In today’s briefing:
- (Mostly) Asia M&A: September 2022 Roundup
- Edizione & KKR/Atlantia: All Clearances Obtained
(Mostly) Asia M&A: September 2022 Roundup
- For the month of September, 11 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$3bn.
- The average premium for the new deals announced (or first discussed) in September was ~40%, and a year-to-date average of 39%.
- This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.
Edizione & KKR/Atlantia: All Clearances Obtained
- Edizione/Blacktone have obtained clearances from Bank of Italy and Bank of Spain regarding their voluntary takeover offer for Atlantia. Once the Consob approves the prospectus the offer can be launched.
- The offer period should start in October and should be completed after 40 working days, with settlement by the end of November, and delisting by the end of the year.
- Gross spread is 1.13%, 7.06% annualised return assuming settlement by 30 November. Long ATL IM.
Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
Unlock all research summaries