Reaching for the Sky: Cellnex acquires Arqiva’s Telecom Towers for £2bn

Cellnex Telecom SA [CLNX: BME] – Mkt cap as of 19/10/19: €12.24bn Arqiva – not listed Introduction On the 8th of October 2019, Arqiva announced the sale of its Telecoms business (TowerCo) to Cellnex for £2bn, which Arqiva will use to reduce its leverage, currently standing at a debt-to-equity ratio of 1.9. The operation will […]

A Big (Online) Bet: Flutter Entertainment merges with The Stars Group in cross-border deal

Flutter Entertainment PLC [FLTR: LON] – Market Cap as of 08/10/2019: £6.32bn Stars Group Inc [TSGI: TSE] – Market Cap as of 08/10/2019: C$7.89bn Introduction On Wednesday October 1st 2019, news broke of the all-share takeover of the The Stars Group (TSG), a Canadian owner of online gambling platform PokerStars, by Flutter Entertainment, an Irish […]

LIBOR on the Rise: The Tale of Two Laws

The past summer has been quite hot: we saw unexpected Brexit, Turkish failed coup, the presidential campaign in the US is on the peak, and EMs are bursting out of inflows. On the backdrop of all these events, one very interesting trend may have left out of the scope of attention: the USD LIBOR has […]

The new (old) high correlation

Empirical evidence suggests that correlation between asset classes tends to spike during a period of market crisis, because investors panic and sell indiscriminately. This phenomenon is usually short-lived and correlation returns to a normal level as the market stabilizes. During the 2008 financial crisis, this effect was amplified by a liquidity shock. Highly leveraged banks […]

Teva and Mylan : The Plot Thickens…

Teva Pharmaceutical Industries ; Market Cap (as of 25/04/2015): $62,67bn Mylan Pharmaceuticals ; Market Cap (as of 25/04/2015): $36,06bn   Introduction In the healthcare industry, the saying “eat or be eaten” no longer applies. Instead, the adage of “make a bid or wait for an offer” would be more appropriate to describe the current times. […]

General Electric: Diversity turns into Complexity

General Electric; Market Cap (as of 17/04/2015): €276,45bn   Introduction On April 10, General Electric Company made an enormous restructuring announcement to spin out the majority of financial services division, GE Capital, in a strategic effort to shift the company’s overall direction. The decision was made on the premise of GE looking to focus on […]

Holcim and Lafarge to revise their $40bn mega-merger talks?

Holcim Ltd: Market Cap (as of 13/03/2015): CHF24.52bn Lafarge SA: Market Cap (as of 13/03/2015): €18.6bn Introduction Back in April 2014 Holcim and Lafarge, the two most prominent players in the global cement industry, agreed to consolidate into LafargeHolcim Group, in a merger of “equals” worth $41.0bn in total. Through consolidation the newly formed corporation […]

The rise of trading houses. Mercuria buys J.P. Morgan Commodities Unit

Mercuria Energy Group Market Cap (as of 21/03/14): N/A J.P. Morgan Chase & Co. Market Cap (as of 21/03/14): $225.98bn On the 19th of March, J.P. Morgan announced that it has reached an agreement to sell its physical commodities business to Mercuria, the fourth-largest independent commodity trader. Mercuria beats offers from Blackstone Group and Macquarie […]