Market Recap 24/11/2019

US Last week the S&P500 was slightly down by 0.19% and closed the week at 3110,29 points. The index remained above the 3100 threshold while the yield on the US 10 year treasury was down 6 basis points at 1.774. The US market was once again driven by the phase-one trade deal talks but this […]

Market Recap 17/11/2019

US The Dow Jones Industrial Average crossed the 28k mark with a close at 28,004.89 on Friday, recording a weekly gain of 1.2%. The S&P 500 closed at 3,120.46 up 0.9% w-o-w. These numbers outline a 6th consecutive week of gains for the index – for the first time in 2 years. Additionally, it’s interesting […]

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 […]

Market Recap 06/10/2019

US The Dow Jones Industrial Average closed at 26,573.72 on Friday recording a weekly loss of 0.9%. The S&P 500 closed at 2,952.01 down 0.3% w-o-w. These numbers outline a 3rd straight week of negative returns for US equities. The US market was primarily impacted by 3 key data releases in manufacturing, unemployment, and wages. […]

Market Recap 29/09/2019

US On Monday, the US registered stronger than expected manufacturing and composite PMIs while a weak service PMI. In the same day, the FED injected about 50bn $ in the financial system through REPOs following last week spike in short-term borrowing costs. The FED continued its intervention in the REPO market on Tuesday, and on […]

Market Recap 22/09/2019

US Fannie Mae and Freddie Mac are once again back in the spotlight, with American treasury secretary Steven Mnuchin proposing to reform and recapitalized these government enterprises. The Fed has cut rates by 25 bps to a range of 1.75% – 2%, in line with market expectations while resisting the Trump Administration’s calls for further […]

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 […]

Time to enter the game: UK’s Playtech acquires Italy’s Snaitech

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 […]

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 […]

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 […]

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 […]

FirstRand and Aldermore: a GBP 1.1bn merger across South Africa and UK

FirstRand Ltd (FSR:SJ) – market cap as of 11/10/2017: ZAR295.3bn Aldermore Group Plc (ALD:LN) – market cap as of 11/10/2017: GBP1.07bn Introduction FirstRand and Aldermore, as of 6 November 2017, have agreed upon merging in a £1.1bn deal, at 313 pence per share in cash which implies a 22% premium on the last business day […]

The Final Mayday Call: Monarch Airlines Collapsed and Entered Administration

About Monarch Airlines Monarch Airlines was a British low-cost airline that mainly operated in the Mediterranean. It was the UK’s fifth largest airline and the largest ever to collapse. In 1967 two British businessmen, backed by the financing provided by the Italian-Swiss Mantegazza family, founded Monarch to promote air travels to ordinary families rather than […]

Market Recap 07-05-2017

United States The S&P 500 closed the week at $2,399.29, a record high and up 0.63% when compared with the close of the previous week. During the week several important announcements have been released; first of all the Federal Reserve decided to leave interest rate unchanged at 0.75%-1.00% following the slowdown in growth experienced by […]

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