Jeffrey's Feed
Sep 2, 2015
via Breakingviews

Buyout barons like the sound of a blank check

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The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Buyout barons are jumping on the blank-check bandwagon. David Bonderman’s TPG and Alec Gores’ eponymous firm are the latest shops to pursue initial public offerings for so-called special-purpose acquisition companies, or SPACs. Not all dealmaking nous is necessarily the same, however.

Sep 2, 2015
via Breakingviews

Buyout barons like the sound of a blank check

Photo

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Buyout barons are jumping on the blank-check bandwagon. David Bonderman’s TPG and Alec Gores’ eponymous firm are the latest shops to pursue initial public offerings for so-called special-purpose acquisition companies, or SPACs. Not all dealmaking nous is necessarily the same, however.

Aug 24, 2015
via Breakingviews

Southern’s $12 bln deal could find true north

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The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Southern’s acquisition of AGL Resources could yet find its true north. The power producer is buying its crosstown Atlanta rival for $12 billion, including debt. Although the premium looks rich for the utility sector, there is at least a chance the price can be justified.

Aug 11, 2015
via Breakingviews

Symantec’s Veritas sale tells truth about tech M&A

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The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Symantec is revealing the truth about tech M&A. Offloading its data storage and recovery business Veritas for $8 billion to buyout firm Carlyle and Singapore’s GIC ends a decade-long disaster of a deal. Like Hewlett-Packard, Microsoft and others, Symantec discovered it can be harder to buy than build. The resulting carve-ups and writedowns, though, have a tendency to perpetuate the problem.

Aug 11, 2015
via Breakingviews

Symantec’s Veritas sale tells truth about tech M&A

Photo

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Symantec is revealing the truth about tech M&A. Offloading its data storage and recovery business Veritas for $8 billion to buyout firm Carlyle and Singapore’s GIC ends a decade-long disaster of a deal. Like Hewlett-Packard, Microsoft and others, Symantec discovered it can be harder to buy than build. The resulting carve-ups and writedowns, though, have a tendency to perpetuate the problem.

Aug 11, 2015
via Breakingviews

Google learns ABCs of conglomerate life

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The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Google is learning the ABCs of conglomerate life. The $444 billion web-search goliath is separating its driverless cars, balloon-powered internet, biotech ventures and the like from its main ad businesses under a new Berkshire Hathaway-like structure called Alphabet. The move suggests Google recognizes how its sprawl has spelled trouble.

Aug 11, 2015
via Breakingviews

Google learns ABCs of conglomerate life

Photo

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Google is learning the ABCs of conglomerate life. The $444 billion web-search goliath is separating its driverless cars, balloon-powered internet, biotech ventures and the like from its main ad businesses under a new Berkshire Hathaway-like structure called Alphabet. The move suggests Google recognizes how its sprawl has spelled trouble.

Jul 1, 2015
via Breakingviews

ACE aims to defy history with $28 bln Chubb deal

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The author is a Reuters Breakingviews columnist. The opinions expressed are his own. 

ACE has set itself the task of overcoming the ghosts of past insurance M&A deals. The Zurich-based property and casualty insurer is buying U.S. rival Chubb for $28.3 billion in cash and stock. Prospective savings won’t cover the premium being paid, implying that ACE believes strongly in the revenue gains it is promising. They don’t always materialize as planned.

Jun 22, 2015
via Breakingviews

Mega-rejections signal M&A’s Taylor Swift moment

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The author is a Reuters Breakingviews columnist. The opinions expressed are his own. 

M&A is having its Taylor Swift moment. U.S. health insurer Cigna on Sunday brushed off a $54 billion merger proposal from rival Anthem just as pipeline operator Williams was doing the same to a $53 billion approach from Energy Transfer Equity. All the while, the 25-year-old pop idol renowned for her songs of relationship angst forced Apple to pay up for music. In a seller’s market like this, love isn’t usually unrequited for long.

Jun 22, 2015
via Breakingviews

Mega-rejections signal M&A’s Taylor Swift moment

Photo

The author is a Reuters Breakingviews columnist. The opinions expressed are his own. 

M&A is having its Taylor Swift moment. U.S. health insurer Cigna on Sunday brushed off a $54 billion merger proposal from rival Anthem just as pipeline operator Williams was doing the same to a $53 billion approach from Energy Transfer Equity. All the while, the 25-year-old pop idol renowned for her songs of relationship angst forced Apple to pay up for music. In a seller’s market like this, love isn’t usually unrequited for long.