它仍然被认为是LBOif a public corporate acquires another corporate (private) using 100% debt? I know the termLBOis typically used in the context of a sponsor using a significant amount of leverage to acquire a company, but wasn't sure ifLBOcould also just be used as a highly leveraged transaction, sponsor or no sponsor present.
What are your thoughts?
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Comments (12)
No, that is只是合并financed with debt. I get the confusion -LBOsare acquisitions at the end of the day. But keep in mind a few things that distinguishLBOsfrom other acquisitions:
1. InLBOsthe buyer is (usually) a bankruptcy remoteLLC外壳代替实际业务。这意味着所有TXN债务均由目标自己的资产确保，并且购买会计调整是基于目标的独立balance sheet。This is different than a traditional merger, where you are combining two separate businesses
2.LBOthe buyerintends to exit the investment after ~5 years and uses股权回报分析的主要形式（要么IRRor MOIC). No synergies are expected (though the sponsor might assume higher margins based on how it plans to run the business).
在传统合并中，一家上市公司根据对独立的影响分析其回报每股收益(ie,accretion dilutionanalysis). This is aGAAP based analysisthat typically includes synergies and various merger related accounting charges. Obviously cash flows are much less relevant here than for anLBOwhere accounting earnings are irrelevant
Tl;dr - public co mergers andLBOshave basic structural differences and use different kinds of analysis
Thanks for your input, Draymond. So if I worked on a transaction like this (where we were putting together part of the financing), would it be correct to list something like "$Arranged xxxMM credit facility for an Industrial Co'sM&A主要竞争对手？
另外，如果我们从技术上讲我们没有左手，而是像联合主持人（右），那么说“安排”是否合适？
您可以说“布置”。我会改写您的简历线说：
"Arranged $__MM credit facility in connection withbuyer收购目标"
"M&A" isn't a verb after all
Deleting this comment because I'm an idiot
似乎是意见的不同。我只想知道我在做一个工作是否准确LBO（将部分融资放在我的简历上，而不是在面试中听起来很愚蠢
。。
Dude... you didn't work on anLBO。阅读您问的问题的答案。
Wow OK I'm gonna make this very clear and simple:
上市公司获得任何公司和公众仍,M&A (NEVER LBO). Crown acquiring Signode below. The 2 companies have combined revenues and increased scale. (PUBLIC COMPANY GOING FWD, no matter what happened prior).LBOis a sponsor buying a company. (PRIVATE COMPANY- Pro Forma, no matter what happened prior. ) Also want to clarify minformation @ $0 synergies comment forLBO。Quite the contrary. They'll often add value and use their industry expertise to drive growth, reduce costs, expand to new markets, and acquire and integrate acquisitions using their proprietary data. Totalprojectcost savings from platform integration Operations: $20m Process transformation and automation 30% reduction in premises footprint Back office consolidation（风险，合规性和运营）风险平台：1500万美元欺诈好 /不良利率提高信贷损失提高数字钱包资金增强银行作为一项服务：$ 200M降低费用（收购，APM，FX）结束未使用的帐户银行关系合并合并到专有获得许可证
最后 - 交易经验的示例。采访我的PPL总是能够使用以下情况，使用较少的单词和混乱
Transaction Experience • Bumble (Blackstone) | $200MM Revolver / 1.0B Term Loan |LBO（左铅）•皇冠持有（标志）|$ 2.0定期贷款b |并购（联合铅）[或说右铅]
Increase inefficiencies? Typo?
Of the three "synergies" you listed, only the last one is close to an actual synergy.
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