JD Supra: Mergers

SEPTEMBER 26, 2023

UK & European Financial Services M&A: Sector trends H2 2022 | H1 2023 — Asset/Wealth Management - Sub-sector M&A activity levels soar—market moving deals across wealth management, financial planning, fund management, debt servicing, trust administration, direct lending and private equity funds in the last 12 months.

Management

The New York Times: Banking

DECEMBER 13, 2023

The Fed’s rate increases since March 2022 have sent shock waves through financial markets, raising borrowing costs on things like mortgages and government debt and weighing on the stock market.

Stock

Business Standard - FInance

MAY 30, 2023

The general government deficit and debt moderated to 9.4% of GDP, respectively, in 2022-23 from peak levels of 13.1% in 2020-21 respectively, says RBI

Debt

TechCrunch: M&A

JULY 27, 2023

Uplift had raised nearly $700 million in equity and debt, securing $123 million at a reported $195 million valuation in its Series C round alone. ” Laplanche is referring to the BNPL-style product that Upgrade launched in October 2021, which lets users pay down their debt over six to 36 months with a fixed interest rate.

Finance

OfficeHours

AUGUST 25, 2023

In particular, new guidelines from the FDIC and Federal Reserve (among other governmental agencies) made it more difficult for banks to underwrite financings that resulted in debt-to-EBITDA ratios in excess of 6.0x. This capital is released once investors buy the debt off the banks’ balance sheets.

Private Equity

Global Banking & Finance

FEBRUARY 26, 2024

European private credit rebounds to levels last seen in mid-2022, says Deloitte By Naomi Rovnick LONDON (Reuters) – European private lending activity has rebounded to levels last seen in mid-2022, new data from Deloitte showed on Tuesday, in a sign investors are piling in to risky corporate debt as they anticipate European Central Bank interest (..)

Debt

Cooley M&A

JANUARY 25, 2023

Although 2022 saw a general decline in M&A activity in the life sciences industry compared to 2021’s frenetic pace (when deal volume was up 52% from 2020 ), life sciences deal flow in 2022 on balance remained strong despite the headwinds. Let’s dig in. Let’s dig in.

M&A

The Harvard Law School Forum

OCTOBER 24, 2022

Posted by Jason Booth, Insightia, on Monday, October 24, 2022 Editor's Note: Jason Booth is Vice President of Activism Editorial at Insightia, a Diligent Brand. Demands for cost-cutting and debt reduction are on the rise, as well as greater scrutiny of merger and acquisition (M&A) deals, especially in the U.K

Mergers and Acquisitions

OfficeHours

OCTOBER 16, 2023

Even in 2022, when take-private deals hit a new record, they only accounted for 37% of the total value of transactions. Once the terms are agreed upon, the acquisition is financed through a combination of debt and equity from the PE firm, as with a typical transaction.

Investors

OfficeHours

OCTOBER 23, 2023

Even in 2022, when take-private deals hit a new record, they only accounted for 37% of the total value of transactions. Once the terms are agreed upon, the acquisition is financed through a combination of debt and equity from the PE firm , as with a typical transaction.

Investors

TKO Miller

AUGUST 30, 2023

An 8% decrease in overall middle market valuations is a relatively small drop given buyers’ limited access to debt, increasing interest rates, and persistent inflation. Paperboard prices have also come down significantly from their peak in late 2022.

Middle Market

Global Banking & Finance

JUNE 1, 2023

Sugar group Tereos reports leap in core profit as prices rise PARIS (Reuters) – French sugar and ethanol group Tereos on Thursday posted a strong rise in sales and earnings for its 2022/23 financial year, supported by high prices across its markets, though net debt continued to rise.

Profitability

Growth Business

JUNE 7, 2023

2 – Starling Bank Since the start of 2022, Starling Bank has increased its headcount by 20 per cent to over 2,000 employees, and the neobank has no plans to slow down. In 2022 it secured $312m (£250m) in funding and was valued at $2.1bn (£1.7bn), which bestowed European and UK unicorn status upon the company.

Funds

Focus Investment Banking

SEPTEMBER 19, 2024

For buyers, who rely heavily on debt financing to fund acquisitions, a rate cut—especially one larger than expected—creates immediate opportunities. Here’s how: Lower Cost of Debt Private equity firms typically use leverage (borrowed capital) to finance a significant portion of their acquisitions.

Mergers and Acquisitions

The Deal

OCTOBER 17, 2023

Inflation, supply chain disruptions and the rising cost of debt stopped consumer companies in their tracks last year. “We do think some of the transactions that may have launched in 2022 will start to get done in the back half of 2023.”

M&A

The Deal

JULY 18, 2023

Firms have lowered hold sizes and increased loan prices as they lean toward smaller transactions, team up with other lenders on deals, shy away from unfunded debt and turn up scrutiny on business performance. Borrowers typically don’t have to pay interest on unfunded debt until they tap those credit lines.

Debt

Cleary M&A and Corporate Governance Watch

JANUARY 31, 2023

Most notably, in mid-December 2022, the EU Member States agreed on the EU Directive implementing Pillar 2 on the 15% effective minimum corporate tax rate that will need to be transposed into national laws by December 31, 2023.

Debt

The Deal

DECEMBER 5, 2023

IFF) has a relatively new debt problem, but its solutions have quickly become old hat. Divestitures continued the next year, with the December 2022 sale of its savory solutions group for $900 million to PAI Partners SAS. International Flavors & Fragrances Inc. DD), nutrition and biosciences, for $26.2

Debt

Cleary M&A and Corporate Governance Watch

JANUARY 29, 2024

Either way, it is likely that a significant number of companies, across industries, will need to restructure their financial debt and operations.

Economics

Cooley M&A

JULY 28, 2022

In the US, it is common to adjust the purchase price for cash, any excess or deficit of net working capital relative to a required level of net working capital, unpaid debt, and unpaid transaction expenses of the target business as of the closing, with an adjustment done at closing based on estimates and followed by a post-closing true-up.

M&A

Cooley M&A

JANUARY 19, 2023

The Inflation Reduction Act imposes a 1% excise tax on certain repurchases of stock of publicly traded US corporations (“Covered Corporations”) effected after December 31, 2022 (the “Excise Tax”). [1] because SPAC sponsor shares are forfeited and not entitled to receive any distributions upon liquidation).

M&A

MergersCorp M&A International

JULY 5, 2024

In 2023 the primary market for global convertibles was more than double since 2022, with volumes reaching USD 78Bn via 115 new issues. Financial Times published an article stating that US companies dive into convertible debt to hold down interest costs.

Debt

Mergers and Inquisitions

NOVEMBER 22, 2023

Bulge Bracket Bank Definition: The “bulge brackets” are the largest global banks that operate in all regions and offer all services – M&A, equity, debt, and others – to clients; they work on the biggest deals (usually $1 billion+) and have divisions for sales & trading , equity research , wealth management , corporate banking , and more.

Bulge Bracket

Mergers and Inquisitions

MARCH 13, 2023

SVB’s deposits grew from ~$62 billion at the end of 2019 to $173 billion at the end of 2022, and its loan-to-deposit ratio went completely out of whack: Tech startups were flush with cash due to a ridiculous fundraising environment in 2020 – 2021, and they put the money they raised in the bank. to back them.

Banking

The Harvard Law School Forum

JUNE 27, 2023

government’s battle over the debt ceiling, though resolved in early June, destabilized markets in May when it appeared lawmakers might not come to a resolution. [5] 5] Despite the instability, investors were granted some breathing room in May as inflation continued to recede from its June 2022 peak. [6] 3] [4] The U.S.

Financial Institution

Growth Business

DECEMBER 12, 2023

billion in the same period in 2022, according to the latest KPMG Pulse of Fintech report. The volume of UK fintech deals also dropped from 392 in the first half of 2022 to 212 UK M&A, private equity or VC deals completed in the first half of this year. billion in the first half of 2023 compared with £10.8

Banking

Cooley M&A

OCTOBER 12, 2022

On September 28, 2022, Cooley sponsored the third virtual event in Axios’ Dealmakers series: A Conversation on M&A in Today’s Market. In their discussion, Leigh and Drumond surveyed 2022’s volatile deal flow, market outlook and impacts on various deal participants.

M&A

Focus Investment Banking

JANUARY 18, 2024

It has taken two years to return to those levels, after 2022 and 2023 were burdened with interest rate hikes and fears of a recession. While the company generated over $260 million in revenues through the first three quarters of 2023, its stock price is trading under a dollar a share, as the company is burdened with substantial debt.

IPO

The New York Times: Banking

DECEMBER 21, 2023

Despite legal reservations, policymakers are weighing the consequences of using $300 billion in Russian assets to help Kyiv’s war effort.

Funds

Sica Fletcher

JULY 11, 2024

While the cost of debt has increased to the point that buyers often acquire brokerages at an initial loss, insurance brokerage M&A multiples have not only held steady but are actually seeing all-time highs. Equity used to consist of senior debt (i.e., the amount all common shareholders invest in the brokerage).

Insurance

Wall Street Mojo

JANUARY 4, 2024

Determine the mix of debt and equity required to finance the deal. For instance, interest expense is applicable when funding sources include debt. The revenues in 2022 were $600 million, with an annual growth rate of 10%. The debt was $200 million, and the cash was $120 million. After this, deduct applicable expenses.

Private Equity

Wall Street Mojo

JANUARY 14, 2024

The European Stability Mechanism Board (ESM) operates as a financial backstop intergovernmental institution established in 2012 to combat the European sovereign debt crisis of 2009-2011 in euro member states. Greece faced severe economic challenges during the Eurozone debt crisis, and its financial stability was at risk.

Economics

Successful Acquisitions

FEBRUARY 27, 2024

The same could be said about the variety of sequels and prequels that have come out in recent years (Christopher Robin (2018), Lightyear (2022), Indiana Jones and the Dial of Destiny (2023), etc.). The pressure on inorganic growth initiatives to financially compensate for organic growth failures forces Disney’s assets out of balance.

Entertainment

The TRADE

OCTOBER 24, 2023

Its overall market share for cash equities clearing was 34% in the first half of 2023, an year-on-year increase from 2022. Cboe Clear Europe is an independent subsidiary of the Cboe group, operating with its own governance structure and management team – bolstered through the appointment of Vikesh Patel as President in December 2022.

Trading

Sica Fletcher

JUNE 20, 2024

This is even more interesting when we view the rate of return for these insurance agencies, which has actually dropped below the cost of acquiring debt for a transaction, creating a negative spread for the first time in M&A history. Since 2022, the average multiple for these agencies has increased from 10.7x

Insurance

The Deal

FEBRUARY 6, 2024

BofA and A&O worked with WillScot on the $323 million sale of its tanks and pumps segment to Kinderhook Industries LLC in 2022. The buyer will pay $3 billion for the target’s equity and assume $800 million in debt. A&O’s Jeffrey J. Pellegrino was finance counsel on the deal. to Double Eagle Acquisition Corp. billion.

Mergers and Acquisitions

Growth Business

OCTOBER 2, 2023

The healthy appetite among VC investors and venture debt providers was particularly evident when it came to opportunities in technology. Here is a snapshot of some of the specific business activities that are likely to attract the most VC and venture debt this year.

Finance