Since 2014, specialising in Mergers & Acquisitions
July 2014 represented one of the most important turnaround points in the oil business in the last decade. An apparently trifling event as the reopening of the Libya’s ports and wells transformed significantly the market. According to the numbers, it was meaningless because Libya’s production jumped from 250’000 bpd to 900’000 bpd over the next … Continue reading OIL: A SHORT STORY
Hitachi, a Japanese conglomerate, will pay €773 million ($850 million) for Finmeccanica's 40% stake in Ansaldo STS: under Italian law, this type of operations requires a mandatory tender offer in order to be finalized. The Tokyo-based company will pay €9.65 for each Ansaldo STS share, equivalent to a 9.2% premium and it will launch a … Continue reading FINMECCANICA SELLS ANSALDO TO HITACHI FOR MORE THAN $2 BILLION
The increased M&A activity within the Healthcare sector has not slowed down in 2015, after we saw a record volume of transactions in the previous year. After securing financing, Canada-based Valeant has won a tender offer for Salix Pharmaceuticals, in a $14.5bn transaction. The market trend of increased deal activity for tax-inverted players still continues. … Continue reading THE END OF A TRILOGY – VALEANT ON SALIX CASE.
On February 12, Expedia (Nasdaq: EXPE) announced it had entered into a definitive agreement under which it will acquire Orbitz Worldwide, Inc. (NYSE: OWW) including all of Orbitz’s brands (such as HotelClub, CheapTickets and Ebookers), for $12.00 per share in an all-cash $1.3 billion transaction. Both companies own a portfolio of travel booking websites. This … Continue reading BIGGER IS BETTER: EXPEDIA ACQUIRES ORBITZ
Springleaf Holdings Inc. set to buy Citigroup Inc’s OneMain Financial Holdings for $4.25bn in cash, forming the largest subprime lender in the United States. Citigroup’s strategy to sell its non-core operations and focus on wealthier clients produces the combined entity with $15bn dollars in assets, 2000 branches, and a capacity to serve the growing subprime … Continue reading A SUBPRIME RENAISSANCE: CITIGROUP SELLS ONEMAIN TO SPRINGLEAF
Competitiveness The TMT industry (in a broad sense) is becoming more and more complex: From the demand side, emerging markets are asking for new services to be provided and developed countries are asking faster and better services (overall in data quantity). This translates in more quantity (emerging markets) and more quality (developed country). From the … Continue reading TMT INDUSTRY ANALYSIS – CONTEXT, TRENDS AND RECENT DEALS
The Deal In September 2014, the Italian Government issued a decree regarding the privatization of the state owned company RAI Way S.p.A. (from now on, RWay). The decree came after the decision to list the company; indeed, due to the delicate role the tower sector plays in the country, the Government fixed some legal restrictions … Continue reading EI TOWERS BID FOR RAI WAY, THE CONTEXT AND THE POSSIBLE SCENARIOS
The Kotak Mahindra Bank’s all-share acquisition of the mid-sized player ING Vysya has been agreed for at a value of 150 billion Rs, around $2.4 billion. Announced on November 20, 2014, the Kotak Mahindra – ING Vysya deal becomes India’s biggest financial institutions takeover, exceeding the 2008 HDFC Bank Ltd.’s purchase of Centurion Bank of … Continue reading KOTAK MAHINDRA BUYS ING VYSYA AND DOUBLES ITS SIZE
Last week Samsung decided to sell shares in Samsung General Chemicals and Samsung Techwin for $1.72 billion dollars USD (all figures in USD). The deal was the first time that Samsung sold affiliates since 1997 and is indicative as to the challenges it has faced in the last few years in terms of profitability and … Continue reading SAMSUNG SELLS CHEMICAL AND DEFENCE STAKES TO HANWHA
Bocconi Students M&A Circle 
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