Mergers & Acquisitions
Overview
Macquarie Capital’s Mergers and Acquisitions (M&A) team combines structuring, valuation, tactical and execution expertise with the industry sector specialization, equity and debt financing capabilities and global relationships of the broader firm.
Our team of global professionals delivers the highest quality advice, including fairness opinions, in relation to acquisitions, divestitures, business combinations and public market takeovers – both domestic and cross-border. Our team’s expertise also includes hostile, defense and going private transactions. In the energy sector, our service offering includes the specialty acquisitions and divestitures capability provided by Macquarie Tristone.
Our dedicated senior execution team has extensive experience in structuring customized sell-side processes, tailoring each process to maximize competitive tension and shareholder value while minimizing business disruption and management distraction. The breadth of our operations creates a unique ability to tap potential buyer universes globally, both strategic/corporate and financial sponsor. Our strong relationships with these potential buyers and our understanding of their individual priorities and constraints enable us to refine and prioritize potential buyer lists, and to seek out the highest probability buyers early.
Our M&A experts form a seamless team with our colleagues who specialize along sector lines, providing us with a deep understanding of our clients’ businesses, and the issues and challenges they face. We can also leverage the capabilities of the broader Macquarie Capital team, including our equity, debt and private capital markets and principal investment teams, in order to drive maximum shareholder value via a comprehensive review of capital and strategic alternatives.
In 2010, Macquarie Capital advised on M&A transactions worth $US76 billion globally.
Key transactions
| Year | Description | Transaction Value |
|---|---|---|
| Local | ||
| 2012 | Financial advisor to Encompass Digital Media on the sale to Court Square Capital Partners | Undisclosed |
| 2011 | Financial advisor to The Doctors Company on the acquisition of FPIC Insurance Group, Inc. | $US350m |
| 2011 | Financial advisor to Zenith Administrators Inc. on the sale to HealthPlan Holdings | Undisclosed |
| 2011 | Financial advisor to Dial Global on its merger with Westwood One | Undisclosed |
| 2011 | Financial advisor to Apollo Management on the acquisition of CKX Inc. | $US509m |
| 2011 | Financial advisor to Townsquare Media, Inc. on the acquisition of Millennium Radio Holdings, LLC | Undisclosed |
| 2011 | Financial advisor to Sonoco Products Company on the acquisition of Tegrant Corporation from Metalmark Capital | $US550m |
| 2011 | Equity investor, M&A advisor and joint bookrunner on the consortium acquisition and debt financing for Dynacast International LLC | $US607m |
| 2011 | Financial advisor to Puerto Rico Public-Private Partnerships Authority and Puerto Rico Highways and Transportation Authority on the 40-year Concession Agreement for the PR-22 & PR-5 toll highways | $US1.1bn |
| 2011 | Financial advisor to DUET Group on the sale of its interest in DQE Holdings LLC | $US360m |
| 2011 | Financial advisor to Lario Oil & Gas on the sale of Central Kansas Uplift Oil Properties | Undisclosed |
| 2011 | Exclusive financial advisor to CoreLogic in its acquisition of RP Data | $A305m |
| 2011 | Advisor to Neucel Specialty Cellulose, Ltd. on its sale to Zhejiang Fulida Ltd., a fiber-related subsidiary of Hangzhou Bay, China-based Fulida Holdings Group | Undisclosed |
| 2010 | Financial advisor to Easternwell Group, a leading Australian well services and well construction business, focused on the mining, oil and gas and infrastructure sectors, on the sale to Transfield Services | $US575m |
| 2010 | Exclusive financial advisor to Ryder System, Inc on the acquisition of Total Logistic Control from SUPERVALU, Inc. | $US200m |
| 2010 | Exclusive financial advisor to CoreLogic on its sale of its Employer Services and Litigation Support business, First Advantage, to Symphony Technology Group | $US265m |
| 2010 | Exclusive financial advisor to Macquarie Infrastructure Partners II on its acquisition of two landfill gas-to-energy generation facilities from Ridgewood Renewable Power LLC | Undisclosed |
| 2010 | Advisor to Alloy on the sale of Alloy, Inc. to ZelnickMedia | $US127m |
| 2010 | Advisor to American Physicians Service Group, Inc. on its sale to ProAssurance Corporation | $US233m |
| 2010 | Sellside advisor to The Anspach Effort, Inc. in its sale to Synthes, Inc. | Undisclosed |
| 2010 | Advisor to The Doctors Company on the acquisition of American Physicians Capital, Inc. | $US396m |
| 2010 | Lead financial advisor to GENCO Distribution System, on its acquisition of ATC Technology Corp | $US513m |
| 2010 | Financial advisor to JP Morgan Asset Management and Water Asset Management on the acquisition of SouthWest Water Co. | $US443m |
| 2010 | Financial advisor to London-based Cooper Gay (Holdings) Ltd in its combination with Atlanta-based Swett & Crawford Group Inc. to create a independent broker | Undisclosed |
| 2010 | Advisor to Fox River Execution Technology, LLC on its sale to SunGard | Undisclosed |
| 2010 | Financial advisor to UniGroup, Inc. on the sale of its moving and storage insurance subsidiary, Vanliner Insurance Company, to National Interstate Corp. | Undisclosed |
| 2010 | Financial advisor to Koch Financial Corporation on the sale of its municipal leasing business to BankUnited, Inc. | Undisclosed |
| Global | ||
| 2010 | Defense advisor to AXA Asia Pacific Holdings in relation to the proposals received from AXA/AMP and the National Australia Bank | $A14.5bn |
| 2010 | Advisor to Lihir Gold on its merger with Newcrest Mining, creating the Asia-Pacific’s largest gold company | $A24.5bn |
| 2010 | Advisor to the Goodman Group-led consortium of pension / sovereign wealth funds in relation to the privatization of ING Industrial Fund | $A2.6bn |
| 2010 | Lead financial advisor, lead debt arranger and debt lender to The Carlyle Group and TPG Capital in their acquisition of leading Australian private healthcare provider Healthscope Limited | $A2.7bn |
| 2010 | Defense advisor to Fortis Healthcare, the India-based operator of hospitals and healthcare facilities, in response to Khazanah Nasional Berhad's announced offer to gain 51% control of Parkway Holdings | $S1.1bn |
| 2009 | Advisor to Viterra on its acquisition of ABB Grain, and underwriter of its associated $A511 million equity raising | $A2.2bn |
| 2009 | Advisor to Canada-based Eldorado Gold on its all-scrip cross-border acquisition of Sino Gold Mining | $C2.4bn |
| 2009 | Advisor to Goodman Group on its recapitalization, including $A6.1bn debt restructuring, $A1.3bn equity raising, $A500m hybrid securities issue and $A300m China real estate joint venture | $A8.2bn |
| 2009 | Advisor, sponsor, debt arranger and underwriter to a Macquarie Infrastructure Partners-led consortium on the acquisition of Puget Sound Energy, Washington State’s largest regulated energy utility | $US7.4bn |
| 2009 | Advisor and debt arranger to the Lion Power consortium on its acquisition of Singapore’s largest power generation company, Senoko Power, and subsequent $S2.35bn senior debt refinancing | $S5.1bn |
| 2009 | Advisor to Macquarie CountryWide Trust on the sale of its joint venture interest with Regency Centres, a US portfolio of 86 shopping centers to Global Retail Investors LLC | $US1.3bn |
| 2008 | Sole Australian defense advisor to Rio Tinto on the pre-conditional offer received from BHP Billiton | $US189.0bn |
| 2008 | Advisor to Origin Energy on its defense of BG Group’s takeover offer and formation of JV with ConocoPhilips of up to $A11bn | $A17.0bn |
| 2007 | Advisor to Wesfarmers on its acquisition of Coles Group, at the time the largest M&A deal in Australian history | $A20bn |
| 2007 | Advisor and debt and equity arranger to Arqiva on its acquisition of National Grid Wireless | £2.5bn |
| 2007 | Advisor and debt and equity arranger to a Macquarie-led consortium on the acquisition of Duquesne Light Holdings, a US electric transmission and distribution utility company | $US3.2bn |
| 2007 | Advisor and debt and equity arranger to a Macquarie-led consortium on the acquisition of Thames Water Holdings, the largest water and waste water services company in the UK | £8.0bn |
| 2005 | Arranged and led a consortium which acquired Dyno Nobel Holding ASA and entered into a separate agreement to on-sell certain assets to Orica Limited, who was prevented from acquiring 100% of Dyno Nobel for regulatory reasons. As part of the transaction, Macquarie took a 20% principal position in Dyno Nobel for approximately 6 months | $US1.7bn |