戴尔公司（Dell Inc.）宣布，公司接受以244亿美元进行私有化。这个结果并不出人意料，但微软（Microsoft）决定为戴尔提供20亿美元贷款，而不是获得该公司股权，这就有些匪夷所思了。

    知情人士透露，这家软件巨头担心，其他制造商可能会认为，微软偏袒戴尔，因此公司才没有选择获取戴尔公司的股权。

    此外，微软也意识到公司此举可能会造成一种连锁效应。例如，如果其他设备制造商也要求微软参与其私有化或其他融资活动，公司该如何应对？如果微软拒绝，其他制造商肯定会认为微软确实在偏袒戴尔。

    看来，微软认为，虽然未来可以听听其他公司的请求，但是帮助戴尔生存下来，并取得成功，值得冒险尝试。此外，戴尔对于微软、乃至整个个人电脑市场都异常重要。戴尔仅次于惠普（Hewlett-Packard）和联想（Lenovo），是世界第三大个人电脑制造商。

    微软在关于这笔投资的一份简短声明中说：

    “微软已经为计划私有化戴尔的财团提供了20亿美元贷款。微软致力于整个PC生态系统的长期成功，将通过各种方式大力投资建设未来的生态系统。我们处在一个常变常新的行业。我们将一如既往地寻求各种机会，来支持致力于在微软平台上进行创新和发展业务的合作伙伴。”

    需要注意的是，这次牵头收购戴尔的私募股权公司银湖投资集团（Silver Lake Partners）已经不是第一次与微软的合作了。2011年，银湖曾以85亿美元将Skype出售给微软。据称，双方的关系对于微软参与戴尔私有化交易起到了重要作用，但并非根本原因。

    译者：刘进龙/汪皓

    There weren't too many surprises in Dell Inc.'s announcement that it has agreed to be taken private for $24.4 billion. Except for one: Microsoft's $2 billion investment will come as a loan, instead of as equity.

    A source familiar with the situation tells me that the software giant was worried about other customers thinking that Microsoft (MSFT) had incentive to value one over another, so it chose not to take an equity position.

    That said, Microsoft also realizes that it may have created a slippery slope. For example, what if another customer requests involvement in a take-private or other sort of financing event? If Microsoft declines, then is clearly would seem to be valuing one customer (Dell) over another.

    Seems Microsoft decided that helping Dell (DELL) survive and prosper was worth that latter risk, although it is expected to at least listen to any future requests. Moreover, Dell is unusual in its importance to Microsoft and the broader PC market -- with only Hewlett-Packard (HPQ) and Lenovo selling more personal computers.

    In a brief statement about its investment, Microsoft said the following:

    "Microsoft has provided a $2 billion loan to the group that has proposed to take Dell private. Microsoft is committed to the long term success of the entire PC ecosystem and invests heavily in a variety of ways to build that ecosystem for the future. We're in an industry that is constantly evolving. As always, we will continue to look for opportunities to support partners who are committed to innovating and driving business for their devices and services built on the Microsoft platform."

    It also is worth noting that this isn't the first time Microsoft has worked with Silver Lake Partners, the private equity firm leading Dell's acquisition. In 2011, Silver Lake sold Skype to Microsoftfor $8.5 billion. I'm told the existing relationship was valuable to Microsoft's participation in the Dell transaction, but was not its genesis.