Download PDF Introduction Several factors, including high inflation, high interest rates, and overall uncertainty in the market, resulted in a decline in M&A activity in 2023. Despite the rough year, Q4 2023 and the first two months of 2024 have shown that deal activity is due for a comeback. One Read more…
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 Welcome back from the winter break and happy 2021! According to JPMorgan, the outlook of M&A in 2021 is very positive. Indeed, mainly due to a reduction in political uncertainty, the development of vaccines and strong capital markets, there is increased confidence in management and board of directors, Read more…
Download PDF An introduction to the airline industry and the ecosystem around it When assessing the state of the economy of a country, sometimes we overlook the importance that the airline industry plays in its smooth functioning. This is due to the fact that its contribution to GDP is only Read more…
Download PDF A primer on the Airport industry in Europe This second part on the air transport industry reaction to the COVID-19 pandemic (part one here) will focus on the infrastructure investment business revolving around airport ownership. Airports are a significant piece of infrastructure that enables air travel. As we Read more…
Download PDF Introduction After stalling in winter and spring 2020 due to the coronavirus, M&A activity picked up over the summer, fuelled by a bullish stock market. The situation remains dire however: according to MergerMarket data, companies have struck €620bn worth of M&A deals in the three months Read more…
Fiat Chrysler Automobiles NV (NYSE: FCAU) – market cap as of 31/10/2018: USD 23.978bn KKR & Co. Inc. (NYSE: KKR) – market cap as of: 31/10/2018: USD 19.176bn Introduction On October 22, 2018 Fiat Chrysler Automobiles N.V. announced the sale of its automotive components unit Magneti Marelli for a price Read more…
Hochtief AG (ETR: HOT) – market cap as of 03/11/17: €9.87bn Atlantia SpA (BIT: ATL) – market cap as of 03/11/17: €22.68bn Abertis Infraestructuras S.A. (BME: ABE) – market cap as of 03/11/17: €18.34bn Introduction On October 19, the German construction company Hochtief announced a counterbid of c. €19bn for Read more…
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 Read more…
Airbus SE (EPA:AIR) – market cap as of 26/10/2017: USD 64.64bn Bombardier Inc. (TSX:BBD.B) – market cap as of 26/10/2017: CAD 6.16bn Introduction On October 16, 2017, Airbus and Bombardier signed an agreement to become partners on the C Series aircraft program. Under the agreement, Airbus will provide procurement, sales Read more…
Siemens AG (SIE:ETR) – market cap as of 29/09/2017: €101.32bn Alstom SA (ALO:EPA) – market cap as of 29/09/2017: €7.92bn Introduction The French rail transport company Alstom SA and the German industrial conglomerate Siemens AG announced on Tuesday 24 September 2017 that they agreed to merge their rail operations. The Read more…
Northrop Grumman (NYSE: NOC) – market cap as of 23/09/2017: $49.02bn Orbital ATK (NYSE: OA) – market cap as of 23/09/2017: $7.64bn Introduction On September 18, 2017, aerospace giant Northrop Grumman announced the acquisition of Orbital ATK for approximately $9.2bn, of which $1.4bn financed through debt. The deal, to be Read more…
United Technology Corp. (UTX:NYSE) – market cap as of 16/09/2017: $90.33bn Rockwell Collins Inc. (COL:NYSE) – market cap as of 16/09/2017: $21.30bn Introduction On September 4, 2017, United Technology Corp. announced the definitive agreement to acquire the aviation system and cabin equipment maker Rockwell Collins Inc. for a total transaction Read more…
Siemens AG (ETR: SIE)—market cap as of 28/04/2017: €111.86bn Introduction On November 14, 2016, Siemens, Europe’s largest manufacturing and electronics conglomerate, announced that it had entered into an agreement to acquire the electronic design automation company Mentor Graphics, in a transaction valued at c. $4.5bn. The cash offer of $37.25 Read more…
Peugeot SA (EPA: UG) – market cap as of 11/03/2017: €15.79bn General Motors Co. (NYSE: GM) – market cap as of 11/03/2017: $55.17bn Introduction On March 6, 2017, PSA Group announced an agreement with General Motors Co. whereby the French holding will acquire GM’s Opel and Vauxhall subsidiaries, together with Read more…