Download PDF Overview In the industry of private equity (PE), dividend recapitalizations also referred to as dividend recaps, have become one of the principal financial maneuvers in driving the returns on invested capital. In times where exits are difficult and options are limited, general partners extract value from portfolio companies Read more…
Download pdf Introduction A few weeks ago, the German media conglomerate Axel Springer announced the split up of its media and digital classifieds assets. According to the firm, the demerger is to be signed in the coming months and completed by mid-2025 at the latest. The deal envisions Axel Springer’s Read more…
Download PDF Introduction Last month, the Japanese operator of 7-Eleven [XTKS: 3382] rejected a friendly takeover bid from the Canadian retailer Alimentation Couche-Tard [TO: ATD], which controls the Circle K brand. At $14.86 per share, the bid valued the business at $39bn, which would have made this Japan’s biggest-ever buyout Read more…
Download PDF Introduction On September 10th, Italy’s UniCredit SpA [ETR: CRIN] has acquired a total 9% stake in the German Commerzbank AG [FWB: CBK], half of it directly off the hands of the German finance agency. About a week later the stake was increased to 21%, the majority of it Read more…
Download PDF Introduction Private Equity firms are known for investing in all types of businesses. Ranging from pet clinics and cookie brands to power transmission lines, over time funds have expanded their investment horizons to different asset classes. In the early 2000s private equity firms began investing in higher education, Read more…
Download PDF Introduction The Body Shop is a British cosmetic, skincare and perfume company known for selling ethically sourced products made with natural ingredients and free of animal testing. Throughout its +50 years of existence, the company grew from a small family business based in the UK to being owned Read more…
Download PDF Introduction When underwriting any debt investment, two fundamental questions must be asked: will the borrower be able to repay us? And if not, can we enforce claims over the debtor’s assets? In this article we will be discussing the increased aggression of claim enforcement- not on the company- Read more…
Download PDF Introduction After a challenging 2023, in the first two quarters of 2024, the Equity Capital Markets activity has been recovering. As of May 2024, the ECM volume YTD accounted for $108bn, compared to $171bn for the whole 2023. Moreover, since the beginning of the year, convertibles were issued Read more…
Download PDF Introduction Merger Arbitrage tackle the potential of mergers and acquisitions (M&A) to yield returns irrespective of market conditions. By examining the transaction dynamics, we illustrate how arbitrageurs capitalize on the ‘deal spread’ – the difference between the current market price and the proposed acquisition price. As we navigate Read more…
Download PDF Introduction The music industry’s evolution, from vinyl to streaming, has not only transformed how we consume music but also revolutionized investment opportunities. With streaming platforms dominating revenue streams and artists navigating the complexities of selling their rights, investors are increasingly drawn to the potential of music royalties as Read more…
Download PDF Introduction With so much information to store, almost every one of us currently uses the “invisible” space of the cloud. But it’s not that invisible. There is a physical place where all this data is processed, called a data center. When you buy space in iCloud, for example, Read more…
Download PDF Introduction Buying properties in key locations is not a new trend in the luxury sector. However, over the past two years there was a huge increase in activity of the large players of the market as brands want to establish their presence in an environment of scarcity and Read more…
Download PDF Introduction The past year has been one of the most challenging for the global IPO markets since the 2008 global financial crisis. Rising interest rates constrained liquidity, investors were cautious, and choppy stock market valuations caused potential IPO candidates to put their listing ambitions on hold, hoping for Read more…
Download PDF Johnson & Johnson and its Competitors Johnson & Johnson (J&J) [NYSE: JNJ] is a US-based multinational healthcare corporation operating along its two segments Innovative Medicine and MedTech. Today (as of April 18th, 2024), the firm has a market capitalization of $351.2bn. In 2023, J&J recorded revenues of $85.2bn, Read more…
Download PDF Introduction Thames Water, the biggest water supplier in England, which was privatised by Margaret Thatcher’s government in 1989, is now facing a messy debt restructuring or even the prospect of a temporary renationalisation under the government’s special administration regime. In the higher interest rate environment, the company has Read more…