What industries tend to have the most complex corporate structures (intricate web of HoldCos, Subsidiaries, etc)? I'd assume that financials are very complex from this perspective?
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I hope those threads give you a bit more insight.
Chinese companies listed in the USA are a good start. International shipping and logistics companies get hairy too.
Second this, the internet companies with multiple business units consolidated into one line item, spin off listings, operating in different sectors. Apart from core businesses they also have a significant portion of income coming from ST LT investments.
Entertainment companies
Also asian 'trading companies' that seemingly own everything under the sun.
EDIT: go ahead and plop in ad agency networks.. those things are a maze
Ima go ahead and say insurance/reinsurance.
FIG, PUI, Family owned conglomerates
Pipeline companies. Capitalization is always a huge fucking shitshow.
Power and Utilities for sure, as a generalist in an M&A group that got thrown on a few deals
Aircraft leasing
From my personal experience, infrastructure companies. By far the worst I've encountered between banking and multiple buyside jobs. Never again do I want to deal with them
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