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Q&A: Former Director of Corporate Development | Current CEO & Founder
Open to all questions about career progression, all things M&A, working for a Fortune 500, avoiding IB, quitting job for a start-up, MBA, etc.. Background * Former Director of Corporate Development for highly acquisitive diversified industrial company (14 transactions representing over $1.5 billion...
Deal structuring question
Hi guys, 1. What would be a good (practical) resource to learn about the various way to acquire a business please? Of course there is the LBO but I came across a number of other possibilities such as OBO, LMBO, BIMBO etc. 2. Any other "creative" way to acquire businesses? Have some of you experience...
TMT IB M&A BB vs. Healthcare IB M&A BB?
Both industries are interesting and have a lot of developments happening within them. I know that Technology and Healthcare go hand in hand often - does this mean that the Healthcare group will cover a healthcare technology company or would that be covered by the Technology group, does anyone have...
Sycamore - L Brands Deal Break?
Found this story very interesting today. Link below. Sycamore trying to argue that by delaying rent and furloughing workers, L Brands violated the ordinary course clause of the merger agreement. To be clear, it doesn't appear they are arguing material adverse effect (maybe throwing it in there, but...
Independent Sponsor Structuring deal
I have been an owner/operator of clothing and eyewear brands over the last 7 years. Our brand growth has stalled out and my partners (Family office) asked me back in October to look at new ways to jump start the company. FYI, we are based in Spain. Our original idea was to start with a roll-up...
Whats the point of pre-deal PPA?
I have noticed that Big4 offer pre-deal purchase price allocation services. Its usually a rough estimate. Why would a public/private company or a sponsor want to know this? How does it tie into strategy and earnings? Do you have any resources to learn more about these things?
Corporate development during recessions
How is the corporate development function of company generally viewed during recessions? Do companies generally layoff a significant portion of the CD team if deals are halted or does the CD team pivot to assist in other special projects?
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Cash EBITDA definition
What does Cash EBITDA mean? What's the **difference **with EBITDA? Any example would be very much appreciated.
Tough Valuation and accounting question. Help!!
Hi All, Was wondering if anyone could help me with the question: If a company A buys 80% of company B for $100, where Company B has a fair value of 100. What is the impact on the Balance Sheet? (Apologies if this is not enough info, If anyone could use some dummy numbers to illustrate the point I...
Why do strategic acquirers use cash for M&A vs debt used by PE?
I am just wondering why corporates don't try to boost their return on equity if they can lever up and buy strategic companies in their space? Is there any logic behind it or is it just conservatism?
How to spin M&A experience with a buy-side tech firm for an IB/M&A/ER role?
I've never worked in the front office of a bank before, so I'm hoping I could get some help for how I could spin my experience to get me closer to an IB / M&A / ER internship with a bank. I had the opportunity to help out with four deals which made it to the post-LOI stage (a few closed), including...
IBD Group that executed the Beyond Meat IPO?
Which IBD Groups at GS , JPM etc. would be involved in the Beyond Meat IPO? Would it be TMT or Industrials or C&R?
M&A Restructuring Technical Skills Interview
I have a interview with a big four consulting firm., specifically with the M&A practice. The person I interviewed with mentioned I will be tested on my M&A restructuring technical skills. Which math skills should I brush up on in order to prepare for this?
Forward EBITDA vs. LTM
When valuing a company through the comparables methodology, why do we apply the transaction multiple result to LTM EBITDA and trading multiples result to forward EBITDA?
where to fine data for ongoing and finished/failed M&A's
I want to find a large data set of bunch of M&A activities. If I can find ones that haven't closed, that'd be nice too. Where can I find them?
Latam (Santiago-based) boutique IB analyst hoping to work in NYC PE - What are my options?
Hi guys, I was hoping to get some advice. This is my first post, but I've been reading this website a lot. I'm a New York born and raised guy that went to a liberal arts college and played top 20 division I lacrosse (earning a 3.4 GPA). My international family background made me become fascinated by...
What's up with these boring ass deal names??
Enough with "Project Eagle"! Let's spice it up. Here are some suggestions: Dumbledore, Voldemort. Shenanigans, Dunkaroo, Ring Pop, Nickelback, DMB, Wolverine, AF.
M&A Trends
With the current down tick in the economy and a shift in economic cycles do you guys see a shift in M&A multiples? Different sectors that might heat up?
Craziest M&A Deals You'd Want to See Happen
What is the largest or craziest M&A deal that you'd want to see happen in the near future and why? Doesn't necessarily have to be realistic.
M&A Executive Programs
Hello, I am considering applying to M&A Executive Programs at either INSEAD or London Business School and was wondering if I could find feedback. I am also open to considering programs at other universities. Thanks so much.
PepsiCo to Acquire Sodastream for $3.2 Billion
On Monday, PepsiCo announced its plans to acquire Sodastream for 3.2 billion dollars. This Seeking Alpha article describes SodaStream's business model: [quote] First, sell the consumer the starter kit consisting of the carbonated drink maker, an initial bottle of CO2 and some empty bottles and maybe...
Trilium Partners - London
Hi there, I wanted to ask for some advice regarding a boutique in London - Trillium Partners (as a knew user I can't post the website link unfortunately). The team was founded 15 years ago by former Bear Stearns and Lazard bankers, and I find the sectors interesting. However, I have not heard of the...
What to focus on when reading about M&A deals?
I'm trying to read up on a few M&A deals so I have some stuff to talk about if the topic comes up. I am from outside the industry so what are some things I should focus on when I read about deals. I see the deal size, possible synergy size, etc... but what other takeaways should I get when I read...
Should you sell your business to a PE firm who makes a preemptive offer before a broad auction sale process?
Suppose a middle market company hires an investment banking firm to sell the business with a broad auction process. But before the broad auction process begins, a PE firm makes what seems to be a reasonably high take it or leave it offer. If you pass then that PE firm will refuse to participate in...
Real estate M&A - generation of shareholder value?
Hi, In the current low-yield environment I imagine lots of firms look to corporate consolidation through M&A in hopes of generating shareholder value and improve stock performance. I have little to no experience myself doing M&A , and would really appreciate if someone with more experience could...
M&A Coffee Chat after screening my CV
Hey guys, I've recently been referred by a friend for an M&A analyst position and got an email by an associate asking for coffee along with another analyst. Since they have my CV already, should I see this as a formal interview and prepare my technicals and qualitatives or is it just a pre-screening...
Outsourcing IB work to India/abroad?
Hey guys - I am researching a business idea and want to better understand junior banker's / private equity experience with outsourcing a portion of their work load to India (or wherever else work is outsourced). 1) Does your firm offer outsourcing capabilities for lower level work (trading /...
How fucked am I on a scale of 1 to 10?
Hi, In about a week I'll be starting my first finance internship, which will be on the research team at a boutique PWM firm in the mid-sized city where I live. The issue is that I am a junior, and want to eventually go into M&A or S&T , obviously most of the people in those fields are there because...
Trump's Love for American Industry: First Tariffs, Now an End to Wall Street's largest Tech Deal...
International competition and trade policy seem to be a very relevant in today's politics. ### Earlier last week Trump announced that he will be placing tariffs on steel and aluminum imports, hoping that it would facilitate US steel and aluminum. This is in addition to the tariffs on solar panels...
Benelux Investment Banks: reputation, deal size, culture, comp,...?
Hi, I'm interviewing with several benelux investment banks and was wondering how they are perceived in the industry. Hold a Msc and currently finishing an additional year at BS . Here's the list (for the BB I'm more interested in their specific IB division) - Kempen & Co: Amsterdam based, recently...
M&A deals in the UK
Hello, I'm writing this 1st post with the intention of removing some of the blind spots I have in regard to Mergers & Acquisitions process and I would be very grateful if you could help me out... I'm an individual sponsor looking to buy businesses in the UK (my industry is Healthcare / Residential...
Broadcom & Qualcomm Merger -> Largest-EVER tech deal
Broadcom has raised its offer to merge with Qualcomm from $105 billion to $121 billion in its "best and final offer", making this the biggest tech deal ever (if it goes through): Broadcom Ltd. (AVGO +0.31%) sweetened its offer for Qualcomm Inc. (QCOM -4.34%) to more than $121 billion and threatened...
2 companies that should merge
Hi everyone, I am preparing for an IB interview Summer Analyst position and was wondering if anyone had any suggestions of 2 good companies that should merge and why? Cheers!
Moelis Boston Office
How is Moelis' Boston office? Do they do lots of deals over there, or would that be a very different experience from the NYC office? Interested in seeing if exit opps would be the same as in NYC office. Thanks all!
Evercore IBD Asia Alliance Group
Has anyone ever heard of / worked in or with Evercore's Asia Alliance group? I understand it is a team that does Asia & US cross border M&A advisory work, but is it the same as Evercore's other coverage groups in terms of daily responsibilities (e.g. modeling), skillset, and exit opps? Not sure what...
Quit M&A to Non-profit? Help!!!
Hey guys, first-time post here, would really appreciate some advice. I am currently an M&A associate in a non BB , large bank's IBD , Singapore office. (Somewhere like Nomura) This is my first job I got after getting my masters degree in International Finance at an Ivy league school in U.S. Before I...
Most "favorable market conditions" for M&A's?
Currently studying IB and the different main activities (capital raising, M&A Advisory, etc). It would make sense to think that a down financial market would not be favorable for capital raising especially ECM . However, what about an acquisition either by a strategic buyer or a financial sponsor?...
Buy-side M&A, gathering data for private companies
Hey guys! Currently studying and preparing myself to pursue a career in IB . Studying on the technicals and what not. Anyway, if say you're doing analysis for buy-side M&A looking for candidates for acquisition, and the companies are private and information is not available: Say you can't find it in...
Possible IB M&A Summer Analyst interivew questions?
I have now had a couple of internships in M&A and am expecting to be grilled on M&A type questions in my interviews coming up. I am a junior at a target school looking to go to a boutique or middle market firm in NYC and I'm having trouble finding M&A specific interview questions in the guides....
Today's Top Bankers on The Street. Who are they?
I've recently been reading a bunch of books: M&A Titans, Barbarians at the Gate, Den of Thieves, Predators Ball, Big Deal: 2000 and Beyond, Rainmaker....among others. It has me wondering. Who are today's top bankers? Are there any legends-in-the-making out there currently? Is this question even...
Industry Related Awareness
Hi I need some help with a few questions on Capital Markets and Investment banking industry. 1) Which client segments (eg. Mutual Funds, Hedge Funds, Pension Funds,Corporates, Financial institutions etc.) are attractive for banks in the current market? Both for IB Segment and S&T Segment 2) Which...
Essilor to buy Luxottica (makers of Ray Ban and everything else) for $24 Billion [Bloomberg]
Here's a video quick 101 on Luxottica. Here's a Forbes article if you don't feel like watching the video. Essilor is a renowed lens crafter, Luxottica owns a ton of major frame companies, now the two will combine after Essilor agreed to buy Luxottica for $24 bil in stock. Luxottica will be delisted...
Grad School or Real World
Guys, I wanted to reach out and see if you had any advice for me as I set out for my senior year. I am graduating with my BA in finance in three years and I have had an internship with a family office doing M&A and I have also been helping doing corporate financial analysis for one of the companies...
Nomura IBD vs BNP Acquisition Finance
Nomura IBD (mainly M&A and LevFin) or BNP Paribas (Acquisition Finance)? Both are off cycle internships in Europe. I feel the personal fit at both banks is good. The BNP team deals only with corporate clients (PE is handled by another team), however, they offered me to join the M&A team for one...
From Associate DCM to M&A/Coverage Analyst - Crazy?
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Why is HR asking about my GPA?
I received an email from HR regarding an M&A internship at a large media corporation I'm really interested in. He asked for answers to a few questions before deciding if I'm chosen for an interview next week. One of the questions was what my GPA is. I clearly stated it on my resume along with my...
M&A Deals
What are some potential M&A deals people have been watching? For example, At&t and Time Warner. (This is not that new...)
New to corporate M&A, any advice?
Hi guys, what do you think the most sought-after skills are in corporate M&A? Would love to hear different voices and share my opinions as well.
Merger Model Help
Looking to get a better conceptual understanding of merger models. I've done a couple practice ones but never a full model on the job yet, so questions may be rudimentary. Is excess cash put towards the equity purchase price only the Acquirer's cash, or can it include the Target's as well? (already...
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