저자: JimCramer · 외국인
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결론: 마이크로소프트의 누언스 인수는 헬스케어 데이터 장악을 위한 전략적으로 훌륭한 딜이라는 평가이며, 개인정보·규제 리스크도 함께 제기됨. 딜 개요: 마이크로소프트가 누언스 커뮤니케이션스를 약 160억 달러(현금 거래, 부채 포함 기업가치 약 200억 달러)에 인수. 직전 금요일 종가 대비 약 23% 프리미엄. 전략적 의미: 크레임은 세너·에픽 등 주요 의료 데이터 기업과의 계약을 통해 누언스가 이미 대형 의료 데이터에 접근 중이라고 설명. 마이크로소프트가 애저 클라우드와 결합하면 헬스케어 데이터 통제력이 커진다고 주장. 리스크: 새 행정부가 프라이버시와 경쟁 이슈에 초점을 둘 것이며, 의료 데이터 독점 우려가 규제 쟁점이 될 수 있다고 봄. 데이비드(CNBC 진단 기자)도 이 딜이 신행정부의 경쟁·프라이버시 정책 시험대가 될 것이라고 언급. 자금 조달 관련: 저금리 환경에서는 자사주보다 현금·채권 조달이 유리하며, 인수 대상 기업 측 주주가 지분을 보유하는 방식도 고려 요인이라는 설명. 업계 전망: 기술과 헬스케어의 통합(consolidation) 시작일 수 있으며 향후 지켜볼 대상이라는 견해. 투자 관련 직접 종목 방향 예측 발언(대상 자산 목록 기준): 없음. 마이크로소프트는 목록에 없으며 향후 1~3개월 가격 방향 예측도 확인되지 않음.
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all right guys let's get right to the microsoft deal jim we're going to talk to nadella of course later on in the hour they are sort of framing this as improving their ai capability across healthcare specifically and some other industries too look i think it's brilliant and the reason i think it's brilliant is there a couple companies that really have a hammer lock on the data they are cerner and then the large one epic epic has always said over and over again we will never sell we will never sell so it seemed like you could never get the data and store the data they have it and they won't share it but nuances deals with them and so therefore microsoft has everything it needs to conceivably be in control of all of what you need to know about individuals it's almost as if they have they really have what i regard as being a database that could really change the way healthcare is done so i know it starts as ai but what it really goes to is all of your data is with azure which is their aws and i think it's brilliant they're going to be able to control a lot of what is uh known about health care and knowing about you know about individuals uh no one's else no one has ever been able to do this i think it's brilliant david what do you think uh oh okay sorry i was having an audio uh problem for a moment i'm good now guys yeah listen jim uh you know it's curious to see them do a large deal not curious because they have been it's been a part of their strategy for some time you always have to wonder in this environment what it will look like on any trust front i mean on the face of it perhaps there should be no opposition but this is a test of a new administration which we know is focused on this and focused on competitiveness and privacy in a lot of different areas jim and so one would have to imagine that will also at least be something that we should keep in mind here i'm so glad you mentioned that because what happened is look no nuance is a small company the fact that they have all these deals with everybody who really do the major companies that that know your data hasn't really mattered but when you pair that with microsoft which is an unbelievable company when it comes to uh when it comes to the cloud uh then i think that there will be issues about privacy in the cloud there'll be issues about whether this company microsoft now has everything because nuance had these great deals so i i absolutely think that what's going to happen carl is the questions in the new administration are going to be about privacy and power how do you make it so that microsoft doesn't own everybody's healthcare data i know that if you bought epic and you bought cerner you might be able to get that but no one was ever able to do that particularly epic epic is just so powerful but now epic has to deal with demons so nuance is going to be microsoft microsoft effectively has a deal with epic and people don't recognize how important epic is but when you go to the hospital take a look it's almost always epic and they've been hard to crack microsoft's going to crack them uh yeah we can't wait to dig into it with uh with with ceos david on strategy and i guess on price too right this was a little bit higher than had been originally reported over the weekend yeah i mean this is a stock that already was up but dramatically over the last year although you know prior to that had not seen heights anywhere near as we get ready to to to speak to mr nedell and mr benjamin later this hour anywhere near where it's getting taken out which of course you like it isn't all a cash deal always important to sort of point that out uh no microsoft stock being done as a consideration here let's call it about 16 billion there is some debt involved which gets the overall enterprise value up closer to 20 billion but uh from an equity perspective more or less closer to 16 and as you say carlos and it is a a 23 premium to the closing price uh on friday and you know jim it's not as though uh microsoft doesn't have the ability to spend cash all day long on whatever it wants and to your point for microsoft not that larger deal but in this m a market one of the larger ones that we've seen in some time well david a lot of people see that microsoft stock has just been on this incredible tear so explain to me just walk through why management would not buy this company with stock do they does mr nadella honestly maybe thinks that the stock is cheap i don't know you know obviously it also has to do to a certain extent with the desire of the acquired party uh and we could ask mr benjamin perhaps on that front what i don't have any real background here in terms of the merger itself at this point um it is very cheap to borrow at the at the at the level that microsoft can obviously have plenty of cash on hand and do something so that it can become more it would be more creative jim than even using your own stock uh that often is the case in an environment where interest rates are as low as they are so that's one thing to keep in mind and another is i don't really know what the buyer was thinking although given he is going to remain right with the company in some way you know sometimes you do like to have your own shareholders still have something in the game so to speak so it is an interesting point to make look yeah i think it's going to be my thesis we really have to talk about carl i'm just saying this is it might be the beginning of the consolidation between technology and health that's what we have to watch carl
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