What’s going on? 2021 is on track to become a record-breaking year for M&A, with plenty of companies reporting double or triple-digit % increases in the # of deals they’re striking vs last year. What does this mean? $4 trillion worth of deals have taken place since the start of 2021, more than twice this time…
Tag: M&A
Journal Report 33: Finance career map (in Vietnam) summary
Since my junior year, I have been asking myself (and been asked) a lot about what I shall do in the finance world. To a majority of local students I’ve met, finance involves numbers, and that’s it. The picture gradually became clearer as I had the chance to talk to more senior people and experienced…
Journal Report 32: ThaiBev – Sabeco acquisition (4): Divestment strategy
The analysis of this deal includes 4 parts: (1) Legal structure, (2) Capital structure, (3) Sabeco valuation, and (4) Divestment strategy Sabeco’s perfomance 3 years after the transaction Revenue Sabeco’s revenue increased by 5.1% in 2018 and 5.4% in 2019, but there was a sharp decline of 26.2% in 2020. This decrease largely came from:…
Journal Report 31: ThaiBev – Sabeco acquisition (3): Sabeco valuation
The analysis of this deal includes 4 parts: (1) Legal structure, (2) Capital structure, (3) Sabeco valuation, and (4) Divestment strategy About ThaiBev Business overview In FY17, ThaiBev’s consolidated financial results are as below: Revenue: ฿189,997b, ~ US$6.2b; Net profit: ฿22,799b, ~ US$746m; EBITDA: ฿32,675b, ~ US$1x. ThaiBev has four main business lines: (1) Spirits,…
Journal Report 30: ThaiBev – Sabeco acquisition (2): Capital structure
The analysis of this deal includes 4 parts: (1) Legal structure, (2) Capital structure, (3) Sabeco valuation, and (4) Divestment strategy Capital sources overview With a size of US$4.8b, the biggest M&A deal ever in Vietnam was funded by 5 loans from 5 Thai banks; ThaiBev also facilitated for Beerco to borrow US$1.95b from 2…
Journal Report 29: ThaiBev – Sabeco acquisition (1): Legal structure
The analysis of this deal includes 4 parts: (1) Legal structure, (2) Capital structure, (3) Sabeco valuation, and (4) Divestment strategy Transaction overview Indirect acquirer: ThaiBev – Thailand’s largest and one of SEA’s largest beverage companies Direct Acquirer: VietBev – founded in 2017 – the year the deal takes place Acquiree: Sabeco – a leading…
Ep 150: Fintech M&A with Square and Afterpay
What’s going on? Square (US payments giant) announced their plan to buy Afterpay (Australian fintech) for $29bn. What does this mean? Afterpay Afterpay is a buy-now-pay-later company that lets customers spread the cost of an online purchase over a period of time. If customers make payments on time, they don’t have to pay interests on…
Journal Report 24: Just Eat Takeaway – Grubhub acquisition
This was written by Hoang Minh – Cambridge Econ Student and me Just Eat Takeaway (JET), a European food delivery service, announced to buy Grubhub for $7.3 billion on June 10, 2020. This deal would allow JET to set a foothold in the United States and create one of the world’s largest meal-delivery companies as…
Ep 114: Spoiled
What’s Going On Here? Chevron and Exxon – the most valuable Western oil producer – reported first-quarter updates that reveal the mess the oil industry’s just stepped in. What Does This Mean? Exxon unexpectedly announced its first quarterly loss in 32 years, while Chevron announced a better-than-expected first quarter. The oil markets have been weighed down lately,…
Journal Report 19: Verizon’s $500 Million Acquisition of BlueJeans
Overview of the deal Acquirer: Verizon Business – a telecommunications giant (2nd place after AT&T) Veriozon is an American telecommunications conglomerate: providing consumer-focused wireless communications services through Verizon Consumer Group offering video & data services & networking & security solutions through Verizon Business Group Basic numbers No. of employees: 135,500 Market cap: $253.94 bil (Dec…
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