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
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