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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

Oaktree’s Countryside Properties finds its home on LSE, valued at £1.01bn at IPO

Oaktree Capital; market cap as of 04/03/2016: $7.33bn (£5.15bn) Countryside Properties plc.; market cap as of 04/03/2016: £ 1.01bn Introduction On 14 January, 2016, Countryside Properties plc. (Countryside), UK-based real estate developer controlled by private equity firm Oaktree Capital Management, L.P. (Oaktree),announced its intention to proceed with an initial public Read more…

By BSIC, ago

Ferrari: too fast outside the circuit?

[edmc id= 3236]Download here the Ferrari Pitch[/edmc] After having covered the IPO of Ferrari (https://bsic.it/wanna-flawless-ferrari-52-now-feasible/) in detail a couple of weeks ago, we are now trying to identify RACE’s market positioning in terms of multiples. The structure of the analysis is as follows: firstly, we plot Ferrari’s positioning against major automakers Read more…

By BSIC, ago

Call of… Candy: Activision Blizzard takes over a “poor King” and bets on mobile gaming

Activision Blizzard; Market Cap: $25.52bn (as of 06/11/2015) King Digital Entertainment; Market Cap: $5.55bn (as of 06/11/2015)   Introduction On November 2, Activision Blizzard agreed to acquire for $5.9b King Digital Entertainment, one of the major players of the mobile gaming industry with its popular Candy Crush Saga. The move 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

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