美團和大衆點評同意合併 Chinese online groups agree merger worth as much as $20bn
Two of China’s largest online companies have agreed to combine in what will be the country’s largest private market merger, with a potential valuation of as much as $20bn according to people familiar with the matter.
中國兩大互聯網公司美團網(Meituan)和大衆點評網(Dianping)同意合併。這宗合併將成爲中國規模最大的非公開上市企業合併交易——知情人士稱，潛在估值最高可達200億美元。
By coming together, and Dianping Holdings will dominate in China’s market for providing everything from movie tickets to discount restaurant coupons and home delivery of food.
美團和大衆點評合併後，將主宰中國很大一塊市場，業務從電影票到餐廳折扣券和外賣送餐等等。
Meituan, had about 52 per cent of the Rmb77bn ($12.1bn) online-to-offline services market in the first half of the year, according to researcher Analysys International, while restaurant review app Dianping accounted for about 30 per cent.
研究機構易觀國際(Analysys International)數據顯示，今年上半年，中國“線上到線下”(O2O)服務市場規模爲770億元人民幣（合121億美元），團購網站美團約佔其中的52%，餐廳評論網站大衆點評約佔其中的30%。
The combined group will pose a greater threat to other established players, notably search engine Baidu’s consumer services platform Nuomi. Baidu in June said it would invest Rmb20bn in its Groupon-like site in an effort to make it the number two player in the market by the end of the year.
合併後的新公司將對其他既有同行構成更大威脅，特別是搜索引擎百度(Baidu)旗下的消費者服務平臺糯米網(Nuomi)。今年6月百度表示，將向糯米投資200億元人民幣，力圖讓其在今年年底前變成該市場排名第二的企業。
With Meituan backed by ecommerce giant Alibaba and Dianping by social media and gaming group Tencent, the merger marks a decision to forgo a expensive price and subsidy war and focus on creating scale.
美團的背後是電商巨頭阿里巴巴(Alibaba)，大衆點評的背後是社交媒體和遊戲集團騰訊(Tencent)，此次合併標誌着兩家公司決定放棄代價高昂的價格與補貼戰並關注於打造規模。
Despite the differing sizes and valuations, the tie-up is being billed as one of equals. The two company heads will become co-chief executives of the new company, which will have two head offices, one in Beijing where Meituan is based and one in Shanghai, Dianping’s home.
儘管兩家公司規模和估值不同，但雙方的合併被稱爲“對等合併”。兩家公司的首席執行官將成爲新公司的聯席首席執行官，新公司將設立兩個總部，一個是美團總部所在地北京，另一個是大衆點評總部所在地上海。
The deal will give existing management a significant share of the merged unit. Sequoia Capital Management, which has been an investor both in Meituan and Dianping in almost all of their financing rounds, will be a big beneficiary, along with other stakeholders including Alibaba and Tencent.
這宗交易將讓現有管理層在合併後的新公司中佔據一大塊股份。紅杉資本(Sequoia Capital Management)在美團和大衆點評兩家公司的幾乎所有融資回合中都有投資，該公司以及包括阿里巴巴和騰訊在內的其他股東將成爲重大受益者。
