Whitbread plc (LON:WTB) – market cap as of 04/05/2018: £7.84bn Introduction Conflicts of interest between shareholders and managers represent an old phenomenon and an inherent element of capitalistic governance systems. It stems from the fact that managers tend to profit from simply because their companies are getting bigger (through higher salaries, increased social standing, etc.)
Kroton Educacional SA (BOVESPA: KROT3) – market cap as of 04/05/2018: R$ 21.75bn Somos Educação SA (BOVESPA: SEDU3) – market cap as of 04/05/2018: R$ 5.70bn Exchange rate: 1 BRL (R$) = 0.285 USD ($) Introduction On April 23, 2018, Kroton Educacional, the largest for-profit education company in Brazil, proceeded to acquire Somos Educação, a
Fidessa Group plc (LON:FDSA) – market cap as of 04/04/2018: £1.57bn Introduction On April 20, the board of the UK software company Fidessa has agreed to a £1.5bn all-cash takeover offer from ION, an Ireland-based financial technology company backed by The Carlyle Group. The announcement comes after Fidessa had agreed to be acquired by the Swiss peer
Walt Disney Co (NYSE:DIS) – market cap as of 27/04/18: $151.2bn Twenty-First Century Fox Inc (NASDAQ:FOXA) – market cap as of 27/04/18: $67.7bn AT&T Inc (NYSE:T) – market cap as of 27/04/18: $215.8bn Time Warner Inc (NYSE:TWX) – market cap as of 27/04/18: $75.8bn Introduction M&A activity is not a steady phenomenon. Rather, it tends
Playtech PLC (LSE:PTEC) – market cap as of 27/04/2018: £2.50bn Snaitech SpA (BIT:SNA) – market cap as of 27/04/2018: €409.8m Introduction On April 12, the world’s largest online gaming software supplier announced it had agreed to acquire a 70.6% stake in Snaitech, the Italian gaming and betting market leader. Subject to completion of this €846m
Total S.A. (EPA:FP) – market cap as of 27/04/2018: €138.0bn Direct Energie S.A. (EPA:DIREN) – market cap as of 27/04/2018: €1.90bn Introduction On April 18, 2018, French oil major Total S.A. announced the acquisition of 74.33% of Direct Energie’s share capital in a transaction valued at approximately €1.4bn. At a price of €42 per share,
Novartis AG (SIX: NOVN) – market cap as of 20/04/2018: CHF204.12bn AveXis Inc (NASDAQ: AVXS) – market cap as of 20/04/2018: $7.62bn Introduction On April 9, Novartis submitted an offer to acquire all the shares of the American gene therapy group AveXis. The Swiss drugmaker offered an 88% premium adding up to an $8.7bn deal.
Monex Group Inc (TYO: 8698) – market cap as of 20/04/2018: ¥149.15bn Introduction On April 16, the online brokerage giant Monex officially acquired the cryptocurrency exchange Coincheck for ¥3.6bn (~$33.55m). The move is questioned by the general public due to the recent security breach in Coincheck and the theft of $534m worth of the NEM
Alibaba Group Holding Ltd. (NYSE:BABA) – market cap as of 20/04/2018: $462.0bn Tencent Holdings Ltd. (HKG:0700) – market cap as of 20/04/2018: HK$3,780bn Introduction The first two weeks of April 2018 have seen a string of aggressive acquisitions and the announcement of financing rounds by companies backed by the Chinese technology giants Alibaba and Tencent.
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
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
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
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