Buyout,即“控制股权收购”,也可译为“并购”，指的是购买一个公司的多数或控制股权,然后通过大刀阔斧改造使得标的资产升值。其英文释义如下：A buyout is the acquisition of a controlling interest in a company and is used synonymously with the term acquisition. Buyouts occur when a buyer acquires more than 50% of the company, leading to a change of control. Firms that specialize in funding and facilitating buyouts, act alone or together on deals, and are usually financed by institutional investors, wealthy individuals, or loans.

如：

Buyout Fund并购基金，是私募股权基金的一种，用于并购企业，获得标的企业的控制权。常见的运作方式是并购企业后，通过重组、改善、提升，实现企业上市或者出售股权，从而获得丰厚的收益，

“Leveraged Buyout”和“Management Buyout”属于“buyout”的两种类型：

Leveraged Buyout杠杆收购

杠杆收购，是指收购者用自己很少的本钱为基础，然后从投资银行或其他金融机构筹集、借贷大量、足够的资金进行收购活动，收购后公司的收入（包括拍卖资产的营业利益）刚好支付因收购而产生的高比例负债，这样能达到以很少的资金赚取高额利润的目的。

If the stake is bought by the firm’s management, it is known as a management buyout and if high levels of debt are used to fund the buyout, it is called a leveraged buyout. Buyouts often occur when a company is going private.

Management Buyout管理层收购

目标公司的管理者与经理层利用所融资本对公司股份的购买，以实现对公司所有权结构、控制权结构和资产结构的改变，实现管理者以所有者和经营者合一的身份主导重组公司，进而获得产权预期收益的一种收购行为。

以下为相关双语示例，供参考：

Before joining Blackstone in 2007, Mr. Allen worked as an Associate in Deutsche Bank’s Technology Group, where he focused on mergers and acquisitions, leveraged recapitalizations, leveraged buyouts, and equity financings for a range of companies including Infosys, Ciena, WNS, Stratus Technologies, Allot Communications, and Interwise.

在2007年加入Blackstone之前，Allen先生任职Deutsche Bank技术部门的一名助理，主要从事的工作包括合并与收购、杠杆资本重组、杠杆收购和股权融资，对象为多种公司，包括 Infosys、Ciena、WNS、Stratus Technologies、Allot Communications和Interwise。

Silverhawk is an independent investment group established in 2005 to invest in management buyouts and other private equity transactions in the Industrial, Energy/Natural Resources and Business Service sectors.

Silverhawk是一家成立于2005年的独立投资公司，投资于工业、能源/自然资源和商业服务领域的管理层收购及其他私募股权投资交易。