Quote from "all you need to know about the city", Christopher Stoakes, London

MBO is the acquisition of a business by its management; MBI is the acquisition of a business by an outside team of managers. Private equity is the funding of MBOs and MBIs of established businesses.

An MBO occurs where a large company decides that part of its business is no longer a core activity. It could sell the unwanted part to another company or to the people who run it - its existing managers. They don't usually have the money to buy it without help. Debt is provided by banks; equity by private equity funds.

An MBI occurs where the private equity providers install new management to run a business that is being bought out. They reward and incentivise them by giving them a shareholding in the business being bought out.

[此贴子已经被作者于2007-2-24 9:33:22编辑过]

很多的事情可能也是MBO，比如国企老板，以本企业为基础，生出很多自己的公司，甚至做下游产品把国企利润转移。手段很多，本地政府都还大力支持，变出的公司都被宣扬成当地明星企业。这也算变相MBO的一种吧。