Acquisitions Monthly articles from March 2007

Acquisitions Monthly archives from March 2007

EU energy markets: do not under-estimate DG Comp.(EDITORIAL)
March 1, 2007... On January 10, the European Commission's Directorate General for Competition (DG Comp) launched its proposals for liberating EU energy markets. Most commentators have labelled the proposals over-ambitious. However, there are strong grounds for...

Essent NV (ES) agreed to merge with Dutch state-owned Nuon NV (NU), an Arnhem-based electric utility, in a stock-swap privatisation transaction valued at 10.8bn [euro] (US$14.068bn).(NETHERLANDS)
March 1, 2007... NETHERLANDS -- Essent NV (ES) agreed to merge with Dutch state-owned Nuon NV (NU), an Arnhem-based electric utility, in a stock-swap privatisation transaction valued at 10.8bn [euro] (US$14.068bn). On completion, the merged entity was to be...

Vodafone Group PLC (VG) agreed to acquire a 67% interest in Hutchison Essar Ltd (HE), a telecoms services provider, from Hutchison Telecommunications International Ltd, for Rs577.566bn (6.7bn [pounds sterling], US$13.06bn).(INDIA)
March 1, 2007... INDIA -- Vodafone Group PLC (VG) agreed to acquire a 67% interest in Hutchison Essar Ltd (HE), a telecoms services provider, from Hutchison Telecommunications International Ltd, for Rs577.566bn (6.7bn [pounds sterling], US$13.06bn). The...

Banco Bilbao Vizcaya Argentaria SA (BB) agreed to acquire all the outstanding common stock of Compass Bancshares Inc (CB), a commercial bank and a provider financial services, in a stock-swap transaction valued at US$9.871bn.(US)
March 1, 2007... US -- Banco Bilbao Vizcaya Argentaria SA (BB) agreed to acquire all the outstanding common stock of Compass Bancshares Inc (CB), a commercial bank and a provider financial services, in a stock-swap transaction valued at US$9.871bn. BB offered...

An investor group comprising CCMP Capital Advisors LLC and GS Capital Partners LP, a unit of Goldman Sachs, definitively agreed to acquire all the outstanding common stock of Triad Hospitals Inc (TH), an owner and operator of hospitals and ambulatory surgery centres for US$50.25 in cash per share, or a total value of US$6.26bn, including the assumption of US$1.7bn in liabilities, in a leveraged buyout transaction.(US)
March 1, 2007... US -- An investor group comprising CCMP Capital Advisors LLC and GS Capital Partners LP, a unit of Goldman Sachs, definitively agreed to acquire all the outstanding common stock of Triad Hospitals Inc (TH), an owner and operator of hospitals...

Hindalco Industries Ltd definitively agreed to acquire all the outstanding common stock of Novelis Inc, a manufacturer and wholesaler of aluminium rolled products, for US$44.93 in cash per share, or a total value of US$5.789bn, including the assumption of US$2.4bn in liabilities.(US)
March 1, 2007... US -- Hindalco Industries Ltd definitively agreed to acquire all the outstanding common stock of Novelis Inc, a manufacturer and wholesaler of aluminium rolled products, for US$44.93 in cash per share, or a total value of US$5.789bn, including...

Announced deals worldwide: target region transaction volume year-to-date.(MARKET INTELLIGENCE)
March 1, 2007... ANNOUNCED DEALS WORLDWIDE: TARGET REGION TRANSACTION VOLUME YEAR-TO-DATE Americas US$2,835,75.4 59.5% Europe US$1,171,25.1 24.6% Central Asia/Asia-Pacific US$5,691,6.6 11.9% ...

European announced deals: target industry transaction volume year-to-date.(MARKET INTELLIGENCE)
March 1, 2007... EUROPEAN ANNOUNCED DEALS: TARGET INDUSTRY TRANSACTION VOLUME YEAR-TO-DATE Financials U5578,912.1 16.6% Consumer staples US$72,119.1 15.1% Real estate US$58,818.5 12.3% ...

MGIC Investment Corp (MI), a majority-owned unit of Northwestern Mutual Life Insurance Co, agreed to merge with Radian Group Inc (RG), a provider of mortgage guarantee insurance services, in a stock-swap transaction valued at US$4.97bn.(US)
March 1, 2007... US -- MGIC Investment Corp (MI), a majority-owned unit of Northwestern Mutual Life Insurance Co, agreed to merge with Radian Group Inc (RG), a provider of mortgage guarantee insurance services, in a stock-swap transaction valued at US$4.97bn....

Vulcan Materials Co (VM) definitively agreed to acquire all the outstanding common stock of Florida Rock Industries Inc (FR), a manufacturer and wholesaler of ready-mixed concrete, for US$4.817bn.(US)
March 1, 2007... US -- Vulcan Materials Co (VM) definitively agreed to acquire all the outstanding common stock of Florida Rock Industries Inc (FR), a manufacturer and wholesaler of ready-mixed concrete, for US$4.817bn. VM offered 0.63 common shares or US$67 in...

State Street Corp (SS) definitively agreed to acquire all the outstanding common stock of Investors Financial Services Corp (IF), a provider of financial services including global custody, multi-currency fund accounting, fund administration, middle-office outsourcing and trade operations management, in a stock-swap transaction valued at US$4.533bn.(US)
March 1, 2007... US -- State Street Corp (SS) definitively agreed to acquire all the outstanding common stock of Investors Financial Services Corp (IF), a provider of financial services including global custody, multi-currency fund accounting, fund...

Tanabe Seiyaku Co Ltd (TSC) agreed to acquire the entire share capital of Mitsubishi Pharma Corp (MPC), a manufacturer of pharmaceuticals and a wholly-owned unit of Mitsubishi Chemical Holdings, in exchange for 316.32m TSC ordinary shares valued at [yen] 525.091bn (US$ 4.335bn) from wholly owned parent Mitsubishi Chemical Holdings Corp.(JAPAN)
March 1, 2007... JAPAN -- Tanabe Seiyaku Co Ltd (TSC) agreed to acquire the entire share capital of Mitsubishi Pharma Corp (MPC), a manufacturer of pharmaceuticals and a wholly-owned unit of Mitsubishi Chemical Holdings, in exchange for 316.32m TSC ordinary...

Barratt Developments PLC (BD) agreed to launch a tender offer to acquire the entire ordinary share capital of Wilson Bowden PLC (WB), a London-based provider of real estate development services, for a total value of 2.136bn [pounds sterling] (US$4.201bn) in a stock-swap transaction via a scheme of arrangement.(UK)
March 1, 2007... UK -- Barratt Developments PLC (BD) agreed to launch a tender offer to acquire the entire ordinary share capital of Wilson Bowden PLC (WB), a London-based provider of real estate development services, for a total value of 2.136bn [pounds...

Great-West Lifeco Inc, a unit of Power Corp of Canada's (PC's) Power Financial Corp subsidiary, definitively agreed to acquire Putnam Investments (PI), a provider of fund management and advisory services, from Marsh & McLennan Cos Inc (MM), for US$3.9bn.(US)
March 1, 2007... US -- Great-West Lifeco Inc, a unit of Power Corp of Canada's (PC's) Power Financial Corp subsidiary, definitively agreed to acquire Putnam Investments (PI), a provider of fund management and advisory services, from Marsh & McLennan Cos Inc...

Bain Capital LLC of the US planned to acquire the entire ordinary share capital of Edgars Consolidated Stores Ltd, a Crown Mines owner and operator of retail stores, for 25bn South African rands (US$3.493bn) in cash, via a scheme of arrangement, in a leveraged buyout transaction.(SOUTH AFRICA)
March 1, 2007... SOUTH AFRICA -- Bain Capital LLC of the US planned to acquire the entire ordinary share capital of Edgars Consolidated Stores Ltd, a Crown Mines owner and operator of retail stores, for 25bn South African rands (US$3.493bn) in cash, via a...

Top 10 global deals announced in Febuary 2007.(MARKET INTELLIGENCE)
March 1, 2007... TOP 10 GLOBAL DEALS ANNOUNCED IN FEBUARY 2007 Date ann Target Target advisers 01/02/07 Nuon NV (NT) ABN-AMRO Holding NV 11/02/07 Hutchison Essar Ltd (IN) Goldman Sachs/Deutsche...

The 'premium' factor: the average exit p/e multiple for private companies continues to exceed the public company trading p/e multiples for the quarter.(MARKET INTELLIGENCE)
March 1, 2007... The average exit p/e multiple for private companies continued to exceed public company trading p/e multiples in the last quarter of 2006. The premium stayed at 2% as the drivers of exits--cheap debt, the appetite of private equity houses and...

Sectors to watch in 2007.(MARKET INTELLIGENCE)
March 1, 2007... Recent retail results have seen the polarisation of some of the top names in the sector. Retailers with strong brands have been able to get consumers to 'trade up' but a combination of peak trading in 2006, the impact of the internet and stock...

Skills in the spotlight: corporate finance recruitment is no longer a numbers game. From senior staff down to junior talent, banks and advisers are treading carefully to avoid the mistakes of yesteryear.(LEAD FEATURE: CORPORATE FINANCE RECRUITMENT)
March 1, 2007... Investment banks, like elephants, never forget. That, at any rate, is a fair inference given the selective approach many are taking to recruitment in the UK during recent months. While a shortage of talent is proving a challenge in some areas,...

Crossborder deal of the year: Arcelor-Mittal.(AWARDS 2007)
March 1, 2007... Runners up: BAA- Ferrovial; Falconbridge - Xstrata; SR Technics The 34.85bn [euro] (US$45.7bn) Arcelor Mittal merger has set a consolidation benchmark for the steel sector, becoming the first ever 100m tons a year steel producer, far larger...

M&A Bank of the Year: Rothschild.(AWARDS 2007)(Company rankings)
March 1, 2007... Runners up: BNP Paribas; Citigroup; JPMorgan; Morgan Stanley; UBS Rothschild remains true to its principles of relationship banking; providing advice that is free from balance sheet pressures and other potential conflicts; and never being...

Outstanding Contribution to Corporate Finance: Marcus Agius.(AWARDS 2007)
March 1, 2007... At the end of last year Marcus Agius stepped down as Lazard's UK chairman after a 34-year career at the investment bank to take the same role at Barclays. Agius has a reputation as a trusted adviser to company CEOs working on European...

Buyout of the Year: VNU.(AWARDS 2007)
March 1, 2007... Runners up: European beverages of Cadbury Schweppes; Four Seasons Healthcare; McCarthy & Stone; Netcare; TDC The European buyout of the year started life as Project Valentine, from which the private equity group that ultimately went on to...

Domestic deal of the year: Schering-Bayer.(AWARDS 2007)
March 1, 2007... Runners up: Adelphia-Time Warner; Cinergy-Duke Energy; Uniland-Cementos Portland Valderrivas As well as marking a step-change in a rapidly maturing German market, the Domestic Deal of the Year rekindled the fire of consolidation in the...

M&A law firm of the year: Freshfields Bruckhaus Deringer.(AWARDS 2007)
March 1, 2007... Runners up: Cleary Gottlieb: Clifford Chance; Herbert Smith; Skadden; Sullivan & Cromwell Freshfields Bruckhaus Deringer has sustained its formidable reputation in public M&A and has a private equity team that has been on an upward...

Corporate broker of the year: JPMorgan Cazenove; UBS.(AWARDS 2007)
March 1, 2007... Runners up: Citigroup; Credit Suisse; Merrill Lynch The joint winners of the Corporate Broker of the Year award are JPMorgan Cazenove and UBS. After four FTSE 100 client wins in 2006, UBS is now equal first for FTSE 100 brokerships with JPM...

Private equity firm of the year: Permira.(AWARDS 2007)
March 1, 2007... Runners up: Blackstone Group; Carlyle; Cinven; Candover In a year when private equity broke its own records for deals, leverage and "mega" fundraisings, Permira flew the flag for Europe. Increasingly in the spotlight, with the LBO firm's...

Private equity exit of the year: Azzurri.(AWARDS 2007)
March 1, 2007... Runners up: Doncasters-Dubai International Capital; Four Seasons Healthcare-Delta Commercial Property; Refresco; SENAD Group r In June 2006, 3i, the leading private equity firm, sold its 75% stake in Azzurri Communications, the leading UK...

Debt arranger of the year: Barclays Capital.(AWARDS 2007)
March 1, 2007... Runners up: Citigroup; ING; JPMorgan; The Royal Bank of Scotland The award for debt arranger of the year followed a close-run contest, with plenty of strong candidates, but Barclays Capital ultimately took the plaudits due to its knack of...

Mezzanine arranger of the year: Bank of Scotland Corporate.(AWARDS 2007)
March 1, 2007... Runners up: Goldman Sachs; ING; The Royal Bank of Scotland Bank of Scotland's acquisition finance team was created to meet the needs of a vital UK private equity mid-market. The firm provided debt packages of between 50m [pounds sterling]...

Financing package of the year: BAA-Ferrovial.(AWARDS 2007)
March 1, 2007... Runners up: Casema; European beverages of Cadbury Schweppes; TDC The financing package of the year is Grupo Ferrovial, the Spanish infrastructure group's offer for the BAA, the listed British airports operator. ADIL (Airport...

Competition law firm of the year: Cleary Gottlieb.(AWARDS 2007)
March 1, 2007... Runners up: Freshfields Bruckhaus Deringer; Herbert Smith; Skadden Cleary Gottlieb's antitrust/competition practice is one of the largest and most established in the world, comprising 25 partners and approximately 125 counsel and associates...

Due diligence of the year: Ernst & Young.(AWARDS 2007)
March 1, 2007... Runners up: Deloitte; KPMG; Marsh; PricewaterhouseCoopers With due diligence an increasingly important and complex aspect of transactions, deal makers need a provider that can react quickly across the range of areas that impact on decisions...

Environmental adviser of the year: WSP Environmental.(AWARDS 2007)
March 1, 2007... Runners up: AMEC; ERM; ENVIRON: RPS Group; URS Europe; Waterman Environmental Last year saw WSP Environmental continue to expand its global platform. With more than 20 new offices opened across Europe, Asia, Australia and the US, the...

Midmarket adviser of the year: PricewaterhouseCoopers Corporate Finance.(AWARDS 2007)
March 1, 2007... Runners up: BDO Stoy Hayward; Deloitte; Jefferies International; KPMG Corporate Finance; UBS PricewaterhouseCoopers regained its crown as mid-market adviser of the year, coinciding with the appointment of Nell Sutton, the firm's head of...

Mid-market private equity of the year: Bridgepoint.(AWARDS 2007)
March 1, 2007... Runners up: 3i; Barclays Private Equity; Cognetas; LDC Bridgepoint's pan-European approach made it the mid-market private equity firm to beat in 2006--and few came close to doing that. During the 12-month period, the European mid-market...

Mid-market deal of the year: DX Services-Mail Acquisitions.(AWARDS 2007)
March 1, 2007... Runners up: Farrow& Ball-European Capital; First Tech-Honeywell; McCarthy & Stone; Wyevale Garden Centres-West Coast Capital Last year saw a number of aggressive, and ultimately unsuccessful, attempts by private equity investors to take...

Mid-market law firm of the year: DLA Piper.(AWARDS 2007)
March 1, 2007... Runners up: SJ Berwin; Travers Smith; Weil Gotshal & Manges The winner has been consistently ranked among the top players in this field with private equity firms and corporates and last year began to see real benefits emerging from its...

AIM M&A deal of the year: Whitehead Mann-Palladian Investments.(AWARDS 2007)
March 1, 2007... Runners up: Bizspace-Highcross (Bugatti); NeuTec Pharma-Novartis; Orkla Media-Mecom The main theme on AIM over the past few years has been the swelling number of entrants to the ranks of the London Stock Exchange's junior market. Last...

Continental financial adviser of the year: Unicredit Group (CA IB).(AWARDS 2007)
March 1, 2007... Runners up: BNP Paribas; Commerzbank; Societe Generale CA IB, the equity brokerage and investment-banking unit of Bank Austria Creditanstalt (BA-CA), is the leading investment bank in Central and Eastern Europe. It enjoys extensive...

Independent corporate finance house of the year: Catalyst Corporate Finance.(AWARDS 2007)
March 1, 2007... Runners up: Cavendish Corporate Finance; GBS Finanzas; Spayne Lindsay Catalyst Corporate Finance is a leading independently owned UK mid-market corporate finance advisory business, advising on transactions of up to 350m [pounds sterling]...

Emerging markets deal of the year: Finansbank-National Bank of Greece.(AWARDS 2007)
March 1, 2007... Runners up: Mobi 63-Telenor; Telsim-Vodafone; UDM-Sinopec On April 3 2006, National Bank of Greece announced the acquisition of a controlling stake in Finansbank. This was two-stage transaction--the US$2.7bn acquisition of a controlling...

Restructuring adviser of the year: Close Brothers.(AWARDS 2007)
March 1, 2007... Runners up: Goldman Sachs; Kroll; Rothschild; UBS The 2006 restructuring year was mostly a case of waiting and watching for the cycle to turn, monitoring danger signals such as increasing leverage, faster and faster buyout flips, debt...

Restructuring deal of the year: Le Meridien.(AWARDS 2007)
March 1, 2007... Runners up: Schefenacker; Sea Containers; TMD Friction The Le Meridien Hotels Group was an upscale global hotels business with more than 130 hotels across 50 countries. Acquired from Granada Compass for circa 1.7bn [pounds sterling] in July...

Newcomer of the year: Spayne Lindsay.
March 1, 2007... Runners up: Penfida Partners; Riverhill Partners Spayne Lindsay has grown rapidly since its creation. The firm is a boutique investment bank founded in 2004, providing high quality financial advisory services to organisations in the...

Technology revival gathering pace: technology dealmakers have completed their busiest year since 2000 and remain optimistic about the year ahead, despite signs that exuberance has returned in the values at which some hot deals are being struck.(SECTOR REPORTS: FOCUS ON TMT)(Company overview)
March 1, 2007... The freeze on technology deals that set in after the dotcom bubble burst in 2000 has continued to thaw over the past year. The number of transactions has risen substantially and the valuations achieved are starting to cause excitement among...

Ofwat muddies the water for Macquarie: the Macquarie-led consortium that paid 8bn [pounds sterling] for Thames Water at the end of last year might end up paying a lot more than the Australian bank expected to refinance the acquisition, as potential lenders look closely at the risks of the business. As a result, the 13 other investors in the group might well see disappointing returns.(SECTOR REPORTS: FOCUS ON UTILITIES)
March 1, 2007... Macquarie originally intended to increase the leverage of the regulated Thames water and sewerage business from its present level of 65% to about 85% with a securitisation-style financing--similar to the financial structures already in place at...

Yukos assets seen as risky for west.(SECTOR REPORTS: FOCUS ON UTILITIES)
March 1, 2007... Western oil majors that buy former Yukos assets in the forthcoming auctions in Russia will open themselves up to litigation from the bankrupt company's investors, its leading shareholder has confirmed. Bruce Osborne, director of GML...

Beer deals are brewing: an US$80bn merger between InBev and Anheuser-Busch would force their competitors to consider their own positions.(SECTOR REPORTS: FOCUS ON BEER)
March 1, 2007... Beer, glorious beer! Those three little words were on the lips of bankers, traders, analysts and journalists a day after Valentine's Day when it emerged that the world's largest brewery--InBev, which makes Stella Artois--and the third...

BBVA surprises market: unlike many other purchasers, Spanish bank BBVA is willing to use equity as it buys Texas group Compass Bancshares for US$9.6bn, its largest ever deal.(SECTOR REPORTS: FOCUS ON FIG)
March 1, 2007... Spanish bank BBVA's proposal to acquire Texan lender Compass Bancshares for US$9.6bn in a cash and shares deal on February 16 took banking analysts by surprise. It would be the group's largest ever deal and the biggest transaction in the...

New faces at Grant Thornton: adviser doubles size of London lead advisory team.(INSTITUTIONS)
March 1, 2007... Grant Thornton has made several new appointments, bolstering its corporate finance offering in London and across the South. The firm has nearly doubled the size of its London lead advisory team. Three new partners are now working alongside...

Credit Suisse builds up UK investment banking; Swiss bank outstrips peers by reporting 63% leap in investment banking revenues for fourth quarter.(INSTITUTIONS)(Financial report)
March 1, 2007... In a busy month for banks reporting their financial results, Credit Suisse has soundly beaten European rivals UBS, Deutsche and Commerzbank and produced the most impressive progress in revenues from investment banking. Credit Suisse...

Miners on buyback trail: boomtown miners have shunned acquisitions and instead are returning more and more capital to shareholders.(MOVING IN THE MID-MARKETS)
March 1, 2007... (US$500M-US$30M) Cash, in other sectors that had it in such abundance, might be thrown into a war chest. Not so in mining. Anglo American, the world's third largest diversified mining group, is one of the latest of its peers to target ever...

Danes target private equity: proposed changes that would cut tax breaks on leveraged deals could hamper large Danish buyouts.(MOVING IN THE MID-MARKETS)
March 1, 2007... Denmark's centre-right government is proposing to change the roles on corporate taxation to prevent private equity firms loading large Danish companies with debt and so reducing the tax such businesses pay. The Nordic country's liberal...

Building bridges to profit: one early-stage venture capital business is keen to show that it is possible to combine business acumen and a desire for strong returns with a socially positive agenda.(MOVING IN THE MID-MARKETS)(Company overview)
March 1, 2007... Private equity is increasingly in the docks these days. Ever larger and more visible targets has dragged the industry further into the spotlight, where it has been met with frequent criticism from politicians, unions and an often sceptical...

Biotechs stocks rise on deal hopes: SR Pharma and Alizyme shares have surged ahead as the market expects biotech deals shortly.(MOVING IN THE MID-MARKETS)
March 1, 2007... Investors in innovative biotech company SR Pharma held their breath last month on heightened speculation that the drug developer was being courted by larger groups in the pharmaceutical sector. Shares in the AIM-listed company have risen...

PagesJaunes.(M&A capital markets round-up)
March 1, 2007... The 3.6bn [pounds sterling] debt package supporting the buyout of PagesJaunes has been subject to a huge structural and pricing flex after raising a huge oversubscription. Bookrunners are Banc of America Securities, Calyon, Deutsche Bank,...

This is the latest in a string of ultra-aggressive pricing and structural flexes in the European leveraged loan market as sponsors use heavy oversubscriptions to reduce their financing costs by lowering subordinated debt and increasing senior debt.(M&A capital markets round-up)
March 1, 2007... This is the latest in a string of ultra-aggressive pricing and structural flexes in the European leveraged loan market as sponsors use heavy oversubscriptions to reduce their financing costs by lowering subordinated debt and increasing senior...

KION.(M&A capital markets round-up)
March 1, 2007... The 3.3bn [euro] of debt backing the buyout of KION, the materials handling unit of German industrial gases giant Linde, has become the latest buyout financing to be subject to a heavy structural and pricing flex. Bookrunners Barclays, Credit...

Molnlycke Health Care.(M&A capital markets round-up)
March 1, 2007... HSBC, Morgan Stanley and SEB Merchant Bank have been mandated to support Investor AB and Morgan Stanley Principal Investments' agreed bid for Swedish medical products company Molnlycke Health Care. Apax Partners is selling the group for 2.85bn...

Ferretti.(M&A capital markets round-up)
March 1, 2007... Speedboat manufacturer Ferretti has launched a 1.28bn [euro] deal backing its secondary LBO by Candover. Mediobanca and RBS are bookrunners. Senior debt comprises a 175m [euro] seven-year term loan A at 200bp over Euribor, a 270m [euro]...

Borsodchem.(M&A capital markets round-up)
March 1, 2007... UniCredit, Lehman Brothers and RBS have launched the g 1.15bn [euro] financing backing Permira's buyout of Hungarian chemicals company Borsodchem. The structure comprised a 275m [euro] eight-year B tranche paying 275bp, a 275m [euro] nine-year...

H.C. Starck.(M&A capital markets round-up)
March 1, 2007... Bookrunners Dresdner KW and Mizuho Corporate Bank with mandated lead arranger Commerzbank are out with the 960m [euro] debt package supporting the buyout of H.C. Starck. Sub-underwriters are invited to join on US$50m with a US$35m target hold...

Dockwise.(M&A capital markets round-up)
March 1, 2007... The US$680m financing backing 3i's buyout of heavy transport shipping operator Dockwise has launched, via bookrunners Lehman Brothers and Unicredit and mandated lead arranger. Fortis Bank. Debt comprises a US$190m eight-year term loan B at...

Consolis.(M&A capital markets round-up)
March 1, 2007... KBC is out with the 845m [euro] debt package supporting LBO France's secondary buyout of Consolis, a Belgian pre-cast concrete group. Prior to launch BNP Paribas, Danske Bank, OKO Bank and SG all joined as lead arrangers. Bank lenders are now...

AWG.(M&A capital markets round-up)
March 1, 2007... Bookrunner Deutsche Bank has launched the 873m [pounds sterling] loan supporting the Ospray consortium's acquisition of AWG, the owner of Anglian Water. The loan is split between a 450m [pounds sterling] five-year term loan paying 250bp over...

Armacell International.(M&A capital markets round-up)
March 1, 2007... Bookrunners BNP Paribas and CIBC World Markets have launched the 382.5m [euro] facility backing sponsor Investcorp's secondary buyout of Armacell International, a German manufacturer of specialist engineered foam products. The facility is made...

Alimak Hek.(M&A capital markets round-up)
March 1, 2007... * CIBC World Markets is sole bookrunner and joint mandated lead arranger alongside Svenska Handelsbank on a SKr2bn facility backing the buyout of Swedish construction equipment wholesaler Alimak Hek by sponsor Triton. The facility will be made...

Asco.(M&A capital markets round-up)
March 1, 2007... HSBC has completed the 118m [pounds sterling] debt package supporting Phoenix Equity Partners' 124m [pounds sterling] buyout of Asco, a Scottish oil services group. The facility is split between senior debt of 100m [pounds sterling] and a 18m...

Apem.(M&A capital markets round-up)
March 1, 2007... Apem is in the market with a 64.5m [euro] LBO financing, via mandated lead arranger SG. Barclays Private Equity France is the sponsor. Debt comprises a 16.5m [euro] seven-year term loan A at 225bp over Euribor, a 18.5m [euro] seven-year term...

M&A deal data.(Company overview)
March 1, 2007... M&A DEAL DATA This country analysis included acquisitions and buyouts announced between January 16 2007 and February 16 2007. Benelux Target Bidder Euribrid BV (NE)--Animal Thijs...

Country codes.
March 1, 2007... COUNTRY CODES AA Albania AB Aruba AD Andorra AF Afghanistan AI Abu Dhabi AJ Ajman AL Algeria AM Armenia AN Angola AQ Antigua AR Argentina AS Austria AU Australia AZ Azerbaijan BA Bahrain BE...

Private equity takes centre stage.(PREFACE)
March 1, 2007... Twenty years ago, private equity was a rather obscure part of the corporate landscape. Conceived in the depths of the recession of the early 1980s, it was closely associated with rescuing and turning around troubled companies. Today, the...

Management buyouts 1981-2006.(INTRODUCTION)
March 1, 2007... Past achievements * Over the past two decades, management buyouts have become a global phenomenon. Activity is especially prevalent in the US and UK but is growing in Continental Europe and Asia. * In recent years, buyout funds raised...

Past achievements, future challenges.(BUYOUTS: OVERVIEW)
March 1, 2007... In early 1986, when CMBOR was created, the buyout market had been developing for five years or so and much of the activity involved recession-related restructurings of failed or distressed companies. Total UK deal value in 1986 was still only...

Vicennial viewpoints: we asked leading private equity professionals and advisers what they consider to be the most profound changes in the buyout market over the past 20 years.(BUYOUTS: VIEWPOINTS)(Company overview)
March 1, 2007... "Less obvious than the visible, changes to the private equity market itself--an ever-growing number of players, bigger funds, increasing debt levels and similar--has been the way that the banks and professional firms that serve the market have...

Establishment of private equity: over the past 20 years, private equity has grown to become an unstoppable asset class in its own right, driving capitalism and diversifying across the globe.(BUYOUTS: HISTORY)
March 1, 2007... It was Kravis Kohlberg Robert's "barbarians at the gate" US$31bn acquisition of Oreo cookie maker RJR Nabisco in 1989 that put private equity on the map. The industry, though, reaches back to Warren Buffett's pioneering days of the 1950s, and...

Private equity--Thatcher's child: Ken Landsberg, managing director of one of the UK's longest established private equity players, ECI Partners, talks to Quentin Carruthers about the changed nature of the industry.(BUYOUTS: HISTORY)
March 1, 2007... The Yom Kippur war, the Opec embargo and the ensuing oil crisis of 1973 might seem like an unlikely origin for ECI Partners, the UK mid-market private equity firm whose typical investments include the recent 63.5m [pounds sterling] MBO of...

The flipside of buyouts: private equity has been called some bad names over the last 20 years, such as "locusts" and "barbarians". Adam Durchslag asks: Is this fair?(BUYOUTS: REPUTATION)
March 1, 2007... Private equity may be a "superior business model", as described by managing partner Peter Taylor at Duke Street Capital, but its reputation for firing employees from companies it owns has caused hostility. In the latest outbreak, unions...

Valuations: paying the right price: average earnings multiples paid for management buyouts have increased as such deals have become increasingly popular. But do private equity firms have much control over the prices they pay?(BUYOUTS: VALUATIONS)
March 1, 2007... The admission at the start of February by KKR, Blackstone and CVC that they were thinking of buying J Sainsbury made most city analysts swoon. How could the grand triumvirate of the private equity world contemplate such an audacious move for...

Look a little closer: pay attention--the due diligence process is changing.(BUYOUTS: DUE DILIGENCE)
March 1, 2007... James Wheeler's last experience of a private equity firm's due diligence process was a reasonably simple affair. In 1996, Wheeler--now an executive director of interim management provider Ashton Penney--worked at a company that attracted...

Barbarians in the yard: Paul Watters at Standard & Poors assesses the evolution of the current buyout boom and compares key aspects of the US landscape with Europe.(BUYOUTS: DEBT)
March 1, 2007... NO company is too big, no deal too risky, no capital structure too leveraged. At least that is the sentiment in the leveraged finance market right now, although the reality is that it is only seven months since the US$33bn HCA transaction...

Holding back time: the M&A market has faced a number of changes in the past 10 years and financial buyers have been forced to adapt or die. Robert Venes looks at private equity's approach to holding periods and how they have changed--or not--in the 21st century.(BUYOUTS: HOLDING PERIODS)
March 1, 2007... When talks recently broke down between Liverpool Football Club and potential acquirer Dubai International Capital, there were initial rumours that the club had balked at the 11th hour over the private equity firm's plans to exit, partly or...

Keeping it in the family: how exit routes and realisations have changed over 20 years, with secondary, tertiary and now even quaternary buyouts rising and IPOs falling.(BUYOUTS: EXITS)
March 1, 2007... According to CMBOR data, secondary buyouts accounted for almost a quarter of UK buyouts in the most recent five-year period of 2001-2005, not far behind trade sale exits at 35%, and well ahead of initial public offerings at little more than 5%....