Analysis of recent M&A transactions
INTRODUCTION On the 20th of July 2023, shareholders of Dechra Pharmaceuticals, a UK-based veterinary pharmaceutical company, approved the recommended cash acquisition by Freya Bidco Limited, a vehicle indirectly owned by private equity firm EQT. The £4.5bn deal has been one of the largest leveraged buyouts to take place in Europe this year, occurring during a … Continue reading Dechra Pharmaceuticals has arranged upon a £4.5bn takeover offer from PE firm EQT
INTRODUCTION On September 21, 2023, Cisco announced a definitive agreement to acquire Splunk, the cybersecurity and observability leader, for $157 per share in a $28 billion all-cash deal. The deal in the cybersecurity market, echoing the industry trend of consolidation, signifies a mutually advantageous collaboration for both firms: Cisco confirms its commitment to expanding its … Continue reading Cisco Makes Waves in Tech Industry with $28 Billion Splunk Takeover
INTRODUCTION On August 10, 2023 Tapestry announced its strategic move to acquire Capri Holdings, the parent company of Versace and Michael Kors, for $8.5 billion. This merger is anticipated to be finalized in 2024, positioning Tapestry as a major player in the luxury market, with a combined revenue exceeding $12 billion and holding approximately 6% … Continue reading Tapestry to acquire Capri holdings in a $8.5 billion luxury mega merger
Introduction On December 19th, a significant event reshaped the French football landscape as John Textor and his company, Eagle Football, successfully acquired a majority stake in Olympique Lyonnais (OL). Initially scheduled for July 2022, the transaction was completed a few months later, valuing the French club over €800 million. Eagle Football will now own 77.49% … Continue reading Eagle Football’s Acquisition of Olympique Lyonnais: A Game-Changing Move in French Football and Beyond
Introduction: The Merge of Two French Behemoths On December 9th, 2021, a seismic shift occurred in the European media landscape when Vivendi announced its acquisition of a 17.9% stake in Lagardère from Amber Capital. This huge deal not only marked the cessation of Lagardère's autonomy but also signaled a transformation in the power dynamics of … Continue reading Vivendi’s Transformation: The Story Behind the Lagardère Acquisition
Introduction The acquisition of Credit Suisse by UBS saw two of the largest banks in Switzerland joining to create one of the most influential lenders in Europe. However, amidst the turmoil in the banking industry along with uncertainties about the deal, the prospects of this operation’s future are filled with ambiguities and questions. UBS has … Continue reading Acquisition of Credit Suisse by UBS – FIG Deal of the Decade?
Year by year, financial sponsors account for a significant share of the global M&A activity. Yet, in 2022, this share fluctuated and differed starkly between the first and second half of the year. This pattern can generally be explained by changes in the macroeconomic environment, where interest rate hikes took centre stage in 2022. As … Continue reading Private Equity: A Look Back at 2022 and Ahead to 2023
INTRODUCTION On 23rd March 2023, Toshiba Group’s board of directors approved a JPY2tn ($15.1bn) cash offer from a consortium led by Japan Industrial Partners Inc (JIP) to delist the company from the market. If successful, the operation would represent the largest take-private deal in Japan. After a long period of speculations, Toshiba seems close to … Continue reading TOSHIBA APPROVES BUYOUT OFFER FROM JIP INC
On 11 July 2022 Dufry, a leading global travel retailer, announced its interest in acquiring an Italian- based multinational catering company Autogrill in a deal which would create a new global travel experience player with a total value of about USD 6.7 billion. Xavier Rossinyol, The CEO of Dufry commented: “I am looking forward to … Continue reading Autogrill – Dufry $6.7 BN Merger
Bocconi Students M&A Circle 
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