Download PDF GlobalLogic – privately owned Hitachi – market cap as of 11th April: ¥4.97tn Introduction On March 31st 2021, Hitachi announced its agreement to acquire GlobalLogic, a Silicon Valley-based software services company, for $9.4bn. This transaction values GlobalLogic at 37x forecasted 2021 adjusted EBITDA, while giving it an equity Read more…
Download PDF Deliveroo Holdings PLC (LON: ROO) – Market Cap as of 10/04/2021: £4.66bn Introduction On the 31st of March, Deliveroo made its debut on the London Stock Exchange. The deal had been presented as a sound victory for the post-Brexit London stock exchange and a path forward for future Read more…
Download PDF What is a Hostile Takeover and How does it work? A Hostile Takeover is often the result of the rejection made by the Board of Directors (BoD) of Company B of a friendly acquisition bid made by Company A, as Company A might still try to take control Read more…
Download PDF Carrefour S.A. (EPA:CA) – Market Cap as of 31th March 2021 €12.5bn Atacadão (Carrefour Brasil) (BVMF: CRFB3) – Market Cap as of 31th March 2021 R$45.3bn Grupo BIG – Private Company Introduction On March 24th, 2021, Carrefour SA announced that its Brazilian arm has entered into an agreement Read more…
Download PDF Introduction WeWork has agreed to go public through a merger with a blank-cheque company BowX Acquisition Corp in a deal that implies an initial enterprise value of approximately $9bn for the office-sharing provider. Following the high-profile collapse of its IPO attempt in 2019, WeWork is taking advantage of Read more…
Download PDF Introduction – The Crisis of Greensill Capital Firms come and firms go, some find long-lasting success, while others start from bright start-up ideas but end up in the graveyard of business ideas in a matter of years. Greensill Capital had the potential to be in the first group, Read more…
Download PDF Athene Holding Ltd [NYSE:ATH] Market Cap as of 25th March 2021: $9.56bn Apollo Global Management, Inc. [NYSE:APO] Market Cap as of 25th March 2021 $20.86bn Introduction On March 8th, 2021, Apollo Global Management, Inc., a major publicly owned investment manager, and Athene Holding Ltd, a leading retirement services Read more…
Download PDF ION Group – privately owned Cerved (CERV) – market cap as of 26th March 2021: €1.86bn Introduction ION Group has made a takeover offer worth €1.9bn ($2.2bn) for Milan-based Cerved, just days after the privately-owned fintech company snapped up Italian banking software provider Cedacri. Dublin-based ION, led by Read more…
Download PDF Introduction The recent spin-off of DirectTV from AT&T marked the unceremonious end of an era in the American TMT arena almost as a ritual sacrifice to fully embrace the new wave of content-driven megadeals already underway since 2017. What is striking about this story is that, back in Read more…
Download PDF Introduction On 22nd February, the merger between Lucid Motors, an electric vehicle producer, and Churchill Capital IV Corp., a special purpose acquisition company, was announced. With a pro forma valuation of $24bn, this deal is the largest merger between an EV company and SPAC so far. In the Read more…
Download PDF Allied Universal – privately owned G4S (G4S.L) – market cap as of 5th March 2021: £3.76bn Introduction After the end of the U.S. bidder’s drawn-out takeover battle with Canada’s GardaWorld, whose last bid was £3.7bn or 235p-per-share, G4S has agreed to a £3.8bn or 245p-per-share takeover offer from Read more…
Download PDF When lockdowns and travel restrictions started to threaten companies’ survival in March last year, all eyes turned to cash. What was before a mundane Treasury responsibility became a hot topic for discussion amongst C-suite executives. Mentions of cash, liquidity, and lines of credit multiplied in earnings calls. Cash Read more…
Download PDF Introduction Stock exchanges are sometimes considered simply as marketplaces where any investor with a brokerage account can participate in transactions with basic financial securities such as stocks or bonds, or more complex ones such as ETFs and derivatives. However, stock exchanges are also businesses that, like any other Read more…
Download PDF Introduction Intrinsic value is a measure of what an asset is worth, and it is obtained by means of an objective calculation (to a certain extent), such as a DCF, where the cashflows of a company are discounted to the present in order to estimate the company’s true Read more…
Download PDF Introduction Everyone who took a macroeconomics class knows that the control of interest rates is a fundamental tool in economic policy. Monetary expansion or contraction has a real impact on inflation, GDP growth, and exchange rates and thus, central banks have tight control over the base rate in Read more…