Acquisitions Monthly articles from March 2008

Acquisitions Monthly archives from March 2008

Swiss banks ponder sales.(EDITORIAL)
March 1, 2008... Speaking about the Financial Services Authority's "unacceptable performance" over the Northern Rock debacle, the UK regulator's chief executive Hector Sants said that banks would have "to give consideration to how their business models will...

February snapshot: synopses of the largest global deals announced last month.(MARKETING INTELLIGENCE)
March 1, 2008... US: Microsoft Corp (MC) made unsolicited offer to acquire all the outstanding common stock of Yahoo Inc (YI), a provider of internet search engine services, for US$42.695bn. MC offered US$31 in cash or 0.9509 common shares for each Yahoo share,...

Awards 2008: acquisitions monthly.
March 1, 2008... [ILLUSTRATIONS OMITTED] Roll of Honour Firm awards M&A bank of the year Private equity firm of the year Law firm of the year Corporate broker of the year Debt arranger of the year Mezzanine arranger of the...

Mixed outlook for jobs but bonuses prove resilient: if, as expected, there is another, more serious round of redundancies at investment banks at the end of the first quarter, the victims will face a sluggish jobs market.(INSTITUTIONS CORPORATE FINANCE RECRUITMENT)(Cover story)
March 1, 2008... The prospects for M&A might look bleak, but as yet few corporate financiers in top tier investment banks will be feeling especially gloomy. The recent round of bonuses have been more than satisfactory for many, and job cuts have not struck...

Microsoft faces regulatory battle over Yahoo: Bill Gates' software giant is likely to succeed in its US$44.6bn hostile approach for Yahoo but regulators will scrutinise the combination closely, according to Google.(SECTOR REPORTS: FOCUS ON TMT)
March 1, 2008... [ILLUSTRATION OMITTED] Anil Hansjee, head of corporate development for dominant web search engine Google in Europe, the Middle East and Africa, says the proposed US$44.6bn takeover of Yahoo by Microsoft will face intense scrutiny by...

Candover approaches Towergate: for more than a year, British insurer Towergate has been up for sale. Now that the UK tax rules on capital gains are about to change, its management is keen to cash in.(SECTOR REPORTS: FOCUS ON FIG)
March 1, 2008... It emerged at the end of last month that UK private equity group Candover was in talks to buy a stake of about 25% in UK insurer Towergate. The sale of such a holding could fetch Towergate's founder and chairman, Peter Cullum, and the rest of...

The big Australian sends tremors through Asia: the potential takeover of Rio Tinto by rival mining giant BHP Billiton would represent more than just the second biggest acquisition in corporate history. If successful, it could have profound geopolitical consequences as well.(SECTOR REPORTS: FOCUS ON MINING)
March 1, 2008... Scientists excavating in Madagascar recently stumbled across the fossil of a giant frog. The beast lived 70m years ago and measured up to 40cm. Apparently, it frequently feasted on baby dinosaurs. They named it Beelzebufo or devil frog. ...

Speculation spins around Iberdrola: the world's fourth largest electricity company, the Basque Country's Iberdrola, is subject to speculation about a hostile takeover bid from ACS and EDE But with a possible presidential changeover at the Spanish general elections on March 9, an actual offer may never materialise.(SECTOR REPORTS: FOCUS ON UTILITIES)
March 1, 2008... [ILLUSTRATION OMITTED] Iberdrola's chairman and chief executive officer, Ignacio Galan, is no friend of Florentino Perez, chairman and chief executive of Grupo ACS. In fact, the two men are said to hate each other. However,...

M&A--ironing out creases in integration: Margaret Harvey, partner, and Damon Rosamond-Lanzetta, managing associate, in the technology and outsourcing group at law firm Addleshaw Goddard discuss the legal complexities that surround outsourcing in an M&A environment.(LEGAL AND REGULATORY)
March 1, 2008... The recent acquisition of ABN AMRO by the RBS-led consortium was unprecedented in size and complexity, but while the acquisition is complete, there is still much to be done before the project can be declared successful. The allure of M&A...

QinetiQ's transformation takes it global: February marked the second anniversary of QinetiQ as a listed company. The transformation from a government defence laboratory has been remarkable and its aggressive M&A strategy has played an important part. Justin Pugsley talks to chief executive Graham Love.(MOVING IN THE MID-MARKETS: AM INTERVIEW)(Company overview)
March 1, 2008... QinetiQ is a strange animal by any conventional measure. It is involved in solar powered unmanned aircraft, satellites, lasers, tank armour, nano-technology, networking and IT security, just to mention a few of its activities. Indeed, the City...

Switzerland's mid-market allure: Switzerland, although smaller than its European neighbours, has no shortage of world-leading companies set against the backdrop of a thriving mid-market landscape.(MOVING IN THE MID-MARKETS: REGIONAL REPORT)
March 1, 2008... [ILLUSTRATION OMITTED] Investing in Switzerland can hold many attractions for those involved. Aside from having one of the most favourable tax regimes in Europe, the country's central European positioning, liberal employment laws,...

Quotient BioResearch seals deal number four: the UK biotechnology sector has been facing some challenging times but UK-based Quotient BioResearch has been forging ahead with its growth plans.(MOVING IN THE MID-MARKETS: REGIONAL REPORT)(Company overview)
March 1, 2008... [ILLUSTRATION OMITTED] Launched in January 2007, Quotient BioResearch is focused on building a global group providing analytical and safety evaluation services and products for the bioscience and sports markets. The group was founded...

Wave of take-private deals expected: cash-rich private equity houses are hoping to take advantage of a depressed stock market to buy out listed companies cheaply.(BEHIND THE BUYOUTS: PRIVATE EQUITY COLUMN)
March 1, 2008... Advisers and financiers are reporting strong interest from private equity firms considering taking listed companies off the stock market through opportunistic bids. Those most likely to take up such offers could be smaller companies...

Montagu returns to waste with revised Biffa offer: Montagu Private Equity, the pan-European buyout firm, has revised its offer and brought in a new partner in a bid to push through its take-private of Biffa, the UK waste management group.(BEHIND THE BUYOUTS: PRIVATE EQUITY COLUMN)
March 1, 2008... The board at Biffa, the waste management group, has recommended a 350p bid from Montagu Private Equity with new partner Global Infrastructure Partners, a joint venture formed in 2006 by Credit Suisse and GE Infrastructure, a unit of General...

EQT goes alone for securitas direct: EQT, one of the Nordic region's largest buyout firms, has come back with a higher offer for Securitas Direct, a Swedish business and home alarm group.(BEHIND THE BUYOUTS: PRIVATE EQUITY COLUMN)
March 1, 2008... Securitas Direct said at the beginning of February that its board of directors had recommended an improved SKr27.5 per share offer from ESML Intressenter, a consortium comprising Sweden's EQT, Saeiki, Melker Schoerling and Investment AB Latour....

Alchemy connects with fibre network provider Geo.(BEHIND THE BUYOUTS: PRIVATE EQUITY COLUMN)
March 1, 2008... Alchemy Partners, a UK private equity firm headed by the outspoken Jon Moulton, has bought Geo, an optical fibre networks provider, from Hutchison Whampoa Group in a deal worth 62m [pounds sterling]. London-based Geo owns a 2,500km optical...

Mitchells & Butlers sends out confidentially agreements.(BEHIND THE BUYOUTS: PRIVATE EQUITY COLUMN)
March 1, 2008... Mitchells & Butlers (M&B), the UK pubs group, has sent out confidentiality agreements to interested parties, according to deputy chairman Drummond Hall, who added that M&B had received a lot of interest since it announced a strategic review....

Balmoral buys yacht maker.(BEHIND THE BUYOUTS: PRIVATE EQUITY COLUMN)
March 1, 2008... Balmoral Capital has agreed to buy Oyster Marine, an Ipswich based yacht maker. Oyster Marine, founded in 1973, builds yachts worth up to 4m [pounds sterling] and last year made 50m [pounds sterling] total sales. This is Balmoral's second...

A consortium of BC Partners and minority investors Turkven Private Equity and DeA Capital have agreed a US$1.64bn deal to buy Koc Holding's 50.8% stake in Migros Turk, Turkey's largest supermarket chain.(M&A capital markets round-up)
March 1, 2008... A consortium of BC Partners and minority investors Turkven Private Equity and DeA Capital have agreed a US$1.64bn deal to buy Koc Holding's 50.8% stake in Migros Turk, Turkey's largest supermarket chain. The deal is funded with 50% equity and...

Apax Partners and the Guardian Media Group (GMG) will not merge newly acquired Emap with Apax-owned Incisive Media and its American Lawyer bolt-on until the debt market improves.(M&A capital markets round-up)
March 1, 2008... Apax Partners and the Guardian Media Group (GMG) will not merge newly acquired Emap with Apax-owned Incisive Media and its American Lawyer bolt-on until the debt market improves. In December Apax GMG mandated HSBC, GE, Lloyds TSB and RBS to...

Montagu Private Equity and Global Infrastructure Partners (GIP) have mandated Barclays, Credit Suisse, HBOS, HSBC and RBS to underwrite a recommended 1.7bn [pounds sterling] public top private bid for waste services group Biffa.(M&A capital markets round-up)
March 1, 2008... Montagu Private Equity and Global Infrastructure Partners (GIP) have mandated Barclays, Credit Suisse, HBOS, HSBC and RBS to underwrite a recommended 1.7bn [pounds sterling] public top private bid for waste services group Biffa. ...

3i has mandated GE (Global Coordinator), Calyon, Danske Bank, European Capital Financial Services and HSH Nordbank to underwrite debt backing the US$395m buyout of Active Pharmaceutical Ingredients (API) a Norway based unit of Alpharma.(M&A capital markets round-up)
March 1, 2008... 3i has mandated GE (Global Coordinator), Calyon, Danske Bank, European Capital Financial Services and HSH Nordbank to underwrite debt backing the US$395m buyout of Active Pharmaceutical Ingredients (API) a Norway based unit of Alpharma. Much of...

Aston Martin.(M&A capital markets round-up)
March 1, 2008... Bookrunner WestLB has completed syndication of a 225m [pounds sterling] Shariah compliant senior secured acquisition facility backing the leveraged buyout of luxury car maker Aston Martin. The deal is the first ever European LBO backed entirely...

Danske Bank, DnB Nor and RBS have closed syndication of the SKR3bn of debt backing Cinven's buyout of Coor Service Management from 3i.(M&A capital markets round-up)
March 1, 2008... Danske Bank, DnB Nor and RBS have closed syndication of the SKR3bn of debt backing Cinven's buyout of Coor Service Management from 3i. Senior and mezzanine tranches both closed oversubscribed. Coor is a Nordic provider of facility...

Commerzbank, BNP Paribas and RBS have launched general syndication of the 700m [euro] of debt backing EQT's buyout of SAG, a German power plant builder and operator.(M&A capital markets round-up)
March 1, 2008... Commerzbank, BNP Paribas and RBS have launched general syndication of the 700m [euro] of debt backing EQT's buyout of SAG, a German power plant builder and operator. Senior debt is split between a 50m [euro] term loan A paying 225bp over...

The syndication of the 275m [euro] loan backing CapVest's buyout of Drie Mollen has launched.(M&A capital markets round-up)
March 1, 2008... The syndication of the 275m [euro] loan backing CapVest's buyout of Drie Mollen has launched. Rabobank is mandated lead arranger and bookrunner. Allied Irish Banks, the Bank of Ireland and ING joined the transaction. Banks are offered a...

Industri Kapital has mandated bookrunners SG and CM-CIC to arrange 172m [euro] of debt backing its buyout of Groupe Etanco.(M&A capital markets round-up)
March 1, 2008... Industri Kapital has mandated bookrunners SG and CM-CIC to arrange 172m [euro] of debt backing its buyout of Groupe Etanco. Bank of Ireland joined as a mandated lead arranger ahead of syndication. Etanco was founded in 1952 and is the...

A maturing market: last year turned into a remarkable one for Indian M&A, both at home and abroad. Spending more money on overseas acquisitions than foreign companies did in their own market, Indian companies made their presence felt globally.(REGIONAL REPORT: INDIA)
March 1, 2008... Domestically, 2007 was another record year for deal activity, with total merger and acquisition (M&A) and private equity (PE) deals up by 82% from Rs865bn (US$21bn) in 2006 to Rs1.58trn (US$38bn) in 2007. As well as the volume, both the number...

Betting on regime change: the economy is a basket case, hyperinflation is completely off the scale, a third of the population has left and just doing the simplest transaction is difficult. Yet some investors are optimistic.(REGIONAL REPORT: ZIMBABWE)
March 1, 2008... [ILLUSTRATION OMITTED] The case for investing in Zimbabwe hardly looks compelling at first glance. But with the prospect of regime change there is a glimmer of hope that improvements will follow. The focus is therefore on deep-value...

M&A deal data.(Company overview)
March 1, 2008... This country analysis included acquisitions and buyouts announced between January 18 2007 and February 15 2007. Benelux Target Bidder Nolet Family-Ketel One Brand Diageo PLC (UK)--Produce,...

Russia's boom faces downturn without the West.(RUSSIAN OVERVIEW)
March 1, 2008... [ILLUSTRATION OMITTED] Western economies need Russian gas, but Russia also needs Western money to rebuild the country, despite having huge foreign exchange reserves. The relationship is symbiotic and provides massive opportunities for...

KPMG's M&A advisers in Russia and the CIS.(SPONSOR'S PROFILE)
March 1, 2008... [ILLUSTRATION OMITTED] KPMG in Russia and the CIS is part of KPMG's global network of over 7,000 financial advisory professionals in 60 countries and provides a range of advisory services that help the firm's clients develop and achieve...

Russia--ripe for private equity: Richard Sharman and Stefan Dierks, both partners with KPMG Transaction Services in Russia and the CIS, say that the heyday of private equity in Russia is yet to come.(SPONSOR'S ARTICLE: KPMG)
March 1, 2008... According to a report from the Russian Private Equity and Venture Capital Association, the Russian private equity market was worth US$6.3bn in 2006. However, this underestimates the actual size, as it excludes the investment arms of wealthy...

Staking a claim on Norilsk Nickel: adding top Russian and global nickel miner Norilsk Nickel to top Russian and global aluminium producer UC Rusal could make for a "Russian BHP Billiton," but the merger is not clear cut.(RUSSIAN MINING AND METALS)
March 1, 2008... [ILLUSTRATION OMITTED] United Company Rusal, the Russian alumina and aluminium producer controlled by Oleg Deripaska's holding company Basic Element, has been finalising the paperwork on its 23 November 2007 agreement to purchase a 25% +...

Baker & McKenzie Moscow's M&A and private equity team.(SPONSOR'S PROFILE)
March 1, 2008... Lawyers from Baker & McKenzie have helped clients structure and execute complex corporate transactions in Russia for almost 20 years. Today the firm provides an integrated suite of domestic and international legal services that is unique in its...

Increasingly international methods: Marat Mouradov, Partner, head of Private Equity Practice Group, head of Antitrust & competition practice group at Baker & McKenzie in Moscow, looks at the legal issues involved with doing M&A deals in Russia.(SPONSOR'S ARTICLE: BAKER & MCKENZIE)
March 1, 2008... Last year saw intense M&A activity in Russia, especially in industries such as oil and gas, mining, power generation, banking, and insurance. The total volume of closed deals surpassed the US$100bn mark by October 2007. As the Russian I economy...

Infrastructure has become Russia's hottest sector: whereas five years ago it was the Western oil industry that saw Russia as the next big frontier for investment, it is now builders of power plants, roads, railways, ports and hospitals that are queuing up to plough money into the country--along with the specialised funds that invest in such projects.(RUSSIAN INFRASTRUCTURE)
March 1, 2008... [ILLUSTRATION OMITTED] Infrastructure has become the focus of enormous interest in Russia over the past two years. This is because the progressive deterioration of the transport and power systems it inherited from the Soviet era now...

The oligarchs are losing their 'piracy' tag: Russia's most powerful businessmen are branching out beyond the publicly guarded natural resources sectors into areas benefiting from the Russian consumer boom.(RUSSIAN OLIGARCHS)
March 1, 2008... [ILLUSTRATION OMITTED] Vladimir Putin may not like it, but the enduring image of private enterprise under his presidency is likely to be that of Russia's richest man behind bars. The conviction of Mikhail Khodorkovsky and the state's...

Rise of the Russian sovereign wealth fund: Russia has followed Norway and adopted an oil price-based sovereign fund that has raised US$150bn. Robert Venes looks at how it could deploy its capital outside the country.(RUSSIAN SOVEREIGN FUND)
March 1, 2008... [ILLUSTRATION OMITTED] In the last few years, unprecedented levels of liquidity have enabled investment firms in Europe and North America to raise record funds, with US-based buyout firms, such as Blackstone and Carlyle, managing combined...

Russian tables.
March 1, 2008... ANY RUSSIAN INVOLVEMENT ANNOUNCED ADVISER RANKING 7 February 2007 to 7 February 2008 Ranking value inc. net debt of target ...