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Normalized EBITDA: How to pay less for the same company!
There are many different ways to determine the value of a company during an M&A transaction. Most of the time, the purchasing price is based on some sort of multiple (such as Firm Value / EBITDA ). But what is a company’s real EBITDA ? Let’s assume that the buyer’s investment bank decides to...
M&A Transaction Timeline
I feel like there is a huge misconception about the timeline of M&A transactions and the functions carried out by affiliated parties during the process. Private Equity M&A Process Timeline Therefore, I would like to assume the following scenario in order to illustrate the entire process: A private...
Breakage Fees Calc
Hey Everyone, I'm trying to understand the calculation of breakage fees on bonds (am I correct in saying term loans generally don't have breakage fees) in the context of a buyout. If a bond is callable, you just pay whatever it is trading at + some premium? What if it's not callable? Then there's...
You Include Consulting Firms?... and No I-Banks?
How is it that a list of the toughest companies for job seekers lists zero investment banks, but has a bunch of consulting firms and Teach for America? For an industry with the average company giving offers to less than one percent of its applicants, according to Bloomberg LP, I find it hard to...
Nomura IBD US
Looks like they've been hiring a lot of senior bankers lately. Thoughts on their banking division in the US? Specifically regarding M&A , FIG , and Consumer/Retail groups. How are the exit opps and pay (bonuses)? Thanks in advance.
Skillset Transfer
New analysts are coming soon, what a relief.. My place has been sweating down the remaining junior bankers for the past months, referring to new flesh arriving soon at any occasion when complains arose. Now that the new guys are around the corner again they seem to still use higher ups for all the...
Wharton M&A West -Career Sucess in M&A/PE Success Factors
Private Equity Success Factors | Art of M&A Roundtable KEYNOTE: Jonathan Coslet, Senior Partner & Chief Investment Officer, TPG Capital | The Art of M&A: Richard E. Climan, Corporate Partner, Weil, Gotshal & Manges | Philip Kirk, Director, Corporate Development, Cisco | Mike Foley, SVP, EA | Jason...
Blackstone Advisory London vs. Rothschild M&A London
Saw a similar post on this from a while back, but want to see if there is any further insight on the reputation of BX M&A (not RX) in London? Rothschild is in a league of its own in terms of number of deals in Europe, although a lower average deal size.. €499m for Roths vs. €1.3bn for BX in...
What b-school taught me about M&A
This was part of my $250k notebook. It sounds so simple... but the implications, at least for me, were valuable. Before b-school, I don't think I'd spent as much time thinking about M&A from the biz dev point of view as I should have. The challenge of most big public companies is that investors want...
Help - Don't have my banker books
Hey guys, where I can find all the M&A deals a specific BB was the banker for? For example, if I'm looking for all the deals JPM lead in HCIT M&A is there an easy way to find this list online? My group has all the banker books at our offices but I'm one the road for the next few days without access...
Merger Model Help - Combined P&L
Does anyone know what goes in the FYE Transaction column and the Closing Column on the combined P&L? There is a picture of the spreadsheet attached. Thanks
Flexible Benefits at BAML in London
Hi monkeys, I will soon be joining BAML IBD for a grad position in London. Do you know how the flexible benefits program looks like? Especially, is a private health insurance a part of that, and does the bank pay for it? Unfortunately, the BAML helpdesk could not give me specific information. Thank...
RBC Capital Markets M&A Group
I might get an interview from RBC Capital Market M&A Group (for entry level analyst position). Does anyone know about this group and the firm? What type of interview questions, their deal flows, culture, etc. They have been hiring very actively on senior level to win more mandates and secure a solid...
Where to find WACC?
Don't have access to Bloomberg or any other paid subscription services, so was wondering if anyone knows any free sites where you can find public companies WACC ? Wikiwealth does it, but their method of calculation doesnt seem the most accurate.
Tax-Free Transaction
Hi All, I am trying to structure a potential transaction tax-free and have been having some difficulties. Basically, the background is that there is a JV between two Companies, one of the Companies owns a controlling stake, whereas the other Company owns approx 30%. I am trying to come up with a...
GS ECM vs HL M&A for VC?
GS ECM vs Houlihan Lokey M&A for VC? Both roles are in London. Dont mind either one just want the one that will give me the best shot to break into VC , preferably in US rather than UK.
Microsoft Getting Some NOOKie
Microsoft recently acquired a stake in Barnes and Noble’s Nook reading platform agreeing to invest 300 Million into a spinoff which will operate as a joint venture. Initially, I have to say I was quite confused as to why Microsoft would bother investing in this. I can’t seem to get the image of...
Preferred M&A Database?
what're your favored databases to find details on recent M&A transactions? M&A Data for Free If you are looking to read about deals and see analysis of recent transactions, our users shared the following recommendations: Dealbook PE Hub for LBOs Thomson Reuters Deal Intelligence Mergermarket...
Mooreland Partners
Does anyone know anything about this firm, Palo Alto location? Looks like they have closed a number of deals in the past few years -- all tech M&A. Anyone have insight into lifestyle, pay, exit opps, etc? I think it was started by a bunch of ex-Broadview guys. link to sight below...
How to practice for M&A Assesment Centre?
Hi, I have been invited to attend JP Morgan Assesment centre in London for a Summer Analyst position in the M&A dept. and i wanted to know if anyone could give me a tip or hint on how to prepare for this round. I heard they give you a certain number of companies, and you are asked to discuss which...
Houlihan Lokey vs. Jefferies vs. Terra Firma
Have offers from Houlihan Lokey, Jefferies, and Terra Firma (UK private equity company) - all for London office. Just wondering which do you think will be best for Silicon Valley VC? Edit: Regardless of which offer I take I imagine I will have to do a MBA in the US before moving into VC . Some...
M&A Filing?
If a public company is going to acquire another firm, what kind of form does the acquirer need to file? Is that usually available for the public?
Where to check M&A deal status?
How do you guys check the status of an m&a deal? For example, is the deal still in progress or closed? Your help is much appreciated. Thanks
Pitch Book Practice
Ok guys, I'm looking to practice writing pitch books. Primarily Sell-side. I've searched the forums/M&I and have found some useful pitch book examples and 'templates'. My question is though, how to you practise creating them? Would you suggest using past M&A transactions or completely starting from...
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The Use of Earnouts in M&A
An earn-out is a form of contingent consideration payable to the seller based on the performance of the target for a period of time after the closing of a M&A transaction. Earn-outs are typically structured as one or more payments made upon the achievement of certain specified milestones. Earnouts...
Tax issue for an asset purchase
Hi, I wanted to know if there is anyway to mitigate the tax issues resulting out of an asset transfer (buyout) of a C corp. Please help!
Key skills for M&A advisory ?
What key skills and experiences are necessary to be successful in the M&A /Business Brokerage Industry? Especially for those whose background is not in valuation that are recruited for M&A /boutique investment bank ?
Tips to join M&A from non-banking background
Recently I spoke at the panel regarding to China and a particular sector that I received a rather positive feedback, the partner of a boutique I-bank/ M&A advisory specializing in that sector I am familiar with approached me for a meeting. I plan to pitch myself as a perfect candidate to work for...
M&A Terms - need easy explanation
Can someone advise me the basic definitions of the following M&A terms? I don’t really understand. - A hostile bid. Is that the same as a takeover bid where management/shareholders are not supportive of the deal but the acquirer still wants to buy the rest of the company? Does it relate to...
Stamford Partners
Anyone here familiar with Stamford Partners? I know they are a M&A boutique in London focussing on Consumer with a pretty impressive deal flow. Any knowledge of name value, culture etc? Thanks!
Taubman leaves Morgan Stanley
Wow, didn't see this one coming. http://dealbook.nytimes.com/2012/11/05/taubman-to… [quote]Since the financial crisis, Morgan Stanley has been struggling to squeeze more money out of its sales and trading business, which has suffered as the bank has pulled back on taking risk. On Monday, the bank...
M&A Presentation Slides Content
Hi guys, I just started working as an Analyst in M&A , and I'm asked to build some Powerpoint slides of this company that we're going to pitch to potential clients. I'm not too sure what needs to be put on the slides. Can you please shed some light? I did research this forum, and most of the replies...
M&A and RESTRUCTURING as an Analyst
So I know a few "elite boutiques" have a generalist model where analysts can get staffed on both M&A or Restructuring deals, but is that common in the MM space? How would that experience look coming out of an Middle Market firm? I think I want to stay involved with advisory work, but have an...
Pitching a sell-side M&A deal
How does the pitching process in a sell-side M&A deal work? Most CEOs/CFOs/Chairmen envision building an empire and becoming even more entrenched, not selling and losing their job. Do banks wait for initial interest from companies that indicate they may be interested in selling? Just trying to get a...
Why does a Low EV/EBITDA Multiple Make a Good Acquisition Target?
Read that EV / EBITDA multiple = good acquisition candidate...but why is this? What makes high EV / EBITDA not a good candidate? And in general, is a company with a smaller ev / ebitda inferior or superior to rival company with higher ev /ebitda? Thanks you What is EV /EBITDA? Enterprise Value /...
What are some common acronyms used on WSO?
If you are confused by all the lingo getting thrown around Wall Street and the WSO forums, you've come to the right place. We know it can be confusing but don't worry, we are here to help! Below you will find a comprehensive list of finance acronyms for words and phrases in finance. This is a great...
Mercer M&A Consulting vs BB Product Control
Very close to get an offer from Mercer in their M&A consulting practice. Although it sounds cool, the HR element of the firm kind of worries me (as it may pigeon-hole me?) Want your opinions in regards to which is better assuming salaries are similar (base 90k USD - I am an experienced candidate)....
big 4 salaries
Anyone know the salaries at firms like PwC , E&Y, for their M&A / corporate finance positions?
Lazard writing test
Hi everyone! I have a writing test at Lazard coming up in 2 days. I have to write a company profile in 3 hours, I will be given a laptop and Internet access. Kindly tell me what are the key points they will be looking out for! If anyone has been through the same test, i would appreciate it if you...
IB Summer Associate @ BB, Emerging Market -> NYC?
Hi all, I just started a summer associate internship at a BB (read GS , JPM , MS) in an emerging market country (middle east- read tel aviv, riyadh, doha, dubai) in investment banking- all is great so far and looks like I will be able to bag a full time offer. The thing is, I'm planning to stay in...
Jefferies HC vs. M&A
Anyone have experience working with either of these groups? We rotate, so I just wanted to get a feel for which one of these groups would best position me for solid exit opps.
GS ECM vs Elite Boutique?
Hey Would chose either GS ECM or an elite boutique (M&A). Long term goal is B-school and then private equity / venture capital . Thanks
Thought Some of You Guys Would Drool Over This Job
The role: Financial Analyst, Mergers and Acquisitions As the Finance Analyst, Mergers and Acquisitions you will support the financial due diligence and accounting efforts as well as assist with the integration for our acquisitions and strategic investments. You gain experience, responsibility and...
What do FIG bankers do?
Reaching out to an FIG banker at a BB . If a "why FIG?" question is asked would it be intelligent to answer by saying something along the following lines: "FIG is a group that has good deal flow most of the times. In bear markets ==> restructuring, and in bull markets ==> new products, IPOs etc....
Virtual Internships?
Hi, I'm a high school senior and I recently applied for an M&A internship...however, it's a virtual internship. I have no idea...is this legit? I've had virtual internships before but have never heard of a virtual finance internship before.
The Rainmakers Behind The Top 10 M&A Fees in 2011
I recently came across an article in the January 2012 issue of Institutional Investor that had in depth profiles of 2011's top deal fees and their driving forces. Unfortunately, I can't reproduce the article, but think it's still incredibly valuable to share the list. I think that too often a lot of...
M&A / LBO models from scratch
Hello everyone, I have been working for almost a year now in IB . Several of my peers are interviewing for PE / HF / VC etc. I am not. Frankly, my modeling skills are nowhere near where they would need to be for me to enter this process. We use a standard model for everything. It is very complicated...
2 Offers to choose from: Need Help!
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M&A - Longer work than other industries
I am interning at the moment. I thought, that M&A is tough becase of working longer than any other industries. But I find that M&A is not challanging and not excited. Are there any trainees, who think that way?
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