Quentin's Feed
Jun 19, 2013

EQT compromises to get Springer Science sold

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

By Quentin Webb

LONDON, June 19 (Reuters Breakingviews) – EQT has had to
compromise to sell Springer Science+Business Media [SPSBM.UL].
The Swedish buyout firm is offloading the world’s second-largest
academic publisher to rival BC Partners [BCPRT.UL], for a
decent-looking 3.3 billion euros ($4.4 billion). But it has been
a slog. And the final structure implies an enduring gap on
valuation.

Jun 18, 2013

Breakingviews- Vodafone remains best bet for Kabel Deutschland

(Adds Context News)

By Quentin Webb

LONDON, June 18 (Reuters Breakingviews) – The mobile giant
has stronger finances than U.S. challenger Liberty Global. It
would reap more savings from the German cable company and irk
regulators less. But it is Liberty’s last chance to get national
coverage in a vital market. And Vodafone investors may balk at
the price.

Full view will be published shortly.

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CONTEXT NEWS

– Kabel Deutschland has received a preliminary takeover
proposal from John Malone’s Liberty Global. The news came five
days after Kabel Deutschland disclosed a similar approach from
Vodafone Group, the London-listed mobile operator.

Jun 6, 2013
via Breakingviews

Springer Science IPO: subscription needs research

Photo

By Quentin Webb

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

People who want to keep up with “Siberian Advances in Mathematics” and the “American Journal of Potato Research” must pay up for the privilege. Costly journal subscriptions lie behind the success of academic publisher Springer Science+Business Media. But investors should do some serious research before subscribing to what could be a fully priced Frankfurt IPO.

Jun 4, 2013

German double bill could make sense for Vodafone

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

By Quentin Webb

LONDON, June 4 (Reuters Breakingviews) – Vodafone’s (VOD.L: Quote, Profile, Research)
German double-bill could make sense. The British mobile group is
once again eyeing Kabel Deutschland (KD8Gn.DE: Quote, Profile, Research), the Wall Street
Journal says, for a takeover that could top 10 billion euros

May 21, 2013

Breakingviews:Vodafone’s drab results are a sideshow

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

By Quentin Webb

LONDON, May 21 (Reuters Breakingviews) – Vodafone’s (VOD.L: Quote, Profile, Research)
predictably drab results are something of a sideshow. The key
question for investors remains whether Chief Executive Vittorio
Colao can agree a good deal for partner Verizon Communications
(VZ.N: Quote, Profile, Research) to buy Vodafone out of the duo’s U.S. joint venture.

Apr 25, 2013
via Breakingviews

Pressure builds on Vodafone to make U.S. exit

Photo

By Quentin Webb

The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

Pressure is building on Vodafone to make a U.S. exit. The latest in a string of deal stories says partner Verizon Communications has hired advisers for a potential buyout of the duo’s mobile joint venture, Verizon Wireless.

Apr 22, 2013
via Breakingviews

ABB takes a shine to solar

Photo

By Quentin Webb

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

ABB’s contrarian push into solar energy looks smart. The Swiss group is buying Nasdaq-listed Power-One for $1 billion in cash – a fully priced deal, given the solar industry’s current financial misery. But ABB insists Power-One occupies a sweet spot. That sounds plausible, and long term, the deal should add up.

Apr 15, 2013
via Breakingviews

CVC takes opportunistic tilt at Betfair

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By Quentin Webb

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

CVC is taking an opportunistic tilt at Betfair. The buyout giant’s admission that it may make a bid for the UK gambling outfit follows Betfair’s terrible run since flotation. But CVC could struggle to persuade investors to fold their hands at this stage.

Apr 9, 2013
via Breakingviews

Satellite IPO launches risk tolerance into orbit

Photo

By Quentin Webb

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

Intelsat’s initial public offering could be a telling launch for stock markets. The owners want a full valuation despite the satellite operator’s slow growth and stratospheric debt. If investors are ready to buy, it suggests risk tolerance is heading sky-high.

Apr 4, 2013
via Breakingviews

Deal prospects make Vodafone look cheap

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By Quentin Webb and Robert Cyran
The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

Deal prospects make Vodafone look cheap. An optimistic reading of the underlying valuations suggests M&A could deliver shareholders in the London-listed mobile giant perhaps 35 percent more value than they have now. That’s an extra 31.5 billion pounds ($47.6 billion). But unlocking this would entail huge deals and huge headaches to match.

    • About Quentin

      "Quentin Webb is a Reuters Breakingviews columnist, covering mergers and acquisitions, corporate finance and private equity. He is based in London. Before becoming a columnist, he was a news reporter for Reuters, where he was most recently European M&A correspondent. He has also worked as a correspondent in Brussels and as a credit-markets reporter. He joined Reuters in 2003 from Legalease, a legal publisher. He has a first-class degree in psychology from University College London."
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