THE END OF A TRILOGY – VALEANT ON SALIX CASE.

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.

BIGGER IS BETTER: EXPEDIA ACQUIRES ORBITZ

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

A SUBPRIME RENAISSANCE: CITIGROUP SELLS ONEMAIN TO SPRINGLEAF

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

TMT INDUSTRY ANALYSIS – CONTEXT, TRENDS AND RECENT DEALS

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

EI TOWERS BID FOR RAI WAY, THE CONTEXT AND THE POSSIBLE SCENARIOS

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

KOTAK MAHINDRA BUYS ING VYSYA AND DOUBLES ITS SIZE

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

SAMSUNG SELLS CHEMICAL AND DEFENCE STAKES TO HANWHA

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

GLAXOSMITHKLINE & NOVARTIS SWAP ASSTES WORTH £11BN

The asset-swap between GlaxoSmithKline (NYSE: GSK) and Novartis (NYSE: NVS) will lead to stronger focus by both companies on their current core activities. The transaction sets a new framework for future complex deals, where participants enhance their operations by divesting from non-profitable divisions, while acquiring assets that enhance the current portfolios. GSK’s position in vaccines … Continue reading GLAXOSMITHKLINE & NOVARTIS SWAP ASSTES WORTH £11BN

WHEN A BURGER MEETS A DOUGHNUT. BURGER KING – TIM HORTONS

Burger King Worldwide Inc. (NYSE: BKW) has announced on August 26, 2014, the acquisition of Tim Hortons Inc. (NYSE: THI) in a merger that will create the world’s third-largest quick service restaurant. The legal headquarter of the combined entity will be relocated in Canada, which rises new concerns about the trend of tax inversion deals … Continue reading WHEN A BURGER MEETS A DOUGHNUT. BURGER KING – TIM HORTONS