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 about this stuff?
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Larger industry trends. Not just size, but how the deal is being paid for. Debt? Equity? Cash? If mix, what % of each? Is there a collar? Are there any breakup agreements in place?
All nitty-gritty stuff, but the most I've been asked in an interview is size and why do I think the deal is going to happen.
The possible synergy size question would be dumb. You're likely interviewing for a summer analyst position. Initial synergy estimations are more of a "lick your thumb and try to see how fast the wind is blowing" estimation anyways. You would likely be asked "what sort of synergies can the acquirer hope to achieve if this deal closes?"
Why did the deal happen?
Does the rationale make sense?
Does the price/structure make sense?
Are there other relevant deals?
Some of these questions won't be answerable btw
All the numerical stuff can be helpful but don't go nuts on it. Even in IB I think having good business judgement is key so focus on the Why? E.g. Boeing's recent acquisition of Embraer; did they really want them or was it just in response to Airbus buying the c-series from Bombardier? As the 737 variants become more and more capable of long-term flights and older 737s being phased out, do airlines want different jets for regional routes? Airbus has a solid position in the South American market; can buying a Brazilian company help cement their position there?
Changing industry into airline consultancy?
Haha, no no - pharma all the way. I'm also interested (and could probably work in) 2-3 other industries besides mine.
Every single post you make lately is somewhat related to planes. Recently joined the High Mile Club or had sex with a plane?
EDIT: the comment was a bit defensive. I'm just very interested by the industry and aerospace in general. A regret of mine was not doing aerospace engineering so I try to follow the industry in other ways.
Makes sense. Space is awesome however I absolutely don't care about planes, probably flew too much at a young age that I just got bored of it.
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