Homepage / Investment / Buyouts are rising to the highest level since before the financial crisis
Базовые правила и условия игры в kazino online на настоящие деньги Ana amaç çevrimiçi kumarhane 7slots: önemli avantajlar ve kategoriler Как начать игру в казино онлайн на настоящие деньги 1win Apk: Um Melhor Aplicativo Pra Jogos De Cassino Aqui No Brasil” 1win Apk: Um Melhor Aplicativo Pra Jogos De Cassino Aqui No Brasil” Mostbet Azerbaycan Rəsmi Casino Giriş Və Qeydiyyat Mostbet A Миссди Ххк Cassino Online Operating System Melhores Jogos At The Bônu 1win Mali Site Officiel des Paris Sportifs et Casino Inscription 1xbet Aviator How To Play The Aviartor Game On 1xbet In Nigeri прохода 1win Официальный Сайт Букмекерской Конторы же Казино 1ви Скачать Пин Ап Казино%3A Мобильное Приложение Pin Up Be Laurence Escalantes online casino empire feels heat of US lawsuits 1xbet Paid For Over $836, 000 To A Player From Africa Казино Покердом Играть Онлайн Бесплатно%2C официальный Сайт%2C Скачать Клиен Бесплатные Игры Казино Слоты И Игровые Автомат “казино Pin Up%3A находимся Вместе К вожделенной Мечте Ücretsiz Slot Oyunları Silvergames’te Çevrimiçi Oynayın Mostbet Bookie: Legjobb Szorzók És Élő Fogadási Élmény Online Mostbet Login To Your Online Casino Personal Account In Bangladesh! Top 10 Best Online Gambling Dens In 2024 Tested & Approve Powerful casino tactics in 2024: 7 vital methods for athletes Guide to Online Casinos in Canada “Online Kumarhane Oyna Çevrimiçi Kumarhane Nolimitwa Legalzoom Hisse Geri Alım Programını 75 Milyon Dolar Artırdı Yazar Investing Co Как играть в симуляторы в онлайн-казино Вавада Игровые Автоматы Демо Играть Бесплатно нет Регистраци Glory Casino: Top Online Casino Video Games In Banglades Рейтинг Надежных Онлайн Казино Лучшие Топ Клубы Росси Fortune Tiger Slot Review: Análise E Como Joga 1win Au Bénin: Une Revue Complète De La Plateforme De Paris En Lign Sledování Titulu Casino Suprême: Kde Sledovat What is a Data Room? Как Стать Стримером Казино%3F Что для Этого Нужно%3 Best Game Software How to Design Engaging and Effective Educational Events Winline Делает Разницу! Букмекерская Контора Winline Онлайн Ставки На Спорт Making Corporate Travel Arrangements Business Virtual Data Room Stock Market Tips For Beginners What to Look for in a VDR Provider Why You Need a Secure Data Room Learning in the Digital Age How to Apply For Business Loans VDR and Document Management Performance Management and HR Outsourcing Modern Business Integration How to Choose the Right Board Portal Software for Your Company How to Choose a Data Storage Room Why Startups Use a Data Room for Investors The Best Web Tools for Designers Use Cases For Using VDR Documents Subsidy Programs and Financing Innovative Technologies for Audit What Is Real Estate Management? Investment and Funds Inspiring Teaching Books What Are the Benefits of a Virtual Data Room? Startups and Business Ideas How to Improve Virtual Board Communication The Lego Company History Investing in the Biotech Industry Financial Startup Basics Jogue Por Dinheiro Actual Em Cassino Onlin Virtual Communication Methods for Remote Leaders How to Choose the Best VDR Providers How Successful Online Businesses Succeed How Business Experts Fuel Innovation and Create Competitive Edge The IT World and Business Deal Making Software and How it Can Help Your Business Virtual Data Room Software Types of Steel Materials and Their Uses Board of Directors Software Bonver Casino Cz Hrací Automaty S Bonusem Zdarm Magazyn Żużel Speedway W Polsce I Na Świeci What Is Logistics School? What Is the VDR for Acquisition? The Best Data Room Apps For Startups Best Practices for Creating an Effective Board Meeting Agenda How to Choose the Best Shareholders Online Platforms Ostdeutsche Biersorten Getting a Construction Management Degree How to Select an Online Data Room Provider Start Your Blog Without Investment What to Look for in a Board Room Provider Data Room Comparison – Which Data Room Is Right For Your Business? Zakłady Sportowe Online Autógrafo Bukmacherska 1xbe “Pin-up O Melhor Cassino Do Brasil Web Site Oficial ᐈ Jogar Caça-níquei Rotating Events in Our Time How to Choose the Best Business Software Choosing an Online Payment Processor Due Diligence Software Virtual Data Room Providers for M&A Due Diligence The Best Online Data Room Benefits of a Due Diligence Data Room Best Practices for Data Rooms Types of Corporate Governance What Is Virtual Data Storage? Benefits of Document Distribution Software The Benefits of a Data Room for Startups Effective Project Management Requires a Mix of Technical and People Skills

Investment

Buyouts are rising to the highest level since before the financial crisis

Private equity buyouts have enjoyed the strongest start to a year since before the financial crisis as fund managers have come under intense pressure from investors to deploy some of the record amount of capital they hold.

The volume of deals involving private equity firms climbed 29 per cent to $143.7bn in the first half of the year, the highest level since 2007, according to data from Thomson Reuters.

The sector accounted for 9 per cent of overall mergers and acquisitions activity, which reached $1.55tn.

Receive 4 weeks of unlimited digital access to the Financial Times for just $1.

The pick-up in dealmaking reflects an environment where private equity firms face fierce competition for assets among themselves, as well as from corporate buyers and large institutional investors.

At the same time, money continues to flood into the sector. Apollo Global Management recently raised the largest ever pure buyout fund with $23.5bn in commitments, while CVC Capital Partners hauled in €16bn from investors.

The huge sums have increased the pressure from investors for private equity firms to put the money to work. But some industry insiders and analysts are now warning about the ever higher prices that groups are paying to seal deals, adding to the challenge of generating big returns.

“Private equity groups are paying full prices for the assets and it is very much a seller’s market,” said Adrian Maguire, who leads the private equity team at law firm Freshfields Bruckhaus Deringer.

For instance, Bain Capital and Cinven beat competition from Advent International and Permira to strike a €4.1bn deal to buy German generic drugmaker Stada — a 49 per cent premium to the company’s undisturbed price. However, the deal, which would have been Europe’s largest buyout in four years, collapsed this week after the duo failed to secure sufficient acceptances for their offer.

In Europe, buyouts reached $39.7bn in the first half of this year, a 29 per cent increase from the same time a year ago and the highest level since 2014.

US private equity volumes reached $78.3bn in the period, a 43 per cent increase from last year and the most since 2013. The largest deal so far this year to take a company private was struck by JAB, the investment company backed by Germany’s billionaire Reimann family, which agreed to pay $7.5bn to acquire US bakery and sandwich chain Panera Bread.

Investors have been flocking to the private equity sector as they search for higher returns in a generally low yielding market. “Public markets are incredibly expensive. The private equity asset class offers target returns of 15 per cent to 20 per cent and so it makes it an incredibly attractive place to invest,” said Rob Pulford, head of financial sponsors for Europe, the Middle East and Africa at Goldman Sachs.

The high valuations for assets have also led private equity buyers to enter more complex transactions in which they extracted specific “unloved” units from corporations, according to Anthony Diamandakis, global co-head of global asset managers at Citigroup.

Recent high-profile disposals by large corporations include French energy group Engie’s $3.9bn sale of its oil and gas division to a vehicle set up by Carlyle and CVC.

Mr Diamandakis said some firms prefer such transactions because the companies generally have not previously been through private equity hands, making it easier for the new owners to “drive efficiencies” aimed at improving operating and profit margins.

More from the Financial Times:

Merkel throws down gauntlet to Trump on trade and climate change
Five markets charts that matter for investors
Inside the weird world of remote personal assistants

Source: Investment Cnbc
Buyouts are rising to the highest level since before the financial crisis

Comments are closed.