How is rollover equity treated in the Sources & Uses section?
1️⃣Anything that is “rolled over” is carried over from before the transaction.
任何被rolled over的股权都会从交易前延续到交易后。
Rollover Equity 通常会在Source中出现,并且会隐含地嵌入到Purchase Equity这一项的用途Use中。由于是股权延续,因此没有实际现金流动。也就是说,如果某个投资被 roll over,它在资本结构上并没有实质变化。
2️⃣For example, if the management team has agreed to stay on with the company and not sell their existing shares, they will “roll over” some value of their existing shares and have equity in the new company. However, the management team would not have actually put in any new cash to do this.
这常见于收购交易中,比如管理层继续持有公司的一部分股份,而不是完全套现退出。这部分滚动的股权在账面上表现为资金来源的一部分,但并不需要新的资金投入。
3️⃣管理层的持股比例计算公式为:
Rollover Equity/(Rollover Equity+New Equity)
这个公式显示了管理层在新公司的股权占比,分子为他们从旧公司“滚动”过来的股份,分母则包括滚动股权和新增股权的总和。这个计算帮助评估管理层在交易后新公司的持股水平。