Business Valuation

Disruptive Trends in Tech M&A: The Cases of Microsoft and Snapchat

Introduction Over the past years, the technology industry experienced an overwhelming volume of M&A activity. The following article aims at outlining the motivations behind this phenomenon and at identifying numerous disrupting factors. Microsoft’s acquisition of the professional social network LinkedIn, as well as Snapchat’s rebranding strategy and potential IPO in Read more…

By BSIC, ago

Biggest Chinese Acquisition of a U.S Technology Target Yet

Ingram Micro Inc.; market cap as of 19/02/2016: $5.44bn Tianjin Tianhai Investment Co., Ltd.; market cap as of 19/02/2016: $2.58bn    Introduction On February 17, 2016, Tianjin Tianhai Investment Co., Ltd. (Tianjin) (SSE A Share: 600751 and SSE B Share: 900938), a container shipping and freight agency company, entered into Read more…

By BSIC, ago

A highly levered money-mover First Data to go public – “Will the offer be sexy enough for investors?”

KKR & Co. LP; Market Cap (as of 03/10/2015): $7.85bn First Data Corporation; Market Cap (as of 03/10/2015): N.A.   Introduction On October 1st, 2015 the KKR-owned payment-processing company, First Data, announced the launch of its initial public offering, aiming to raise about $3.7bn. Apart from being the biggest US Read more…

By BSIC, ago

The Volkswagen Scandal: A New Beginning for the Automotive Industry?

Volkswagen AG; market cap (as of 25/09/15): €55.0bn   Small Software, Big Turmoil Volkswagen, the second largest carmaker in the world, headquartered in Wolfsburg, Germany, is in the middle of one of the largest automotive scandals to date. The company was discovered cheating on the emission tests by installing software Read more…

By BSIC, ago

Is time up for Universal Banks? Deutsche Bank – Postbank case

Introduction As the financial system stabilises after the recent crisis, three distinct business models are emerging. First, focused retail institutions with a specific offering of products and services, such as American regional banks and Europe’s savings banks. Second, investment banks which also operate asset management businesses and private equity investments. Read more…

By BSIC, ago

Virtu Financial IPO: paving the way for high-frequency trading?

Virtu Financial Inc.; market cap (as of 17/04/2015): $3.2bn Introduction On April 16, Virtu Financial, one of the world’s largest high-frequency trading companies, commenced trading on the Nasdaq under the ticker symbol “VIRT”. The initial public offering, first ever in the HFT sector, proved successful as the company raised close Read more…

By BSIC, ago

M&A drama: Endo takes on a spoiler role in the Valeant bid for Salix

Endo International Plc; Market Cap (as of 13/03/2015): $15.4bn Salix Pharmaceuticals Ltd; Market Cap (as of 13/03/2015): $10.8bn Valeant Pharmaceuticals Intl, Inc.; Market Cap (as of 13/03/2015): $63.9bn The pharmaceutical sector has turned into a war-zone again with of the bidding war between two aggressive dealmakers and two ex-colleagues: Mr. Read more…

By BSIC, ago