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- First Step to Final Offer (03/12/24)
First Step to Final Offer (03/12/24)
Brooks Gammill
March 12, 2024
Your weekly round-up of an M&A deal walkthrough, insightful market news summaries, technical quiz questions, and various internship, events, and diversity programs. A key resource to best prepare yourself for finance recruiting. If someone sent you the newsletter subscribe below!
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MARKET NEWS
US bond funds attract biggest weekly inflow since mid-2021 on rate cut hopes (Reuters)
During the week ending March 6, U.S. bond funds experienced their largest inflow since June 2021, reaching $10.54 billion, fueled by weaker manufacturing data and dovish remarks from Federal Reserve officials, suggesting potential interest rate cuts. Concurrently, U.S. equity funds saw a second consecutive week of inflows, totaling approximately $1.2 billion, while money market funds accumulated $13.44 billion, significantly less than the previous week's inflow of $42.55 billion.
Aramco hikes dividend 30% to $98 billion despite drop in profit (Reuters)
Aramco's 2023 net profit fell by 24.7% to $121.3 billion due to lower oil prices and volumes, yet it declared its second-highest profit on record. Dividends rose by 30%, while plans to focus on upstream investments, particularly in gas, were announced to diversify revenue sources.
Sam Altman rejoins OpenAI board of directors as investigation into his ouster comes to a close (CNBC)
OpenAI announces the conclusion of an internal investigation and the rejoining of Sam Altman to its board of directors, alongside three new board members: Dr. Sue Desmond-Hellmann, Nicole Seligman, and Fidji Simo. The investigation revealed a breakdown of trust between the prior board and Altman, prompting his ouster in November, which caused upheaval within the company, including resignations and uproar from investors like Microsoft, which has since obtained a nonvoting board observer position.
M&A DEAL OVERVIEW
Alcon Acquires Aerie Pharmaceuticals For ~$930mm
Alcon has successfully completed its acquisition of Aerie Pharmaceuticals, Inc., expanding its presence in the ophthalmic pharmaceutical market and gaining access to Aerie's commercial products and development pipeline, including Rocklatan and Rhopressa. The transaction, funded by debt and totaling approximately $930 million, reflects Alcon's strategic commitment to strengthening its portfolio and leveraging its commercial capabilities for further growth.
TECHNICAL QUESTION OF THE WEEK:
Generally, what is a way of increasing IRR in a LBO, all else equal? |
ADDITIONAL RESOURCES
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANWSER:
Correct Answer - Levered Beta, cost of debt, FCF
AUTHOR
Written by Beckett Kreter