Good examples of a Conglomerate delisting and then IPOing its various subdiaries for "shareholder value"?
Anyone have any good examples? I'm looking for an example of a conglomerate with Infra assets specifically in Asia, but any assets/examples globally will do.
Want to show the client that it makes sense to delist in a tepid environment and that investors prefer investing in clear structures where assets are not comingled.
thanks guys!
Based on the most helpful WSO content, it seems like your question is a bit specific and might not be fully covered in the information I have. However, I can tell you that it's not uncommon to see a conglomerate selling off a non-core business to PE buyers in Asia, especially in Japan. This is often the case when the founder retires or the next generation doesn't want to take over.
As for the strategy of delisting in a tepid environment and then IPOing various subsidiaries for "shareholder value", it's a complex process that can potentially unlock value if done correctly. However, it's also important to note that the success of such a strategy can depend on a variety of factors, including the specific industries of the subsidiaries, market conditions, and the execution of the strategy.
I would recommend further research on this topic, perhaps looking into specific case studies of conglomerates that have successfully implemented this strategy. You might also want to consult with a financial advisor or someone with expertise in this area.
Sources: https://www.wallstreetoasis.com/forum/investment-banking/week-4-of-ibd-internship-initiation?customgpt=1, Non US/Europe IB/PE Overview, JPM in 2020, Notes for Technical Interview Questions
shameless bump
Idk if this helps but look up fortress infrastructure. Might lead you in a helpful direction
Best recent example is GE
Some other ex though not all infra
IBM/Kyndryl though K has traded terribly
Xerox/Conduent similar to above
Bx/PJT
Hp/hpe->dxc
Atos/ Bull
Top from my memory
Thanks much all. Will have a look tmr, always appreciate good examples!
GE was what I was going to say - Siemens is a bit less recent but some idea of an industrial conglomerate spinning off their healthcare and energy subsidiaries. ik u said infra but hope that was helpful?
hmmm is this the recent delisting of Siemens Gamesa?
Would be best if it's the full process (i.e. delisted and then relisting subsidiaries) so the upside or "shareholder value" is more pronounced.
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