几乎所有不那么充满火药味的并购结局都是，买卖双方都达成了符合双方利益的交易。而这些利益究竟是什么，正是我们欲深究的细节。

DeNA-ngmoco

在最近的一个收购案中，日本DeNA公司斥资4.03亿美元买下手机游戏发行商ngmoco公司的用意一开始就已经十分明显。

这家在日本十分具有威名的社交游戏发行公司，希望通过收购这种捷径，进军美国本土市场，ngmoco的手机游戏阵容（包括其在App Store创造的5000万下载量）以及其手机游戏平台Plus+的1200万名用户，都是一个难以抗拒的诱惑。

不过，ngmoco公司自2008年成立以来一直是iPhone和Android平台的重量级选手，他们这么快就变卖家当的意图就比较值得琢磨了。

但如果细察这笔收购交易背后的财务条款，就不难发现，ngmoco公司在过去两年中的实际运营状况远不及表面看起来的那么光鲜。

根据DeNA发布的数据，虽然ngmoco公司的销售额从2008年的48.4万美元稳定增长到了2009年的316万美元，可事实上该公司同一时期的净亏损也呈现了螺旋式的下降，2008年净亏损246万美元，2009年则上升到了1008.9万美元。

公平来讲，ngmoco公司在2010年的营收情况很被看好，TechCrunch网站甚至预计该公司今年总营收将超3000万美元。

这组数据对比无疑表明，ngmoco公司卖出了4.03亿美元的高价，真是赚大了。

不过，正如人们所料，这笔成交额并非一次性付清。

据了解，联合创始人尼尔·杨（Neil Young）和鲍伯·斯蒂芬森（Bob Stevenson）各占9.52%的股份，各值2800万美元（排除基于财务表现的额外对价）。DeNA公司将这笔收购交易额清楚地分割成两部分交付，另外1亿美元将根据ngmoco公司未来的财务表现再追加上去。

先交付给ngmoco公司的3.03亿美元中，有1.46亿美元来自DeNA的普通股，有2700万美元是认证股，还有1.28亿美元是现金。（本文为游戏邦/gamerboom.com编译）

How $13.4 million of losses at ngmoco makes its $403 million DeNA buyout seem a very good deal

Devil in the detail 

Almost all non aggressive buyouts come as a result of two businesses finding a deal that accommodates both their interests.

Discovering just what those interests are, of course, is where the detail lies.

In the case of the $403 million buyout of mobile publisher ngmoco, DeNA’s motivation was clear as soon as the story broke.

Already an established social gaming powerhouse in its home territory, the firm has openly stated that it wants a quick and easy route into the US market – ngmoco’s line-up on mobile (including 50 million downloads on the App Store) and 12 million unique users on its Plus+ network too good to resist.

Hidden hurt?

Ngmoco’s reasons for selling up were initially less clear, with the company having established itself as a major player on iPhone and Android in its own right since it launched in 2008.

However, a closer look at the financials behind the deal suggest the last two years have been more difficult for ngmoco than it might have appeared from the outside.

According to figures published by DeNA, though ngmoco’s sales have risen steadily since launch – from $484,000 in 2008 to $3.16 million in 2009 – the company has endured spiralling net losses during the same period, hitting $2.46 million in 2008 and rising to $10.89 the following year.

In fairness, estimates suggest 2010 will be ngmoco’s strongest year yet, with TechCrunch claiming this year’s revenue run rate will top $30 million.

Regardless, such figures undoubtedly make the firm’s $403 million buyout look like especially good business for ngmoco.

Money matters

As predicted, however, the money behind the move isn’t being delivered in one lump sum.

With co-founders Neil Young and Bob Stevenson’s respective 9.52 percent shares said to be worth $28 million each (based on the non earnout figure), the documents from DeNA also split the deal in full wide open, with $100 million being an earnout dependent on future financial results.

Of the funds produced upfront, $146 million is taken from DeNA common stocks, $27 in warrants and $128 million in cash.（source:pocketgamer）