公共市场不再合理</strong></p>
<p>对于许多较小的上市公司而言，保持上市的经济学变得越来越难以证明。</p>
<p>Solomon Partners 的并购负责人兼投资银行首席运营官 Jeff Jacobs 表示，成为上市公司所需的成本现在往往超过了收益。</p>
<p>“对于市值低于 10 亿美元的小型上市公司而言，数学不再成立。成为上市公司所需的成本，从监管文件到投资者关系，变得压倒性。与此同时，在无情的短期审查中，收益也在减少，” Jeff Jacobs 在《福布斯》报告中写道。</p>
<p>Jacobs 补充说，今天的许多逆转可以追溯到 2021 年的 IPO 和 SPAC 热潮，当时公司在创纪录的流动性下急于上市。</p>
<p>随着估值的正常化，私募股权公司介入收购那些基本面良好但在公共市场压力下挣扎的企业。</p>
<p><strong>对投资者和竞争的影响</strong></p>
<p>根据晨星的经理研究分析师 Zachary Evens 的说法，迄今为止，对小型公共投资者的直接影响有限。</p>
<p>然而，他警告说，随着私募股权资产负债表的扩大，竞争可能会加剧。</p>
<p>一旦被收购，私营公司通常会获得大量资本注入，使其能够积极投资并更有效地与可能缺乏类似财务灵活性的上市同行竞争，Evens 表示。</p>
<p>政策变化可能进一步加速这一趋势。</p>
<p>投资公司协会估计，截至 2025 年 3 月，美国人在 401(k) 计划中持有 8.7 万亿美元的资产，如果获得更多的进入机会，这将为私募股权提供一个潜在庞大的新资本池。</p>
<p><strong>公共与私有之间的界限模糊</strong></p>
<p>行业观察人士越来越将这一趋势视为不是从公共市场的撤退，而是重新平衡。</p>
<p>“正在展开的事情似乎不是从公共领域的撤退，而是流动性与控制之间的重新平衡，” Jacobs 说。</p>
<p>阿波罗全球管理在其 2026 年的展望中认为，公私交易将继续是肥沃的土壤，因为被动投资和主题拥挤推动基本面良好的公司估值下跌。</p>
<p>通过现代化运营和聚焦，私募股权公司相信他们可以释放长期价值。</p>
<p>随着公司不断重新评估公开所有权的利弊，持续不断的私有化交易流表明，私募股权将在未来几年继续成为重塑全球资本市场的主导力量。</p>

沃尔格林联合博姿

<p>在 2025 年，由于市场波动和监管成本上升，许多公司从公开上市转为私有所有制。值得注意的交易包括沃尔格林被 Sycamore Partners 以 237 亿美元收购，以及 EA Sports 被由 Silver Lake 牵头的财团以 550 亿美元收购。这一趋势受到充足的私募股权资本和吸引人的估值推动，私募股权公司瞄准了现金流稳定的公司。这一转变反映了较小的上市公司在证明维持上市成本方面所面临的挑战</p>

<p>Global public markets lost a significant number of companies to private equity in 2025, as boards and investors reassessed the costs and constraints of remaining listed amid volatile markets and rising regulatory burdens.</p>
<div class="lb-trans"><p>2025 年，全球公共市场失去了大量公司，转向私募股权，因为董事会和投资者重新评估了在动荡市场和日益增加的监管负担下保持上市的成本和限制。</p>
</div><p>From retail and software to gaming and human capital management, a growing number of companies opted to go private, encouraged by abundant private equity capital and valuations that sponsors view as attractive entry points.</p>
<div class="lb-trans"><p>从零售和软件到游戏和人力资本管理，越来越多的公司选择私有化，受到充足的私募股权资本和赞助商认为具有吸引力的估值的鼓励。</p>
</div><p>Global take-private deal volume rose from a median of about $64 billion per quarter in 2023 to nearly $100 billion as of October 1, 2025, according to FactSet, an increase of more than 50%.</p>
<div class="lb-trans"><p>根据 FactSet 的数据，全球私有化交易量从 2023 年每季度约 640 亿美元的中位数上升至截至 2025 年 10 月 1 日的近 1000 亿美元，增长超过 50%。</p>
</div><p>Over the past three years, 233 companies that had gone public within the previous five years were taken private, up 58% from a decade earlier.</p>
<div class="lb-trans"><p>在过去三年中，233 家在前五年内上市的公司被私有化，较十年前增长了 58%。</p>
</div><p>Notably, 44 of those firms were valued at more than $1 billion, compared with just eight during the same period ten years ago.</p>
<div class="lb-trans"><p>值得注意的是，其中有 44 家公司估值超过 10 亿美元，而十年前同期仅有 8 家。</p>
</div><p>Rising market volatility, mounting compliance costs and record levels of private equity dry powder have all contributed to the shift.</p>
<div class="lb-trans"><p>市场波动加剧、合规成本上升以及创纪录的私募股权干粉水平都促成了这一转变。</p>
</div><p><strong>A century-long chapter closed at Walgreens</strong></p>
<div class="lb-trans"><p><strong>沃尔格林的百年篇章结束</strong></p>
</div><p>In March, Walgreens Boots Alliance agreed to be taken private by Sycamore Partners in a deal valued at up to $23.7 billion, bringing to an end nearly 100 years as a publicly traded company, with Sycamore agreeing to pay $11.45 per share in cash.</p>
<div class="lb-trans"><p>在三月份，沃尔格林联合博姿同意以高达 237 亿美元的交易被 Sycamore Partners 私有化，结束了近 100 年的上市公司历史，Sycamore 同意以每股 11.45 美元的现金支付。</p>
</div><p>Walgreens went public in 1927, a year after opening its 100th store in Chicago, but its long tenure on public markets ended after years of declining performance.</p>
<div class="lb-trans"><p>沃尔格林于 1927 年上市，开设了其在芝加哥的第 100 家门店一年后，但在经历了多年的业绩下滑后，其在公共市场上的漫长任期结束。</p>
</div><p>The company’s market capitalisation lost billions of dollars over the past decade, while more than 10% of its store locations had closed.</p>
<div class="lb-trans"><p>在过去十年中，该公司的市值损失了数十亿美元，同时超过 10% 的门店位置关闭。</p>
</div><p>Intense competition, pressure on pharmacy margins and shifting consumer behaviour weighed heavily on the business, thus making it an attractive target for private equity firms seeking to restructure away from public scrutiny.</p>
<div class="lb-trans"><p>激烈的竞争、药房利润的压力和消费者行为的变化对业务造成了沉重打击，使其成为寻求摆脱公众审查的私募股权公司的有吸引力的目标。</p>
</div><p><strong>A record-breaking gaming buyout of EA Sports</strong></p>
<div class="lb-trans"><p><strong>创纪录的 EA Sports 收购案</strong></p>
</div><p>The most dramatic example of the trend came in September, when Electronic Arts, one of the world’s largest video game publishers, agreed to be sold in a $55 billion transaction, described as the largest leveraged buyout ever.</p>
<div class="lb-trans"><p>这一趋势最戏剧性的例子出现在九月份，当时全球最大的电子游戏出版商之一电子艺界同意以 550 亿美元的交易被出售，这被描述为有史以来最大的杠杆收购。</p>
</div><p>A consortium led by Silver Lake and Affinity Partners, alongside Saudi Arabia’s Public Investment Fund, agreed to acquire the company in an all-cash deal.</p>
<div class="lb-trans"><p>由 Silver Lake 和 Affinity Partners 牵头的财团，以及沙特阿拉伯公共投资基金，同意以全现金交易收购该公司。</p>
</div><p>The buyers committed roughly $36 billion in equity, while JPMorgan Chase underwrote $20 billion in leveraged loans and high-yield bonds — the largest single debt package ever arranged by one bank for a leveraged buyout.</p>
<div class="lb-trans"><p>买方承诺投入约 360 亿美元的股权，而摩根大通承销了 200 亿美元的杠杆贷款和高收益债券——这是单个银行为杠杆收购安排的最大债务包。</p>
</div><p>The deal underscored both the scale of private equity’s ambitions and the willingness of lenders to finance megadeals, despite higher interest rates than those seen earlier in the decade.</p>
<div class="lb-trans"><p>该交易突显了私募股权的雄心壮志和贷方愿意为巨额交易提供融资的意愿，尽管利率高于本十年早期的水平。</p>
</div><p><strong>Tech and software deals gathered pace</strong></p>
<div class="lb-trans"><p><strong>科技和软件交易加速</strong></p>
</div><p>In August, Dayforce, a global human capital management software provider, agreed to be acquired by Thoma Bravo in an all-cash transaction valued at $12.3 billion.</p>
<div class="lb-trans"><p>在八月份，全球人力资本管理软件提供商 Dayforce 同意以 123 亿美元的全现金交易被 Thoma Bravo 收购。</p>
</div><p>More recently, private equity firms Permira and Warburg Pincus struck a deal to take Clearwater Analytics private for $8.4 billion, including assumed debt.</p>
<div class="lb-trans"><p>最近，私募股权公司 Permira 和 Warburg Pincus 达成协议，以 84 亿美元（包括假定债务）将 Clearwater Analytics 私有化。</p>
</div><p>The software provider had struggled to regain its footing after listing, despite steady demand for its investment analytics tools.</p>
<div class="lb-trans"><p>尽管对其投资分析工具的需求稳定，该软件提供商在上市后一直难以恢复其立足之地。</p>
</div><p>Across the technology landscape, private equity sponsors targeted companies with stable cash flows but limited appetite from public investors, especially those caught between growth and profitability narratives.</p>
<div class="lb-trans"><p>在科技领域，私募股权赞助商瞄准了现金流稳定但公众投资者需求有限的公司，尤其是那些在增长和盈利叙事之间挣扎的公司。</p>
</div><p><strong>Why the public markets no longer add up</strong></p>
<div class="lb-trans"><p><strong>为何公共市场不再合理</strong></p>
</div><p>For many smaller public companies, the economics of staying listed have become increasingly difficult to justify.</p>
<div class="lb-trans"><p>对于许多较小的上市公司而言，保持上市的经济学变得越来越难以证明。</p>
</div><p>Jeff Jacobs, head of M&amp;A and chief operating officer of investment banking at Solomon Partners, said the costs associated with being public now often outweigh the benefits.</p>
<div class="lb-trans"><p>Solomon Partners 的并购负责人兼投资银行首席运营官 Jeff Jacobs 表示，成为上市公司所需的成本现在往往超过了收益。</p>
</div><p>“For smaller public firms, especially those with market capitalisations below $1 billion, the math no longer adds up. The costs associated with being a public company, from regulatory filings to investor relations, have become overwhelming. The benefits, meanwhile, have diminished amid relentless short-term scrutiny,” Jeff Jacobs, Head of M&amp;A and COO of Investment Banking at Solomon Partners, wrote in a Forbes report.</p>
<div class="lb-trans"><p>“对于市值低于 10 亿美元的小型上市公司而言，数学不再成立。成为上市公司所需的成本，从监管文件到投资者关系，变得压倒性。与此同时，在无情的短期审查中，收益也在减少，” Jeff Jacobs 在《福布斯》报告中写道。</p>
</div><p>Jacobs added that many of today’s reversals trace back to the 2021 IPO and SPAC boom, when companies rushed to list amid record liquidity.</p>
<div class="lb-trans"><p>Jacobs 补充说，今天的许多逆转可以追溯到 2021 年的 IPO 和 SPAC 热潮，当时公司在创纪录的流动性下急于上市。</p>
</div><p>As valuations normalised, private equity firms stepped in to acquire businesses with solid fundamentals that struggled under the pressure of public markets.</p>
<div class="lb-trans"><p>随着估值的正常化，私募股权公司介入收购那些基本面良好但在公共市场压力下挣扎的企业。</p>
</div><p><strong>Impact on investors and competition</strong></p>
<div class="lb-trans"><p><strong>对投资者和竞争的影响</strong></p>
</div><p>According to Zachary Evens, a manager research analyst at Morningstar, the immediate impact on small-cap public investors has been limited so far.</p>
<div class="lb-trans"><p>根据晨星的经理研究分析师 Zachary Evens 的说法，迄今为止，对小型公共投资者的直接影响有限。</p>
</div><p>However, he warned that as private equity balance sheets expand, competition could intensify.</p>
<div class="lb-trans"><p>然而，他警告说，随着私募股权资产负债表的扩大，竞争可能会加剧。</p>
</div><p>Once bought out, private companies often receive significant capital injections, allowing them to invest aggressively and compete more effectively with public peers that may lack similar financial flexibility, Evens said.</p>
<div class="lb-trans"><p>一旦被收购，私营公司通常会获得大量资本注入，使其能够积极投资并更有效地与可能缺乏类似财务灵活性的上市同行竞争，Evens 表示。</p>
</div><p>Policy shifts could further accelerate the trend.</p>
<div class="lb-trans"><p>政策变化可能进一步加速这一趋势。</p>
</div><p>The Investment Company Institute estimates that Americans held $8.7 trillion in 401(k) plans as of March 2025, representing a potentially vast new pool of capital for private equity if access expands.</p>
<div class="lb-trans"><p>投资公司协会估计，截至 2025 年 3 月，美国人在 401(k) 计划中持有 8.7 万亿美元的资产，如果获得更多的进入机会，这将为私募股权提供一个潜在庞大的新资本池。</p>
</div><p><strong>A blurring line between public and private</strong></p>
<div class="lb-trans"><p><strong>公共与私有之间的界限模糊</strong></p>
</div><p>Industry observers increasingly view the trend not as a retreat from public markets but as a rebalancing.</p>
<div class="lb-trans"><p>行业观察人士越来越将这一趋势视为不是从公共市场的撤退，而是重新平衡。</p>
</div><p>“What’s unfolding appears to be less a retreat from the public sphere and more a rebalancing between liquidity and control,” Jacobs said.</p>
<div class="lb-trans"><p>“正在展开的事情似乎不是从公共领域的撤退，而是流动性与控制之间的重新平衡，” Jacobs 说。</p>
</div><p>Apollo Global Management, in its outlook for 2026, argues that public-to-private deals will remain fertile ground as passive investing and thematic crowding push fundamentally sound companies to depressed valuations.</p>
<div class="lb-trans"><p>阿波罗全球管理在其 2026 年的展望中认为，公私交易将继续是肥沃的土壤，因为被动投资和主题拥挤推动基本面良好的公司估值下跌。</p>
</div><p>By modernising operations and sharpening focus, private equity firms believe they can unlock long-term value.</p>
<div class="lb-trans"><p>通过现代化运营和聚焦，私募股权公司相信他们可以释放长期价值。</p>
</div><p>As companies continue to reassess the trade-offs of public ownership, the steady flow of take-private deals suggests that private equity will remain a dominant force reshaping global capital markets in the years ahead.</p>
<div class="lb-trans"><p>随着公司不断重新评估公开所有权的利弊，持续不断的私有化交易流表明，私募股权将在未来几年继续成为重塑全球资本市场的主导力量。</p>
</div>

从沃尔格林联合博姿到 EA：2025 年成为私有化交易的辉煌年份