Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst with experience in fundamental and event-driven research in Frontier and Emerging markets. 

On Smartkarma, I mainly publish insights on index flow events in the Asia-Pacific region. This includes predicting regular and intra-review index changes and estimating upcoming passive flows. I also cover special situations such as mergers & acquisitions, equity offerings, buybacks, and other corporate restructuring events.

Pan-Asia Index Flows & Special Situations

Varian-Siemens Deal: DAX Promotion on the Cards for the Acquirer

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Another large healthcare sector deal less than a week from the last!On 2nd August 2020, medtech giant <a href="https://www.smartkarma.com/entities/siemens-healthineers-ag" target="_blank" data-smartkarma-citation="entities:29221:1" rel="noopener">Siemens Healthineers AG (SHL GR)</a> announced they would acquire US-based medical-devices maker <a href="https://www.smartkarma.com/entities/varian-medical-systems-inc" target="_blank" data-smartkarma-citation="entities:7308:1" rel="noopener">Varian Medical Systems (VAR US)</a> in an all-cash deal that valued the company at ~US$16.4bn. As at the time of announcement, this was the largest healthcare M&amp;A transaction to be announced in 2020. I covered this event in "<a href="https://www.smartkarma.com/insights/varian-siemens-deal-dax-promotion-on-the-cards-for-the-acquirer" target="_blank" data-smartkarma-citation="insights:41857" rel="noopener">Varian-Siemens Deal: DAX Promotion on the Cards for the Acquirer</a>". Just three days later, on 5th August 2020, virtual healthcare powerhouse <a href="https://www.smartkarma.com/entities/teladoc-health-inc" target="_blank" data-smartkarma-citation="entities:14233:1" rel="noopener">Teladoc Health, Inc. (TDOC US)</a> announced they will be acquiring chronic-illness health-tech company <a href="https://www.smartkarma.com/entities/livongo-health-inc" target="_blank" data-smartkarma-citation="entities:28714:1" rel="noopener">Livongo Health Inc (LVGO US)</a> in a cash and scrip deal that valued the company at a market cap of US$15.5bn (going by cash-equivalent numbers based on pre-announcement closing price for Teladoc). With the COVID-19 pandemic forcing consumers to look for substitutes for conventional in-person health care, virtual health care providers have seen demand for their services rise significantly in the last few months, and both stocks have rallied sharply. The Deal will be conditional on receiving Livongo and Teladoc Shareholder Approvals, U.S. antitrust clearance, and meeting other customary closing conditions.The Transaction is expected to close by the end of 2020. As always, there is more below the fold.

Another large healthcare sector deal less than a week from the last!On 2nd August 2020, medtech giant Siemens Healthineers AG (SHL GR) announced they would acquire US-based medical-devices maker Varian Medical Systems (VAR US) in an all-cash deal that valued the company at ~US$16.4bn. As at the time of announcement, this was the largest healthcare M&amp;A transaction to be announced in 2020. I covered this event in "Varian-Siemens Deal: DAX Promotion on the Cards for the Acquirer". Just three days later, on 5th August 2020, virtual healthcare powerhouse Teladoc Health, Inc. (TDOC US) announced they will be acquiring chronic-illness health-tech company Livongo Health Inc (LVGO US) in a cash and scrip deal that valued the company at a market cap of US$15.5bn (going by cash-equivalent numbers based on pre-announcement closing price for Teladoc). With the COVID-19 pandemic forcing consumers to look for substitutes for conventional in-person health care, virtual health care providers have seen demand for their services rise significantly in the last few months, and both stocks have rallied sharply. The Deal will be conditional on receiving Livongo and Teladoc Shareholder Approvals, U.S. antitrust clearance, and meeting other customary closing conditions.The Transaction is expected to close by the end of 2020. As always, there is more below the fold.

Livongo-Teladoc: Virtual Healthcare Giants to Combine