Curious, if anyone had any research or statistics that breaks down the deal structures / types? e.g. How many deals that are closed are assets vs stock?
Majority of the deals I've done have all been stock but I was wondering if WSO could provide their perspective (personal anecdotes are welcome) or point to some sort of database.
I'm in tech/HC if anyone has anything that specific
TIA
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it depends (on industry, region, cycles, etc.), normally your m&a colleagues have that type of stats if you ask them. NRG will have more asset deals than stocks vs FIG for example
I agree, I know for instance upstream O&G will be predominantly Asset deals - was looking for an overall number perhaps. I'm not at a bank so no M&A team to get in touch with internally.
I'm in tech/HC if anyone has anything specific.
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From my experience typically manufacturing/industrial m&a deals are those that can be asset deals, cause the most relevant thing is to acquire some specific machineries, plants and "locations"
In most industries almost all stock - it's cleaner and easier from a legal perspective. As some posters pointed out, in some industries / verticals (like upstream O&G) asset deals more common.
The reason stock deals are cleaner is because the corporate entity is basically a bag holding all the stuff that belongs to the company. In an asset deal, you have to reach into the bag and pick and choose what stays and goes. In a stock deal, you just get the whole bag.
Interesting you say that because internally our legal / accounting team think an asset deal is cleaner because you are not bringing over liabilities.
I think if you go into an auction process proposing an asset deal, you are already at a disadvantage from a bid perspective - unless you have a significantly higher bid.
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