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  2. Corporate development during recessions

    Corporate Finance, Development and Strategy

    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? corporate develo ...

    24 comments20 Aug 2019 -

  3. 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 ...

    113 comments13 Apr 2018 -

  4. How much does size matter?

    Investment Banking

    If you work in a semi-related industry (i.e. FPA, financial due diligence etc), and you want to break into corporate development, what experience would be considered better: Spend 1 year working on a single large deal (think USD 100+ billion) that closes ...

    32 comments14 May 2016 -

  5. Moelis Boston Office

    Investment Banking

    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! Moelis & Company acquisition m ...

    19 comments28 Jan 2018 -

  6. Phewwww, it's been a strange ride, fellas. I would like to gloat about my recent career revelations, while hopefully providing some advice/insight to the people who read. I have just finished up a GE-type Financial Management Program at an F100 firm ...

    25 comments28 May 2016 -

  7. 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 ...

    19 comments19 Jan 2017 -

  8. Merger Model Help

    Investment Banking

    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 ...

    21 comments14 Jan 2017 -

  9. I am fortunately given the choice between continuing the current M&A route- or moving onto strategy / management consulting within financial services. Both are great companies so the destination isn't the issue. I was wondering whether anyone can ...

    19 comments1 Jan 2017 -

  10. Hi all, I am posting this thread because I was wondering what do you guys think about doing a M&A internship in industry to break into IB. I mean: if combined with relevant experience, would doing such an internship from an industry point of view be r ...

    21 comments13 Dec 2016 -

  11. 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 cap ...

    11 comments18 May 2018 -

  12. Dear WSO, I need some advice as I've been pondering and losing sleep day and night on this topic. I'm 30, in ER in a MM for 4.5 years prior to which I was an auditor for 2 years (gained amazing accounting skills, work bored me to death, made the ...

    15 comments18 Jul 2015 -

  13. 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.. ...

    9 comments13 Aug 2018 -

  14. 2 companies that should merge

    Investment Banking

    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! acquisition m&a ...

    10 comments29 Jan 2018 -

  15. So when Oracle bought Sun Microsystems it paid a premium for the equity but how did it pay for the debt? Or how is debt treated? Wouldn't the debt holders want a premium? Or does the debt just get transferred to Oracle? Is it different for public com ...

    15 comments4 Jul 2014 -

  16. Why is HR asking about my GPA?

    Corporate Finance, Development and Strategy

    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 ...

    10 comments4 May 2017 -

  17. 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 ...

    8 comments9 Aug 2018 -

  18. Alright ladies and gents- I've spent the past year trying to figure out my plan, as I'm sure many of you have done. Looking for some guidance as I'm on the fence. I'm focused on spending the next several years in transactions. There ar ...

    11 comments15 Feb 2016 -

  19. Corp. Dev. vs. MM IB?

    Job Search Advice

    This is a throwaway account since I'm a regular poster but want to be anonymous. Graduating from a target soon. I recently got an offer for an active corporate development team at a large energy company (think SLB/HAL/PAA/KMI/EOG/COP). It's a st ...

    11 comments21 Jan 2016 -

  20. In all-stock acquisitions for two public co's, what happens to the market cap of the combined new co? I'm not talking about what happens when the deal is announced- acquirer's stock goes down, target stock goes up (generally). I'm aski ...

    11 comments11 May 2015 -

  21. 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 tec ...

    7 comments23 May 2018 -

  22. 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 so ...

    5 comments28 Oct 2019 -

  23. 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, obviou ...

    7 comments30 Apr 2018 -

  24. Enough with "Project Eagle"! Let's spice it up. Here are some suggestions: Dumbledore, Voldemort. Shenanigans, Dunkaroo, Ring Pop, Nickelback, DMB, Wolverine, AF. acquisition m&a diligence due diligence engagement ...

    6 comments19 Dec 2018 -

  25. 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? acquisition m&a Strategic Value Partners Strate ...

    5 comments25 Aug 2019 - Accountant in IB-M&A

  26. ...................................................delete.................................................. DCM IBD lateral associate analyst coverage group acquisition m&a ...

    7 comments10 May 2018 -

  27. Grad School or Real World

    Investment Banking

    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 corpo ...

    7 comments23 Jun 2017 -

  28. asdfasdfa

    Investment Banking

    dfasdf acquisition m&a ...

    7 comments6 Feb 2015 -

  29. I was wondering if there are an investment banks who will consider candidates with a 2.2 degree especially in M&A acquisition m&a investment-banking ...

    7 comments14 Nov 2014 -

  30. Delta Partners

    Management Consulting

    Does anybody know them? They are a TMT focused boutique which operates in emerging markets. I would like to know someone's opinion. acquisition m&a Salary ...

    6 comments24 Jun 2016 -

  31. Forward EBITDA vs. LTM

    Investment Banking

    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? acquisition m&a ebitda @dcf; @valuation M&A #finance #IBD investment banking ...

    4 comments30 May 2019 -

  32. 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 i ...

    5 comments5 Nov 2017 -

  33. Pfizer to Acquire Hospira....thoughts?

    Corporate Finance, Development and Strategy

    Not sure if everyone saw the news yesterday morning...but Pfizer announced it is going to acquire Hospira. Thoughts? The reason I ask is that I have an opportunity to go work for Hospira, but I'm not sure it's a good idea now given this news. My ...

    6 comments6 Feb 2015 -

  34. The first half of 2014 has seen some pretty exciting news when it comes to deals. Like Facebook buying Oculus...really Facebook? Weigh in on what deals were good and which ones were bad. Here's the poll. http://www.firmex.com/blog/the-dealmaker-poll/ ...

    6 comments8 Jul 2014 -

  35. New to corporate M&A, any advice?

    Corporate Finance, Development and Strategy

    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. acquisition m&a ...

    5 comments22 Feb 2017 -

  36. Sovereign Advisory

    Investment Banking

    Does anyone have any insight on sovereign advisory groups? From my research it seems that Lazard and Rothschild are big players in this field although I am having trouble distinguishing what it actually means to be in sovereign advisory or if it's ev ...

    5 comments28 Mar 2015 -

  37. I am writing my thesis on Corporate Tax Inversions and I am trying to gather the most information possible. Any tips on good books, financial modeling examples, elaborated articles or other material would be much appreciated. Cheers corporate taxes acquis ...

    5 comments27 Jan 2015 -

  38. needs to be deleted

    Investment Banking

    no point in this topic, already answered in another one acquisition m&a 2015 Summer Analyst ...

    5 comments3 Mar 2015 -

  39. As above. It certainly isn't the worlds greatest CVs, but I would think it is not and abomination either (?). I am not expecting to transition into Goldman, still the small amount of interview offers is disconcerting. Masters school top ranked in Eur ...

    5 comments4 Aug 2014 -

  40. M&A Deals

    Investment Banking

    What are some potential M&A deals people have been watching? For example, At&t and Time Warner. (This is not that new...) acquisition m&a ...

    4 comments19 Apr 2017 -

  41. Hi everybody! Would like to know why would you rather advise on small & mid-cap M&A operations rather than large cap? Large cap seems more interesting but I spoke to insiders saying the opposite... acquisition m&a ...

    4 comments16 Nov 2016 -

  42. Hey Monkeys, I have an offer from a no-name boutique in a 2nd/3rd tier city, which I wasn't that stoked about. But after talking with the MD, he said I would do mostly M&A (sell-side and buy-side), but I could also work with their small PE arm (t ...

    4 comments24 Oct 2016 -

  43. When looking to fund a M&A transaction, do you only consider funding the equity portion or do you also include debt? I have seen some sources and uses schedules from previous transactions and they typically, if not always, include the debt to be acqui ...

    4 comments11 May 2016 -

  44. Why the acronym M&A?

    Investment Banking

    Why is the acronym M&A for Mergers and Acquisitions? Why it is not instead A&M (Acquisitions and Mergers) following an alphabetical order? Is it because there are more mergers than acquisitions? Sorry for this stupid question, but I could not find ...

    4 comments5 May 2016 -

  45. Advice is welcome

    New User Introductions

    Hello everyone, new chimp here. After doing some soul searching and attending Kellogg to do my MBA (current student) I find myself wanting to make a career change, I have been working in Accounting and Finance for the past 12-14 years. Worked mostly in Co ...

    4 comments4 Sep 2015 -

  46. 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? acquisition m&a ...

    3 comments23 Feb 2019 -

  47. Interested in M&A, questions.

    Investment Banking

    To expand on the title, I'm interested in trying to break in a product M&A group- buy-side or sell-side. I'm not going to be picky and say I want MM or BB- I just want to get in. With that said, when I'm reading literature on the IB wor ...

    4 comments19 Sep 2014 -

  48. 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. acquisition m&a ...

    3 comments19 Oct 2018 -

  49. 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 eithe ...

    3 comments20 Nov 2017 -

  50. Hello all, I currently work for the M&A team of a fast growing F500 company (growth largely result of acquisitions). I love where I work. However, recently a PE group reached out to me about an opportunity to manage the corporate development of one of ...

    3 comments10 May 2016 -

  51. Dear fellow monkeys, Long time lurker, first time poster here. A bit about myself, I have a very non-conventional background- I graduated from university abroad in my home country and started out in a local leasing firm as a credit officer analysing leasi ...

    3 comments8 Mar 2015 -

  52. Hey guys, Just wanted some opinions on my internship decision. To give some background, I'm a junior at a target (Ivy) that is interested in investing. This means I eventually want to end up on buyside, probably at a Credit HF, but I may be open to w ...

    3 comments19 Feb 2015 -

  53. Question: Acquisition Multiple

    Investment Banking

    I have a question on the calculation of implied multiples of the transaction illustrated below: Assuming Company A has: $100M market cap No debt and no cash Thus, EV is also $100M Generates EBITDA of $20M The company trades at a multiple of 5x EBITDA. Now ...

    3 comments6 Feb 2015 -

  54. Going through some work during training prior to IB analyst start and was wondering if someone could walk me through this. I was told (by a fellow analyst) that you want to disregard financial sponsors deals in your acq comps because the intent is differe ...

    3 comments27 Jul 2014 -

  55. 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 whi ...

    2 comments12 Aug 2019 -

  56. PepsiCo to Acquire Sodastream for $3.2 Billion

    Investing, Markets & Macroeconomics

    On Monday, PepsiCo announced its plans to acquire Sodastream for 3.2 billion dollars. This Seeking Alpha article describes SodaStream's business model: First, sell the consumer the starter kit consisting of the carbonated drink maker, an initial bott ...

    2 comments23 Aug 2018 -

  57. 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 ...

    2 comments6 Aug 2018 -

  58. 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 responsi ...

    2 comments21 Jan 2018 -

  59. 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 fi ...

    2 comments13 Sep 2017 -

  60. Non-Controlling Interest in M&A

    Investment Banking

    When company A acquires company B and B has 80% of the ownership of company C, do company A usually end up with 80% of C or 100% of C? If company A only gets 80% of C, will the purchasing value of B only include 80% of C's debt and cash? In other wor ...

    2 comments30 Dec 2015 -

  61. Modelling acquired growth

    Investment Banking

    Hi all, I have been making a 3 statement model. I recently came across an issue: The company divides revenues into 4 business lines but reports revenue from acquisitions as a single item. Now when I try to project growth for next year or so I am not sure ...

    2 comments20 Aug 2014 -

  62. Hey guys, I have a quick question about deal price calculation for cross-border stock and cash deal. Take AMEC and Foster Wheeler as an example. AMEC is trading at about 1083 pounds per share and Foster Wheeler at 31.57 USD per share. At deal close, Foste ...

    2 comments13 Feb 2014 -

  63. Which IBD Groups at GS, JPM etc. would be involved in the Beyond Meat IPO? Would it be TMT or Industrials or C&R? IBD groups acquisition m&a No Yes 213348 454228 407459 456643 270966 ...

    1 comment19 Jul 2019 -

  64. 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 ...

    1 comment18 Jun 2019 -

  65. 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 inter ...

    1 comment13 Feb 2019 -

  66. M&A Trends

    Investment Banking

    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? mergers Acquisitions acquisition m&a #banking ...

    1 comment27 Nov 2018 -

  67. M&A Executive Programs

    Business School and GMAT

    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. acquisition m&a ...

    1 comment7 Sep 2018 -

  68. Trilium Partners- London

    Investment Banking

    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 sect ...

    1 comment22 Aug 2018 -

  69. 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 ...

    1 comment12 Mar 2018 -

  70. 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 speci ...

    1 comment26 Feb 2018 -

  71. M&A deals in the UK

    Investment Banking

    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 busi ...

    1 comment26 Feb 2018 -

  72. 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. ...

    1 comment5 Feb 2018 -

  73. Quit M&A to Non-profit? Help!!!

    Investment Banking

    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 Internatio ...

    1 comment9 Jan 2018 -

  74. Industry Related Awareness

    Investment Banking

    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? Bo ...

    4 Jul 2017 -

  75. 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, ...

    1 comment14 Jun 2017 -

  76. Database of interview questions from ALA Services LLC, as well as compensation figures...

    21 Sep 2016

  77. Private Practice M&A

    Job Search Advice

    Hey guys, Recently I have been offered a position as an M&A analyst for a growing private practice that looks to acquire other practices with similar business models in order to leverage suppliers and buyers. The position is within the healthcare indu ...

    1 comment6 Jul 2016 -

  78. Hi! I am going to start in a new position in IB. I will be working mainly in the financial services sector m&a division. However I would like to know more about financial analysis and m&a on the banking sector. Does anyone know any good books or o ...

    1 comment25 Jun 2016 -

  79. Hi guys, There is something that I have been wondering about for a while, so I've decided to go ahead and ask. I am currently an associate at a London professional services firm completing what they call a Rotational Advisory Programme. Basically thi ...

    27 Apr 2016 -

  80. Various news agencies, IB firms, and business leaders are making M&A predictions for 2016, and while there are some common trends, they're pretty all over the map. Here they are aggregated together, good, bad, and ugly: http://fir.mx/1Z8DKVH acqu ...

    6 Jan 2016 -

  81. I understand that logically, if intangible assets are amortized, then the company is going to take a hit to the income statement. But this doesn't happen right away, right? I mean, the company would have to re-asses its assets (like Ebay/Skype) and t ...

    15 Nov 2015 -

  82. Why are industry and financial screens in the comps for M&A premiums analysis much broader than precedent transactions? What's the logic behind that.. acquisition m&a precedent transactions ...

    26 Oct 2015 -

  83. Hey everyone, Just looking for some advice. I graduated from the University of Georgia a few years ago with a low GPA of 3.14 (cumulative) and 3.5 (major). My major was Finance and I had a summer internship at an obscure Atlanta-based technology M&A f ...

    3 Sep 2015 -

  84. Dear folks, Boston Analytics is close to releasing its 1st major product in the US market- SECaN (SEC Analyzer) is a financial research workflow application with data extraction, mashup, analytics, visualization and publishing capabilities. We believe thi ...

    18 Aug 2015 -

  85. Public Finance to M&A

    Job Search Advice

    This summer I'm interning at a MM in public finance and I had some questions regarding future opportunities. I'm a rising senior at a target but my gpa is low. I was fortunate to get this internship because I got back from my study abroad in Jun ...

    1 comment4 Aug 2015 -

  86. Making the jump to M&A TAS?

    Job Search Advice

    Graduated last year and now I am a first year credit analyst and want to jump into M&A TAS or Due Diligence whatever comes first. I have completed 3 of 4 CPA exams and different internal certifications on projections and valuations within the bank. Th ...

    7 Jul 2015 -

  87. Does M&A flow through P&L?

    Investing, Markets & Macroeconomics

    As far as I understand cash paid for buying another company does not flow through P&L because it's a non-operating charge, is that right? In that case are there any other non-obvious charges that do flow through P&L of the acquirer? Just want ...

    27 Jun 2015 -

  88. M&A Consulting

    Management Consulting

    I graduated in May 2014 and started working at a Bank as a Financial Analyst for 6 months. I have two CPA tests under my belt but looking at all these job descriptions doesn't seem like it helps. How can I obtain this goal in becoming a M&A consu ...

    25 Feb 2015 -

  89. Head-hunting in CV

    Job Search Advice

    I am applying for an M&A analyst position with banks. The thing is that I have intern in a headhunting firm which specialised in the financial sector and I am not sure how this will reflect in my CV. Should I omit this internship or not? What do you t ...

    21 Jan 2015 -

  90. I'm looking for a paid subscription service where I can generate deal flow, analyze markets, track competitor movements, and benchmark against competitors. I'm currently considering a Bloomberg terminal, S&P Capital IQ, DJ Venture Source, D& ...

    18 Dec 2014 -

  91. M&A by industry

    New User Introductions

    Hi guys. I have been looking for some information regarding total amount of Mergers and Acquisitions that took place in US ranked by industry. I have only found some data for separate years but not an aggregated one... I would be extremely interested to f ...

    1 comment4 Dec 2014 -

  92. GS with another one...

    Investment Banking

    http://dealbook.nytimes.com/2014/11/13/warren-buff... TL;DR: *Berkshire Hathaway will acquire Duracell from P&G for $1.8BB plus an exchanging of shares to avoid a tax stomp. Thoughts on this type of transaction? acquisition m&a Salary ...

    1 comment13 Nov 2014 -

  93. Equity Research Request

    Investment Banking

    Any chance I can get the latest on Janus (NYSE: JNS)? They announced an acquisition yesterday and would like to hear what the street has to say. Yes I have reference books, etc. for trade. Edit: Noon EST. Got what I needed. Really impressed with the respo ...

    14 Oct 2014 -

  94. Interviewing for a KPMG Transactions & Restructuring Internship and a Corporate Banking (technology team) position at a BB. Wondering if anyone can give me some more insight on either of these positions, and which one I should go for if I get an offer ...

    1 comment10 Oct 2014 -

  95. Greetings fellow monkeys, As mentioned in the title: I'm a 2nd year analyst at a relatively big Canadian portfolio management firm (80B$++). As much as I like the company I work for..I feel like I'm stuck at my position and I see no room within ...

    16 Sep 2014 -

  96. M&A FIG

    Investment Banking

    I'll have an interview for a boutique IB for a 6-month intern position as an analyst in M&A FIG. I am already working as a junior derivatives trader full time in a hedge fund, but want to move into IB. By speaking with a friend working in sales i ...

    19 Jun 2014 -

  97. Hi everyone, I'm new to WSO here. I hope I'm posting in the right place. If not, please direct me to the right forum. ...

    3 Apr 2014 -