Download PDF Introduction As the backbone of the financial industry, the banking sector has always had a predominant role in worldwide economies. Over the last decades, banks have expanded their operations at a global scale, and imposed their presence in almost all economic activities. Understanding this vast sector requires dividing Read more…
Download PDF Introduction Adobe Inc, one of the largest software companies worldwide, has announced the acquisition of software design start-up Figma Inc in an attempt to expand its online collaboration tools and reach new customers. The deal, which is valued at around $20bn, is a mix of half cash and Read more…
Download PDF Introduction On September 7, 2022, Repsol announced it would sell a 25% stake of its worldwide upstream business to EIG for $4.8bn, consisting of both equity and net debt. The transaction is expected to close within the coming six months, subject to customary closing conditions. The deal comes Read more…
Download PDF Welcome back from the summer break! Despite overall year-on-year declines in m&a activity following a record year in 2021, deal flow this year has been rather resilient in spite of the current macroeconomic conditions, including record inflation, conflict in Ukraine, supply crunches, and liquidity tightening from central banks. Read more…
Download PDF Introduction After months of rumours, intentions and promises, Porsche, the famous luxury German automaker, and property of the Volkswagen Group (VW), finally seems ready for its IPO, initially announced in February 2022. Porsche should start trading by the end of September and the beginning of October on the Read more…
Download PDF Introduction 2022 has been a difficult year for investment banks. Despite the relative strength of their trading divisions, a collapse in M&A value has been weighing down on revenues. Something that has been leading to outright losses, however, is Leveraged Finance. This lesser-known part of the financing groups Read more…
Download PDF Introduction Facing rising scrutiny from American activist investors, GlaxoSmithKline (GSK), Britain’s second-largest pharmaceutical company, is undertaking a major strategic shift. By spinning off its consumer healthcare division, and recently acquiring Sierra Oncology for $1.9bn, which is about to introduce a new blood cancer treatment to the market, GSK Read more…
Download PDF The Macro Environment M&A activity in Australia has been on a tear recently. From every angle, deal activity in 2021 was unprecedented. A$308bn of deals were closed in 2021, compared with the 10-year average of A$100bn. A large amount of ‘mega deals’ pushed the average takeover size to Read more…
Download PDF Introduction On April 14th, it was announced that Italy’s known Benetton family and US investment fund Blackstone made a buyout offer for Atlantia, valuing the company at €54.3bn. What could be the second biggest deal of the year globally, only behind Activision Blizzard acquisition by Microsoft ($69bn), would Read more…
Download PDF Introduction The US airline industry, following two years of devastation and billions of dollars of losses due to the pandemic, appears to be springing back to life. Passenger numbers are returning to pre-pandemic levels and firms are starting to become profitable once again. More interestingly, airlines appear to Read more…
Download PDF Introduction Bolt Financial Inc., a leading payments-focused technology company, announced the acquisition of the crypto-services startup Wyre in a cash and stock deal. Announced on April 7th, 2022, the deal is expected to close later in 2022. It is valued at around $1.5 billion, and, according to research Read more…
Download PDF Introduction The power and utilities industry refers to a category of companies that focus on providing services to satisfy basic needs. The five main businesses classified as utilities are electric power, natural gas, water supply, steam supply and sewage removal. The sector is mainly known for its stability Read more…
Download PDF Introduction The Industrials sector has certainly been one of the backbones of the world economy. It is composed of three industry groups: Capital Goods, Commercial & Professional Services, and Transportation. As of now, Industrials is the sixth largest of the 11 GICS sectors in the U.S. market and Read more…
Download PDF Latest trends in Equity Capital Markets In 2021, Equity capital markets showed an outstanding recovery from 2020, with the S&P 500 closing at historic highs throughout the year. The first half of the year saw a substantial improvement in investor confidence with the passage of the American Rescue Read more…
Download PDF Introduction On March 29, 2022, UnitedHealth Group Inc. announced it would acquire LHC Group Inc. for $5.4bn. The deal is expected to close in the second half of 2022, pending shareholders’ approvals and regulatory approvals. This deal comes immediately after UnitedHealth’s $13bn acquisition of Change Healthcare which the Read more…