Author: BSIC

Canada grows its shale’s footprint: Encana to acquire the North American Newfield in a strategic $5.5bn deal

Encana Corporation [ECA: NYSE] – Market Cap as of 13/11/2018 $7.74bn Newfield Exploration Company [NFX: NYSE] – Market Cap as of 13/11/2018 $4.04bn Introduction On the first of November, 2018, Encana Corporation announced a definitive agreement to purchase all outstanding shares of common stock of Newfield Exploration Company, an all-stock transaction valued at $5.5bn. Following […]

Rush for OTT dominance heats up: Deltatre acquires Massive Interactive

Introduction On November 7, Massive Interactive, a London-based OTT software provider, announced that it had signed an agreement to be acquired by Deltatre, a global provider of sports media services and technology in a transaction worth up to $127m. This transaction is an attempt by Deltratre to enter the entertainment sector, as well as to […]

Connecting the wires: CommScope acquires ARRIS

CommScope (NASDAQ: COMM) – market cap as of 16/11/2018: $3.55bn ARRIS International Plc (NASDAQ: ARRS) – market cap as of 16/11/2018: $5.32bn Introduction On November 8, 2018 CommScope, global leader in infrastructure solutions for communications networks, announced the acquisition of modems and set-top boxes maker, ARRIS International Plc. for $7.4 billion in an all-cash transaction […]

Market Recap 11/11/2018

US The US Indexes soared this week mostly affected by the midterm elections, which caused a relief-rally The Dow Jones Industrial Average closed at 25,989.30 on Friday with a loss of 201.92 points or -0.77% and a weekly gain of 2.6%. The S&P 500 closed at 2,781.01 for a loss of 25.82 points or -0.92%, […]

The Green Rush

The “Green rush” is the way in which the media has described the incredible “bull-run” which has characterized the equities engaging in the cannabis sector. In this article we are going to analyze the industry, explaining its history, characteristics and main players. We are going to focus in the later part of the article on […]

Are Absolute Returns Absolutely Impossible?

This article discusses absolute return funds implemented by UCITS funds. With the reappearance of volatility in the markets – not just in equity markets but also in other assets classes e.g. fixed income or hard assets as well as among markets globally – absolute return funds, with their promise to protect capital in any market […]

Spoiled meal: The Restaurant Group sees its shares go down as it announces the acquisition of Wagamama

Restaurant Group PLC (LON: RTN) – market cap as of 11/09/2018: £512.35m Introduction On the 30th of October 2018, The Restaurant Group plc announced its plan to purchase the entirety of the issued share capital of Mabel Topco Limited, the holding company of Wagamama, effectively acquiring Wagamama, a high-growth brand in the casual-dining industry, for […]

Big Blue fires back in $34bn deal for Red Hat

IBM – Share price as of 09/11/2018 – $123.54 Red Hat – Share price as of 09/11/2018 – $173,75 Introduction From the 1900’s to the 1970’s, technology companies went from producing bulky recording machines to even bulkier versions of the first computers. Since then, they ditched the design, which resembled a microwave more so than […]

Mitsubishi UFJ Trust kills two birds with one stone with the CBA asset management units’ acquisition and creates a ¥90 trillion colossus

Mitsubishi UFJ Financial Group Inc (TOKYO: 8306:JP) – market cap as of 09/11/2018: ¥9.477tn Introduction  On October 31, 2018, Mitsubishi UFJ Trust and Banking Corporation (“MUTB”), a wholly owned subsidiary of the cross-listed Mitsubishi UFJ Financial Group (“MUFG”), and one of Japan’s leading asset managers, came to an agreement with the Commonwealth Bank of Australia […]

Can Next Crisis Come from Canada?

The current bull market has been continuing (with certain fallbacks) for around ten years. This has left people questioning when and, more precisely, where will the next crisis come from. In search of a potential contagion, we had our attention drawn to Canada, a seemingly safe economy which had emerged out of the 2008 crisis […]

SABR Model for the Implied Volatility Smile

The SABR model is like the Vega/Vanna Volga Approach, in that it is a method of interpolating the implied volatility surface. Given the dynamics of the forward rate, the stochastic instantaneous volatility, and the Black model, we get an algebraic expression that the Black Implied Volatility must satisfy. Given traded and liquid options, we fit […]

Market Recap 04/11/2018

US When the markets closed on Tuesday, they were mostly flat on a weekly basis while S&P500 was trading -9.87% on a monthly basis. Starting from Wednesday the stocks started to recover from the recent sell-off as S&P gained 37.44 points while the DOWJ gained 361.94 points. S&P Materials index was the best performer among […]

Private Equity surfs the new debt wave

Private Equity Industry Overview Private equity is like home flipping, but with large corporations instead of dilapidated houses from the 1970’s. Only rather than having profits in the tens of thousands, it’s in the tens of millions. The private equity industry, pioneered in the 1970’s by the likes of KKR and Apollo, has grown to […]

Consolidation in the military industry: Harris-L3 Merge

L3 Technologies Inc (LLL: HRS) – Share price as of 02/11/2018 – $189,25 Harris Corp (NYSE: HRS) – Share price as of 02/11/2018 – $147,7 Introduction On October 14, 2018, military communication providers Harris Corp and L3 Technologies Inc. announced that they had entered into a definitive agreement to complete an all-stock merger, thus creating […]

Pit stop for external growth: KKR owned Calsonic Kansei acquires FCA owned Magneti Marelli

Fiat Chrysler Automobiles NV (NYSE: FCAU) – market cap as of 31/10/2018: USD 23.978bn KKR & Co. Inc. (NYSE: KKR) – market cap as of: 31/10/2018: USD 19.176bn Introduction On October 22, 2018 Fiat Chrysler Automobiles N.V. announced the sale of its automotive components unit Magneti Marelli for a price of €6.2bn to leading Japanese […]

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