Ítem
Restringido

The leveraged buyout of Dell Inc.

dc.contributor.advisorSerrano Perdomo, Rafael Antonio
dc.creatorUribe Sánchez, Juan Felipe
dc.creator.degreeProfesional en Finanzas y Comercio Internacionalspa
dc.creator.degreetypeFull timespa
dc.date.accessioned2020-03-19T20:46:18Z
dc.date.available2020-03-19T20:46:18Z
dc.date.created2015-03
dc.date.issued2015
dc.descriptionEl objetivo de esta tesis es analizar el proceso de inversión de un fondo de capital privado en el Caso específico de la adquisición de Dell Inc., que abarca tanto la teoría como la práctica. Primero, este trabajo examinará el marco teórico que respalda los fondos de capital privado, haciendo hincapié en su proceso de inversión y métodos de valoración. En segundo lugar, se presentará una descripción general del acuerdo de Dell, que muestra el objetivo y los jugadores involucrados, así como las condiciones del mercado que preceden a la transacción. En tercer lugar, se llevará a cabo un modelo de valoración de compra apalancada. Finalmente, los resultados serán contrastados con el marco teórico. Los hallazgos sugieren que Michael Dell y Silver Lake pagaron mal por Dell Inc., y que si ambos jugadores tendrán éxito en la transformación de la Compañía, y el mercado es benevolente en el futuro, están en línea para obtener ganancias significativas de su inversión, muy por encima del rendimiento esperado de los fondos de capital privado.spa
dc.description.abstractThe aim of this thesis is to analyse the investment process of a private equity fund in the specific case of the takeover of Dell Inc., covering both theory and practice. First, this work will examine the theoretical framework supporting private equity funds, emphasising on their investment process and valuation methods. Secondly, an overview of the Dell deal will be presented, showing the target and the players involved, as well as the market conditions preceding the transaction. Thirdly, a leveraged buyout valuation model will be carried out. Finally, the results will be contrasted against the theoretical framework. The findings suggest that Michael Dell and Silver Lake underpaid for Dell Inc., and that if both players are to succeed in transforming the Company, and the market is benevolent in the future, they are in line to obtain significant profits from their investment, well above private equity funds’ expected performance.spa
dc.format.mimetypeapplication/pdf
dc.identifier.doihttps://doi.org/10.48713/10336_21065
dc.identifier.urihttps://repository.urosario.edu.co/handle/10336/21065
dc.language.isospaspa
dc.publisher.departmentFacultad de economíaspa
dc.publisher.programFinanzas y Comercio Internacionalspa
dc.rights.accesRightsinfo:eu-repo/semantics/closedAccess
dc.rights.accesoBloqueado (Texto referencial)spa
dc.rights.ccAtribución-NoComercial-CompartirIgual 2.5 Colombiaspa
dc.rights.urihttp://creativecommons.org/licenses/by-nc-sa/2.5/co/
dc.source.bibliographicCitation‘2013 M&A Outlook Survey’, KPMG, 21st April 2014, https://www.kpmg.com/US/en/IssuesAndInsights/ArticlesPublications/Documents/ou tlook-survey-MA-2013.pdfspa
dc.source.bibliographicCitation‘2013 Technology Industry Outlook Survey’, KPMG, Friday 18th April 2014, http://www.kpmg.com/US/en/IssuesAndInsights/ArticlesPublications/Documents/tec hnology-outlook-survey-2013.pdfspa
dc.source.bibliographicCitation‘3 charts that explain why Dell is going private”, The Huffington Post, 21st April 2014,http://www.huffingtonpost.com/2013/02/06/dell-privatebuyout_ n_2629465.htmlspa
dc.source.bibliographicCitation‘A good private equity investment’, Coaching Assembly, Monday 21st April 2014, http://www.coachingassembly.com/prepare/makes-good-pe-investment/spa
dc.source.bibliographicCitation‘About Carl Icahn’, The Icahn Report Website, Sunday 20th April 2014,http://www.icahnreport.com/report/about.htmlspa
dc.source.bibliographicCitation‘About Us’, South Eastern Asset Management Website, Sunday 20th April 2014, http://southeasternasset.com/about-us/overviewspa
dc.source.bibliographicCitation‘Activist Investor Definition’, Investopedia, Sunday 20th April 2014, http://www.investopedia.com/terms/a/activist-investor.aspspa
dc.source.bibliographicCitation‘Activist Shareholder’, Wikipedia, Sunday 20th April 2014, http://en.wikipedia.org/wiki/Activist_shareholderspa
dc.source.bibliographicCitation‘Adviser on Dell Buyout Questions a Tumultuous Process’, Dealbook, 25th April 2014, http://dealbook.nytimes.com/2014/03/27/an-adviser-on-the-dell-buyoutquestions- what-could-have-been-done-differently/?_php=true&_type=blogs&_r=0spa
dc.source.bibliographicCitationAswath Damodoran Website, NYU Stern Business School, Sunday 7th of November 2014, http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ratings.htmspa
dc.source.bibliographicCitationBerk, DeMarzo&Harford. Fundamentals of Corporate Finance. 2nd Edition. (2012). Pearson Educationspa
dc.source.bibliographicCitationBMC Software 10K Filing, SEC Website, 23rd April 2014, http://www.sec.gov/Archives/edgar/data/835729/000119312513210706/d508475d10k .htm#tx508475_10spa
dc.source.bibliographicCitation‘BMC to go private in $6.9 billion deal led by Bain, Golden Gate’, Reuters, 23rd April 2014, http://www.reuters.com/article/2013/05/06/us-bmcsoftware-offeridUSBRE9450F520130506spa
dc.source.bibliographicCitationCapital IQ Database, Standard & Poors Capital IQ, accessed throughout September and October 2014, http://www.spcapitaliq.com/spa
dc.source.bibliographicCitation‘Carl Icahn’, Forbes Website, Sunday 20th April 2014, http://www.forbes.com/profile/carl-icahn/spa
dc.source.bibliographicCitationCoaching Assembly Website, November 2014, http://www.coachingassembly.com/spa
dc.source.bibliographicCitationDell Company Website, April 2014, www.dell.comspa
dc.source.bibliographicCitation“Dell enters into Agreement to be acquired by Michael Dell and Silver Lake”, Dell Inc. Website, 22nd September 2014, http://www.dell.com/learn/us/en/uscorp1/secure/2013-02-04-michael-dell-silverlakeacquisitionspa
dc.source.bibliographicCitationDell Financial Reporting, All SEC filings, Dell Inc. website, April 2014, http://www.dell.com/learn/us/en/uscorp1/financials/all-sec-filingsspa
dc.source.bibliographicCitation‘Dell Inc.’, Wikipedia, Saturday 19th April 2014, http://en.wikipedia.org/wiki/Dellspa
dc.source.bibliographicCitationDell Inc. Equity Research 5th Feb 2013, Morningstar, obtained through Thomson One Banker database,accessed throughout March and April 2014, http://banker.thomsonib.comspa
dc.source.bibliographicCitation‘Dell SWOT Analysis 2013’, Strategic Management Insight, Saturday 19th April 2014, http://www.strategicmanagementinsight.com/swot-analyses/dell-swotanalysis. htmlspa
dc.source.bibliographicCitation‘Dell to go private in a landmark $24.4bn deal’, Reuters, 25th April 2014, http://www.reuters.com/article/2013/02/05/us-dell-buyoutidUSBRE9140NF20130205spa
dc.source.bibliographicCitation‘Done Deal: A Look at the Long, Contentious Road to Buying Dell Inc.’, Entrepreneur, Friday 18th April 2014, http://www.entrepreneur.com/article/228331spa
dc.source.bibliographicCitation‘Elpida bondholders to vote against Micron plan: document’, Reuters, 23rd April 2013, http://www.reuters.com/article/2012/07/10/us-elpida-micron-bondholdersidUSBRE86905420120710spa
dc.source.bibliographicCitationUS Federal Reserve Website, Sunday 14th December 2014, http://www.federalreserve.gov/spa
dc.source.bibliographicCitation‘Form 10-K’, Dell Inc. Website, Saturday 19th April 2014, http://i.dell.com/sites/doccontent/corporate/secure/en/Documents/FY13_Form10K_W eb.pdfspa
dc.source.bibliographicCitation‘Fundamentals of Corporate Finance’, Jonathan Berk, Peter DeMarzo and Jarrad Harford, Pearson, 2012spa
dc.source.bibliographicCitation‘Gartner Says Worldwide PC Shipments Declined 6.9 Percent in Fourth Quarter of 2013’, Gartner Online, Saturday 19th April 2014, http://www.gartner.com/newsroom/id/2647517spa
dc.source.bibliographicCitationGDP Growth, World Bank Database, 21st April 2014, http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZGspa
dc.source.bibliographicCitationGlobal Private Equity Report 2014, Bain & Company, Sunday 19th October 2014, http://www.bain.com/publications/business-insights/global-private-equity-report.aspxspa
dc.source.bibliographicCitationGlobal Technology Scorecard, PricewaterhouseCoopers, Monday 21st April 2014,http://www.pwc.com/gx/en/technology/scorecard/systems-andpchardware. jhtmlspa
dc.source.bibliographicCitationHitachi 2011 Annual Report, Hitachi, 22nd April 2014, http://www.hitachi.com/IRe/ library/annual/2011/ar2011e.pdfspa
dc.source.bibliographicCitation‘How Michael Dell could reinvent his company’, Inc. Magazine Online, Friday 18th April 2014, http://www.inc.com/eric-markowitz/how-michael-dell-could-reinventhis- company.htmlspa
dc.source.bibliographicCitation‘How Michael Dell’s takeover bid got hatched’, Dealbook, Sunday 20th April 2014,http://dealbook.nytimes.com/2013/03/29/how-michael-dells-takeover-bid-gothatched/spa
dc.source.bibliographicCitationIBM 10K Filing, IBM Website, 23rd April 2014, http://www.ibm.com/annualreport/2013/bin/assets/2013_ibm_annual.pdfspa
dc.source.bibliographicCitation‘IBM to buy website hosting service SoftLayer’, Reuters, 23rd April 2014, http://www.reuters.com/article/2013/06/04/us-softlayer-ibmidUSBRE9530NT20130604spa
dc.source.bibliographicCitation‘I.B.M. Buys SoftLayer, a Cloud Computing Firm’, Dealbook, 23rd April 2014, http://dealbook.nytimes.com/2013/06/04/i-b-m-buys-cloud-computing-firm-in-dealsaid- to-be-worth-2-billion/?_php=true&_type=blogs&_r=0spa
dc.source.bibliographicCitation‘Investing for grown ups? Value Investing’, Aswath Damodoran, Stern Business School – NYU, Monday 21st April 2014, http://people.stern.nyu.edu/adamodar/pdfiles/invphiloh/valinv.pdfspa
dc.source.bibliographicCitation‘Lam research to buy Novellus Systems for $3.3bn”, Reuters, 22nd April 2014, http://uk.reuters.com/article/2011/12/15/us-novellus-lamresearch-takeoveridUSTRE7BD2HY20111215spa
dc.source.bibliographicCitation‘Lam’s move’, The 451 Group blog, 22nd April 2014, http://blogs.the451group.com/techdeals/semiconductors/lams-novel-move/spa
dc.source.bibliographicCitation‘Leveraged Buyouts: a practical guide to investment banking and private equity’, Paul Pignataro, Wiley, 2014spa
dc.source.bibliographicCitation‘Market share of personal computer vendors’, Wikipedia, Saturday 19th April 2014, http://en.wikipedia.org/wiki/Market_share_of_personal_computer_vendorsspa
dc.source.bibliographicCitation‘Mergers, Acquisitions and Corporate Restructurings’, Patrick Gaughan, Wiley. 2007spa
dc.source.bibliographicCitation‘Michael Dell: After buyout, ‘we’re all done with whiners’, Dallas News Webiste, 12th June 2014, http://www.dallasnews.com/business/technology/headlines/20131215-michael-dellafter- buyout-were-all-done-with-whiners.ecespa
dc.source.bibliographicCitation‘Michael Dell’, Forbes Online, Sunday 20th April 2014, http://www.forbes.com/profile/michael-dell/spa
dc.source.bibliographicCitation‘Michael Dell’, Wikipedia, Sunday 20th April 2014, http://en.wikipedia.org/wiki/Michael_Dellspa
dc.source.bibliographicCitation‘Michael Dell back as CEO; Rollins resigns’, CNET Website, Saturday 19th April 2014, http://news.cnet.com/2100-1014_3-6155185.htmlspa
dc.source.bibliographicCitation‘Morningstar Equity research: Dell Inc.’, Thomson One Banker, 21st April 2014, http://banker.thomsonib.comspa
dc.source.bibliographicCitation‘New shareholders activist index reveals rewards of activist investing’, Activist Insight Press Release, Monday 21st April 2014, http://www.activistinsight.com/press/Activist%20Insight%20Press%20Release%20- %20Activism%20Outperforms%20-%20Nov%202012.pdfspa
dc.source.bibliographicCitationNovellus Systems reports fourth-quarter and year-end results’, Lam Research, 23rd April 2014, http://investor.lamrc.com/releasedetail.cfm?ReleaseID=753455spa
dc.source.bibliographicCitation‘Porter’s Five Forces of Computer Industry’, Termpaper Warehouse, Saturday 19th April 2014, http://www.termpaperwarehouse.com/essay-on/Porter-s-Five-Forces-Of- Computer-Industry/106738spa
dc.source.bibliographicCitation‘Private Equity Definition’, Investopedia, Monday 21st April 2014,http://www.investopedia.com/terms/p/privateequity.aspspa
dc.source.bibliographicCitation‘Private Equity Demystified: 2012 Update’, John Gilligan and Mike Wright, ICAEW Corporate Finance Faculty, 2012, Sunday 19th October 2014spa
dc.source.bibliographicCitation‘Private Equity Industry Overview’, Street of Walls Website, Sunday 19th Octiber 2014, http://www.streetofwalls.com/finance-training-courses/private-equitytraining/ private-equity-industry-overview/spa
dc.source.bibliographicCitationResource Center, US Department of the Treasury, 21st April 2014, http://www.treasury.gov/resource-center/data-chart-center/interestrates/ Pages/TextView.aspx?data=longtermrateAllspa
dc.source.bibliographicCitationRiverbed Technologies 10K Filing, Riverbed Tech Investor Relations, 23rd April 2014, http://ir.riverbed.com/phoenix.zhtml?c=198235&p=irol-secspa
dc.source.bibliographicCitation‘RJR Nabisco: A Case Study of a Complex Leveraged Buyout’, Allen Michael and Israel Shaked, Financial Analysis Journal, 1991spa
dc.source.bibliographicCitationSilver Lake Partners Website, Sunday 20th April 2014,http://www.silverlake.com/secondary.asp?pageID=24spa
dc.source.bibliographicCitation‘Sony in Talks to Sell PC Operations’, The Wall Street Journal, 23rd April 2014, http://online.wsj.com/news/articles/SB10001424052702303442704579363700088089 202spa
dc.source.bibliographicCitation‘Stock picking in disguise? New evidence that Hedge Fund activism ads value’, Michigan Journal of Business Online, Monday 21st April 2014, http://www.michiganjb.org/issues/31/text31d.pdfspa
dc.source.bibliographicCitation‘STXNEWS LATAM-Brazil's data center provider Aceco TI files request for IPO’, Reuters, 23rd April 2014, http://www.reuters.com/article/2014/02/20/snippetidUSL2N0LP0T020140220spa
dc.source.bibliographicCitation‘Takeovers and Leveraged Buyouts’, Gregg Jarrel, Library of Economics and Liberty, 2002spa
dc.source.bibliographicCitationTechnology Sector Scorecard, PwC, 21st April 2014, http://www.pwc.com/gx/en/technology/scorecard/download.jhtmlspa
dc.source.bibliographicCitation‘The Anatomy of an LBO: Leverage, Control and Value’, Aswath Damodoran, Stern Business School – NYU, 2007spa
dc.source.bibliographicCitationThomson One Banker Database, Thomson One Banker, accessed throughout March and April 2014, http://banker.thomsonib.comspa
dc.source.bibliographicCitation‘Timeline: How Michael Dell’s Takeover Bid Got Hatched’, Dealbook, Friday 18th April 2014, http://dealbook.nytimes.com/2013/03/29/how-michael-dells-takeoverbid- got-hatched/spa
dc.source.bibliographicCitation‘Technology, Media &Telecommunications Predictions 2013’, Deloitte, Friday 18th April 2014, http://www2.deloitte.com/content/dam/Deloitte/global/Documents/Technology- Media-Telecommunications/gx-TMT-Predictions2013-Final.pdfspa
dc.source.bibliographicCitation‘The Dell leveraged buyout’, Mergers & Inquisitions, 19th April 2014,http://www.mergersandinquisitions.com/leveraged-buyout-lbo-model-overviewcapital- structure/spa
dc.source.bibliographicCitation‘TrendForce: 2Q12 DRAM Revenue Climbs 12%, New Micron Group Catching Up to Samsung with 25.4% Market Share’, DRAMeXchange, 23rd April 2013,http://www.dramexchange.com/WeeklyResearch/Post/2/3130.htmlspa
dc.source.bibliographicCitation‘U.S. GDP Growth Estimate Reduced To 2.4% For The Fourth Quarter 2013’, Forbes Online, 21st April 2014,http://www.forbes.com/sites/samanthasharf/2014/02/28/u-sgdp- estimate-reduced-to-2-4-for-the-fourth-quarter-2013/spa
dc.source.bibliographicCitationUS technology deal insights 3Q2013, PwC, 22nd April 2014,http://www.pwc.com/en_US/us/transactionservices/ publications/assets/technology-insights-q3-2013.pdfspa
dc.source.bibliographicCitationUS technology M&A insights 2012, PwC, 22nd April 2014, http://www.pwc.com/en_US/us/transaction-services/publications/assets/pwc-2013-ustechnology- m-a-insights.pdfspa
dc.source.bibliographicCitation‘Venture Capital, Private Equity and the Financing of Entrepreneurship’. Lerner, J., Leamon, A., Hardymon, F. Wiley. 2012.spa
dc.source.bibliographicCitation‘Western Digital's $4.3 billion Hitachi deal creates giant’, Reuters, 22nd April 2014,http://www.reuters.com/article/2011/03/07/us-hgst-westerndigitalidUSTRE7262DO20110307spa
dc.source.bibliographicCitationWestern Digital Corp. 10K Form, Western Digital Website, 22dn April 2014,http://files.shareholder.com/downloads/WDC/3112260105x0xS950123-11- 76255/106040/filing.pdfspa
dc.source.bibliographicCitationWorld Economic Outlook Report – April 2013, International Monetary Fund, 21st April 2014, http://www.imf.org/external/pubs/ft/weo/2013/01/pdf/text.pdfspa
dc.source.bibliographicCitationYahoo Finance Stock Historical Prices, Yahoo Finance Online, 21st April 2014, http://finance.yahoo.com/stock-center/spa
dc.source.bibliographicCitation'TIMELINE-Dell's buyout: a topsy-turvy affair’, Reuters, Friday 18th April 2014, http://www.reuters.com/article/2013/09/12/dell-buyout-idUSL2N0H81CR20130912spa
dc.source.instnameinstname:Universidad del Rosariospa
dc.source.reponamereponame:Repositorio Institucional EdocURspa
dc.subjectComerciospa
dc.subjectMacroeconomíaspa
dc.subjectModelo LBOspa
dc.subject.ddcMacroeconomía & temas relacionadosspa
dc.subject.keywordMacroeconomicspa
dc.subject.keywordInternational tradespa
dc.subject.keywordEconomicspa
dc.subject.lembMacroeconomíaspa
dc.subject.lembComercio internacionalspa
dc.subject.lembEconomíaspa
dc.titleThe leveraged buyout of Dell Inc.spa
dc.title.TranslatedTitleLa compra apalancada de Dell Inc.spa
dc.typebachelorThesiseng
dc.type.documentAnálisis de casospa
dc.type.hasVersioninfo:eu-repo/semantics/acceptedVersion
dc.type.spaTrabajo de gradospa
Archivos
Bloque original
Mostrando1 - 1 de 1
Cargando...
Miniatura
Nombre:
Tesis UR_Juan Felipe Uribe-FINAL.pdf
Tamaño:
5.78 MB
Formato:
Adobe Portable Document Format
Descripción: