Category: Corporate Finance

Throwback to the 80s: the Melrose £8.1bn hostile takeover of GKN

Melrose Industries plc [LON:MRO] – market cap as of 13/04/2018: £4.36bn GKN plc [LON:GKN] – market cap as of 13/04/2018 £7.76bn Introduction  On March 29, 2018, “Project Golf” (as the bid was called internally) got pushed to the last hole, when the turnaround specialist Melrose received acceptance from the British engineering company GKN’s shareholders regarding […]

When “subject to regulatory approval” means troubles: forms of government intervention in M&A transactions

Introduction A persistent financial crisis, the rising of regional tensions, the concerns of a trade war and many other facts have recently been catching up with the M&A-friendly international environment. Protectionism seems now to pervade the new world order. Rising economic nationalism is threatening to impact M&A activity across all over the world, as governments […]

The tech offering spree goes on: Dropbox goes public with a sensational IPO

Dropbox Inc. (NASDAQ:DBX) – market cap as of 13/04/2018: €11.8bn Introduction Founded in 2007, Dropbox is the leading pure-play cloud storage and collaboration platform. Its mission is to “unleash the world’s creative energy by designing a more enlightened way of working”. Dropbox is focused on reducing the amount of time people spend on tedious tasks […]

Germany IPO Market skyrockets as Siemens spins off its medtech division

Siemens AG (ETR: SIE) – market cap as of 06/04/2018: €88.8bn Siemens Healthineers AG (ETR: SHL) – market cap as of 06/04/2018: €33.9bn Introduction On March 16, 2018, the German conglomerate Siemens performed an initial public offering of its principal and second most profitable division, Healthineers, on the Frankfurt Stock Exchange. The floatation was one […]

Touch a stone and turn it into gold – Real Estate in a nutshell

What is real estate Real estate is a physical ‘bricks and mortar’ investment, where income and value are driven by rents that are paid by tenants under contractually-binding leases. Its subsectors include office, retail, multifamily, industrial, self-storage and hospitality. The main sources of real asset cash flows are derived from rents determined by the leases […]

E.ON, Innogy and RWE light up the German energy industry: a €43bn structural reshuffle

Innogy SE (ETR: IGY) – market cap as of 06/04/2018: €21.2bn E.On SE (ETR: EOAN) – market cap as of 06/04/2018: €19.9bn RWE AG (ETR: RWE) – market cap as of 06/04/2018: €12.2bn Introduction On March 10th, German electricity-utility company RWE announced it had reached an agreement to sell a 76.8% stake in Innogy to […]

Cigna Corporation and Express Scripts: a $67bn deal for their survival in the US healthcare industry

CIGNA Corporation (NYSE:CI) – market cap as of 09/03/2018: $42.7bn Express Scripts Holding Co (NASDAQ:ESRX) – market cap as of 09/03/2018: $45.7bn Introduction On March 8, 2018, Cigna Corporation announced the acquisition of Express Scripts Holding for a cash and stock consideration of $67bn. The combination of Cigna – a health insurance firm – and […]

The end of offshore insurers’ loopholes: Axa to acquire XL Group for $15bn in cash

XL Group Ltd (NYSE:XL) – market cap as of 09/03/2018: $14.4bn Axa SA (EPA:CS) – market cap as of 09/03/2018: €54.5bn Introduction On the March 5, 2018, the French insurer Axa announced its intention to buy 100% of Bermuda-based XL Group, which also operates in the insurance industry, for $57.6/share. The implied valuation of Bermuda’s […]

How Fast is Fast Enough? Advent International to acquire tech components manufacturer Laird for £1.2bn.

Laird plc (LON: LRD) – market cap as of 09/03/18: £979.8 m Introduction On March 1, 2018, Advent International announced it will acquire the UK electronic components producer Laird plc for £1.2bn, or £2/share. The deal marks yet another conquest for private equity firms in search for viable targets to employ their record amounts of […]

The wizard stands behind the curtain, Amazon’s invisible wall and the acquisition of Ring for $1 billion

Amazon.com (NASDAQ: AMZN) – market cap as of 02/03/2018: $726.28bn Introduction Every time Amazon announces an acquisition, it is hard not to feel the excitement. All the more so considering that the online giant has had an uncertain relationship with M&A and has only in the recent years garnered the confidence to pull the trigger […]

Up next: Spotify goes public with no underwriters. Will that be the tune of the future?

Introduction  The Direct Listing process, also known as Direct Public Offering (DPO), is a procedure by which companies can have their shares publicly traded on an exchange without the assistance of an investment bank. The company, indeed, will just have to submit the necessary documents for the listing, look for investors – both qualified and […]

Geely challenges the world automotive leader and cunningly acquires 9% of the German gem Daimler AG

Daimler AG (ETR: DAI) – Market Cap €72.05 bn Geely Automobiles Holding Ltd.(HKG: 0175) – Market Cap HKD 222.96bn (€23 bn) Introduction  On 23rd of February, the Chinese car manufacturer Geely announced that it had gathered a 9.7% stake of the German automotive colossus Daimler. This came as a surprise in Germany, as regulation imposes […]

When a sweet deal doesn’t sound sweet enough: Temenos to acquire Fidessa for £1.4bn in cash

Temenos Group (SWX:TEMN) – market cap as of 23/02/2018: CHF7.60bn Fidessa Group (LON:FDSA) – market cap as of 23/02/2018: GBP1.47bn Introduction On February 21st, 2018, the boards of both Temenos and Fidessa have reached an agreement for the takeover of the former over the latter for £1.4 billion. The two European companies operate in two […]

Albertsons and Rite Aid to merge in the latest move to contrast the growing threat posed by online e-commerce

Rite Aid (NYSE:RAD) – market cap as of 23/02/2018: $2.22bn Introduction  On the 20th February, Rite Aid Corporation, one of the leading US drugstore chains, entered into a definitive merger agreement with Albertsons Companies, one of the largest American private equity-backed grocery retailers. The deal will result in the creation of a company with a combined enterprise […]

Thomson Reuters making the headlines as Blackstone acquires its Financial and Risk unit

The Blackstone Group L.P. (NYSE:BX) – market cap as of 23/02/2018: USD41.1bn Thomson Reuters Corporation (TSX:TRI) – market cap as of 23/02/2018: CAD35.8bn Introduction On January 30, 2018, Thomson Reuters announced the agreement to sell a 55% stake in its Financial and Risk unit to the US private equity firm Blackstone for more than $17bn. […]

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