Q3 2020 Canadian M&A Roundup

Mergers & Acquisitions

by Jacob - January 8, 2021January 9, 20210

North American Overview In the third quarter of 2020, North American M&A activity experienced its largest increase since the start of the COVID-19 pandemic as companies looked to the middle market to complete transactions. Certain sectors engaged in M&A activity to take advantage of struggling businesses while other sectors participated in

Guide to Distressed M&A

by Matt - December 11, 2020December 11, 20200

Distressed M&A differs from mergers & acquisitions under normal circumstances as time is of the essence in a bankruptcy or distressed situation and numerous dynamics are at play. Investment banks with prominent financial restructuring practices are well versed with distressed M&A situations. Distressed M&A takes place on a tight schedule versus

What is a SPAC – Special Purpose Acquisition Company or Blank Cheque Company

Equity Capital Markets

by Matt - December 6, 2020December 6, 20200

My friend Tim Tim just asked me a very popular question in the investing world (and accordingly the investment banking world) – What is a SPAC? SPAC issuance has previously been somewhat of a fad – a few major ones and then radio silence and then a few major ones again.

Elite Boutique Investment Banks Versus Bulge Bracket Investment Banks

Investment Banking

by Matt - December 5, 20200

Who are the Elite Boutique Investment Banks? The main Elite Boutique Investment Banks are Rothschild, Evercore, Moelis, Lazard, PJT Partners, Centerview, Greenhill, Perella Weinberg, and Guggenheim. These firms have wide reaching platforms with many senior bankers and offer advisory services globally. There are also regional or industry specific elite boutique investment banks which offer

Q2 2020 Canadian M&A Roundup

Mergers & Acquisitions

by Rares - July 27, 2020January 8, 20210

As the COVID-19 pandemic continues to impact global markets, some firms are looking at an opportune time to buy distressed firms. Whether that be those that are unable to pay their large fixed costs or those suffering from a large drop in demand, many troubled firms will soon be bought

Q2 2020 US M&A Roundup

Mergers & Acquisitions

by Richie - July 16, 2020January 8, 20210

In Q2 2020, global M&A activity fell to levels that rivaled the aftermath of the great financial crisis hitting just $439 billion. On a YoY basis, American M&A activity took the biggest hit with aggregate deal value totalling only $258 billion. This was a decline of 69% from Q2 2019

Q1 2020 Canadian M&A Roundup

Mergers & Acquisitions

by Rares - June 23, 2020January 8, 20210

As the COVID-19 pandemic swept across the world in Q1 2020, volatility in the markets increased, which affected M&A deal flows. While the beginning of Q1 was relatively normal, the tail end of the quarter saw shutdowns across the world. The impact of these shutdowns will likely not be fully

Introduction to Fairness Opinions

Investment Banking

by Chayten Hansra - June 15, 20200

What is a fairness opinion? A fairness opinion evaluates the financial fairness of the price an acquirer is offering a target during a transaction seeking to take control of the target (acquisition, takeover, merger, etc.). [i] A fairness opinion may also be used when a public company is divesting one of

Investment Banking Fee Study

Investment Banking

by Matt - May 26, 20200

Fee Event Dramatization MegaBank A is approached by a client to help them advise on a purchase of their competitor funded by a mix of debt and externally issued equity. My god, this will be a $50 billion dollar deal. 10 basis points means a $50 million dollar fee! – Coverage/M&A banker They

Canada M&A Roundup Q4 2019

Mergers & Acquisitions

by Kirill - January 31, 2020January 9, 20210

Contribution from Kirill Sukhikh, Edited by Vlad Kovalenko Canadian M&A market in the fourth quarter has seen a decrease in aggregate deal value by $8.8B comparing to the previous quarter. 677 deals valued at $69.8B were announced over the third quarter. Consumer Cyclical sector accounted for $17.27B, Financial sector for $16.24B