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GLOBAL IPO MARKET OUTLOOK www.datasite.com www.mergermarket.com
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Global IPo Market outlook
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PAGE
02
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Global IPO Market Outlook
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ContentsForeword 3
Methodology 3
Survey Findings 4
Historical Data 14
About Merrill Corporation 16
About Merrill Datasite 17
Merrill Contacts 18
Notes and Contacts 19
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03
Respondents are optimistic that global IPO activity will increase over the course of the year. This increase will be largely driven by activity in the Asia-Pacific and North American regions, as rapid growth in China and economic recovery in the US are cited frequently by respondents as major catalysts for new offerings.
Respondents’ optimism is also reflected in their outlook for specific IPO drivers. Tellingly, respondents say offerings will be driven primarily by companies’ expansion plans, rather than their need to address debt or liquidity issues: one-third of respondents believe most companies will use IPOs to raise capital for organic growth, and one-fifth of respondents say most companies will use IPOs to finance acquisitions.
Favorable conditions in individual sectors will also contribute to an increase in the volume of IPOs. Energy will likely be the most active sector for new offerings this year, as commodity price stabilization and increased demand will allow for greater investor confidence. The healthcare industry will produce its fair share of IPOs as well, as healthcare reform in the US and rising demand in emerging markets create opportunities for investors in all regions.
Still, it could take some time for the IPO market to recover fully from a relatively flat period. More than half of respondents (53%) believe delayed or cancelled IPOs will materialize in 6 to 12 months, although it is worth noting that one-fifth of respondents believe these planned offerings will resurface in the next 3 to 6 months.
Not surprisingly, the US is expected to host the most significant IPO activity this year on its New York Stock Exchange (NYSE) and NASDAQ. But other Western exchanges, including the London Stock Exchange (AIM) and Euronext, could be rivaled by Asian exchanges, most notably the Shanghai Stock Exchange and the Hong Kong Stock Exchange.
Companies entering the public markets will naturally face a range of new pressures. The greatest challenge facing newly-listed firms this year will be managing relationships with stakeholders and shareholders (34%) and implementing new growth strategies (30%).
This report offers a close look at the IPO market from the perspective of the global business community. Respondents provide insight into the specific factors influencing IPO due diligence procedures, average premium rates and a range of other important issues. We hope you find this report both useful and informative and as always, we welcome your feedback.
Merrill DataSite® commissioned mergermarket to conduct interviews with 150 practitioners, including corporate executives, private equity investors, financial advisors, lawyers and bankers based in North America, Europe and the Asia-Pacific region. Respondents offered valuable insight into the current IPO market and provided a forecast for global IPO activity trends in the year ahead. All respondents are anonymous and results are presented in aggregate.
Welcome to the Global IPO Market Outlook, published by mergermarket in association with Merrill DataSite®. Based on a series of interviews with IPO professionals across North America, Europe and Asia, this report provides a detailed analysis of global IPO activity and forward-looking insight into where the market is headed in the upcoming months.
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Foreword
MetHodoloGY
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04
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Global IPO Market Outlook
surveY FIndInGs
In each of the following regions, what do you expect to happen to IPO activity levels over the next 12 months?
What will be the primary objective of companies’ IPO filings over the next 12 months?
32%1%
18%
21%
8%
20%
To raise capitalfor organic growth
To raise capitalfor acquisitions
To increase liquidity
Exit strategy forprivate equity orventure capitalfirms
To repay debt
Other
Increase significantly
Per
cent
age
of r
espo
nden
ts
0
20
40
60
80
100
EasternEurope
LatinAmerica
WesternEurope
NorthAmerica
Asia-Pacific
Increase Remain the same Decrease
30%
67%
19%
56%
6%
19%
5%
45%
12%
38%
31%
9%
60%
3%
43%
3%3%
51%
The outlook for the global IPO market is positive, with the majority of respondents expecting activity to increase or remain at its current level across all regions this year. Expectations are particularly high for the Asia-Pacific region, where respondents almost unanimously agree that IPO activity is set to increase over the next 12 months. Many of these respondents refer specifically to China, where an expanding middle class and rising consumer demand have created a favorable climate for companies in all sectors looking to go public. An executive based in Germany believes this environment will allow companies to “confidently move forward with their IPO plans” in the coming year.
North America is also expected to see an increase in IPO activity by a significant majority of respondents (75%), due largely to economic recovery in the US. A financial advisor based in the US believes private equity exits will account for most IPOs announced in the upcoming year as investors take advantage of an improved valuation climate, while many other respondents believe IPO activity will reflect a significant improvement in investor confidence.
Companies’ growth strategies will likely be the primary driver of IPO activity this year. Approximately one-third of respondents believe most new listings will aim to raise capital for organic growth, and approximately one-fifth of respondents believe most companies will launch IPOs to raise capital for acquisitions.
Remaining respondents believe IPOs announced in the upcoming year will reflect companies’ need for liquidity (20%), or will come from private equity and venture capital exits (18%). Many respondents add that these drivers will vary on a regional basis: while IPOs in Western Europe will be driven by companies’ need for liquidity, IPOs in North America will reflect improved economic conditions. A corporate executive based in China explains, “Many companies are approaching list-able financial figures” in the US while another executive from the US agrees that “the window for investments is starting to open up” in the country.
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05
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Which of the following sectors do you expect to produce the highest volume of IPOs globally over the next 12 months?
In which annual revenue range do you expect most companies planning an IPO in the next 12 months to fall?
9%
25%
31%
10%
25%
<US$10M
US$10M - US$50M
US$50M - US$100M
US$100M - US$300M
US$300M - US$500M
>US$500M
34%2%
2%2%
7%
21%
5%
4%
5%
8%
10%
Energy
Healthcare
Technology
Telecommunications
Consumer
Financial services
Industrials,manufacturing& engineering
Biotech & lifesciences
Chemicals
Media
Real estate
The largest percentage of respondents (34%) expect the most significant IPO activity to come from the energy sector due to a combination of improved investor confidence and favorable industry conditions. A financial advisor based in the US explains, “With commodity price stabilization, investors will be more willing to enter the energy market this year.” A lawyer based in Turkey adds, “Most of the energy projects that were stopped or halted during the crisis are resuming, and companies’ major source of capital for these projects will come from going public through an IPO.”
The healthcare sector is also expected to produce a high volume of IPOs this year, according to over one-fifth of respondents, many of whom refer to healthcare reform in the US as a catalyst for new offerings. Other respondents believe healthcare IPOs will reflect a high volume of new, growing companies in the sector.
Respondents’ expectations vary when it comes to typical offering sizes over the next 12 months. The largest percentage of respondents (31%) believe most companies seeking listings this year will have annual revenues in the US$50M to US$100M range, while one-quarter of respondents believe higher revenues between US$100M to US$300M will be the norm. Meanwhile, one-quarter of respondents are more bullish, expecting most IPOs to come from companies with revenues of US$500M or greater.
This division is reflected in respondents’ comments, which seem to vary according to their regional backgrounds. Many respondents based in Asia expect small or mid-market firms to generate the most significant IPO activity this year, while respondents based in North America believe larger firms will be most active. A financial advisor based in the US believes IPOs will attract “the most investor interest if they involve larger companies.”
Surv
ey F
Ind
InG
S
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Global IPO Market Outlook
In which percentage range do you expect most IPO premiums (the difference between the original offering price and the opening price) to fall over the next 12 months?
What percentage of IPOs do you expect to come from venture capital or private equity exits over the next 12 months?
Overall, 93% of respondents believe most premium rates will be below 20% this year, and nearly half of this group expects premiums to be 15% or lower. Remaining respondents have higher expectations, predicting that premiums will be in the 20% to 25% range.
Premiums are likely to depend on a number of factors this year. Interestingly, many respondents believe effective marketing pre-IPO can be especially influential, including a private equity practitioner based in France who explains, “Marketing of the planned IPO, as well a company’s reputation and its visibility, all play an important role.” Another private equity practitioner based in the UK believes that “growth always has the greatest impact on premium rates.”
Other respondents, including a US-based financial advisor, explain the causes of low premium rates: “Premiums often depend on whether the IPO has been priced perfectly. Over-pricing can lead to reduced demand which negatively affects premium rates.” Another explains, “IPO premiums often fall due to low investor demand and urgent need of cash.”
The largest percentage of respondents (37%) predict that 15% to 25% of IPOs announced this year will take the form of private equity or venture capital exits, while slightly more than one-quarter of respondents (27%) believe exits will account for 25% to 50% of IPOs over the next 12 months.
Exit activity will likely be higher in some regions than in others, as respondents have consistently pointed out that the North American region is seeing a far better valuation climate this year compared to last. This could make the upcoming 12 months an ideal time for North America-based private equity and venture capital firms to take their portfolio companies to market.
Survey FIndInGS
5%
37%
21%10%
27%
<5%
5% - 15%
15% - 25%
25% - 50%
50% - 75%
>75%
48%
45%
7% <15%
15% - 20%
20% - 25%
>25%
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07
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On which of the following stock exchanges do you expect to see the most IPO activity over the next 12 months?
The NYSE and NASDAQ are expected to host the most significant IPO activity this year, according to 25% and 20% of respondents, respectively. A lawyer based in the UK says of NYSE and NASDAQ: “These are well-established capital markets, and they provide easy listings for companies from all over the world.”
Activity on these and other Western exchanges may be rivaled by activity on Asian exchanges. Fifteen percent of respondents expect the Shanghai Stock Exchange to produce a higher volume of IPOs than the London Stock Exchange (AIM), and both the Hong Kong and Bombay Stock Exchanges are expected to see more IPOs than Euronext this year. It should be noted, however, that respondents tend to favor their local markets. The London Stock Exchange (AIM), for example, is selected mainly by UK-based respondents, one of whom says companies will prefer its “favorable regulatory regime.” US-based respondents, meanwhile, generally expect the NYSE to be the most attractive place for companies to list.
do you expect the following transactions to be more common than IPOs over the next 12 months?
In terms of volume, IPOs are expected to be higher than or equal to most other transaction types this year. IPOs are particularly likely to exceed company buy-backs, and are also likely to match or outnumber distressed sales, in keeping with the general sense of optimism respondents have expressed throughout this survey. Strategic acquisitions are the only transaction type expected to exceed IPOs this year, according to 79% of respondents.
0
20
40
60
80
100
Companybuy-back
Secondarybuyout
Distressedsale
Strategicacquisition
The sameLess commonMore common
79%
7%
14%
35%
38%
27%
26%
27%
47%
20%
48%
32%P
erce
ntag
e of
res
pond
ents
25%2% 1%
2%2%
8%
20%
4%
3%
7%
11%
15%
New York StockExchange (NYSE)
NASDAQ
Shanghai StockExchange
London StockExchange (AIM)
Hong Kong StockExchange
Bombay StockExchange
Euronext
Tokyo StockExchange
NYSE Amex
Shenzhen StockExchange
Other
BM&FBovespa
Surv
ey F
Ind
InG
S
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08
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Global IPO Market Outlook
do you expect carve-outs, or “partial IPOs”, to be higher in volume than traditional IPOs over the next 12 months?
What do you think has been the primary reason for the recent cancellations of planned IPOs?
37%
21%42%
Yes
No
No difference
38%
26%
7%
19%
10%
Uncertainty orinstability infinancial markets
Inability toraise financing
Managementunwilling to completetransaction at priceindicated by investors
Insufficient demand
Sector-specificconditions
Thirty-seven percent of respondents believe carve-outs will exceed traditional IPOs in volume this year. Several respondents based in Europe say companies’ continuous restructuring efforts will lead to an increase in carve-outs, spin-offs and divestitures in general, as these transactions will appeal to firms looking to focus on their core operations. A lawyer based in the UK explains, “Companies want to concentrate on their core activities and divest their non-core businesses.”
Still, the largest percentage of respondents (42%) believe carve-outs and IPOs will be equally popular this year. A financial advisor based in Holland explains that “companies may resist carve-outs as they can be hard to complete and the process might be too complicated for many companies.”
The largest percentage of respondents (38%) cite uncertain or unstable financial markets as the primary reason for cancelled IPOs over the past year. Just over one-quarter of respondents believe cancellations reflect companies’ inability to raise financing. Close to one-fifth believe cancellations stem from valuation difficulties, with company management teams unwilling to complete transactions at investors’ proposed prices.
Respondents from the UK and Japan point out that management teams have held onto unrealistic prices over the past year and have been reluctant to negotiate. But these companies may be in a better position to achieve their desired offering prices in the near future if investor confidence does indeed improve in the coming months.
Survey FIndInGS
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09
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When do you expect the companies that have delayed a planned IPO to enter the market again?
3%
53%
17%5%
1%
21%
<3 months
3 - 6 months
6 - 12 months
12- 18 months
18- 24 months
>24 months
Most respondents (53%) believe companies that have put off their IPO plans will continue to do so for 6 to 12 months. A corporate executive based in the US explains, “Usually when a company pulls back an IPO they stay private for 12 to 18 months out of fear of rejection or lack of investor interest.” One-fifth of respondents believe delayed IPOs will materialize sooner rather than later, however, predicting that companies with delayed offerings will enter the market again in the next 3 to 6 months.
For potential issuers, which of the following will be the most important factor in selecting an underwriter?
32%
12%
26%
14%
16%
Industryexpertise
Reputation
Reputation ofunderwritingfirm’s industryanalyst
Outsiderelationshipsor contacts
Experience orvolume oftransactions
Issuers’ selection of an underwriter depends primarily on industry expertise and reputation, according to 32% and 26% of respondents, respectively. More specifically, 16% of respondents say the reputation of an underwriting firm’s industry analyst can be a selling point for potential issuers.
Respondents offer further insight into these factors, with one private equity practitioner based in Japan stating that underwriters must have experience in the issuer’s industry in order to “understand the type of company it is working with.” Other respondents, including two private equity executives based in Europe and the US, say an underwriting firm’s outside relationships are critical, as firms with strong relationships can often facilitate more investor interest than a firm with limited ties to potential investors.
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Global IPO Market OutlookPAGE
10
On average, how much time do underwriters spend on due diligence in the pre-filing phase?
Pre-filing due diligence typically lasts from 1 to 3 months, with 48% of respondents citing a time range of 1 to 2 months and 29% of respondents citing a period of 2 to 3 months. A 10% minority of respondents report that due diligence in the pre-filing phase often exceeds 3 months, and many of these respondents believe economic conditions of the past year have led to lengthier due diligence procedures.
For potential investors, which of the following will be the most important factor in deciding whether to back a new IPO?
Not surprisingly, one-half of respondents believe financial performance is the primary factor influencing investors’ willingness to back a company’s IPO. Given continuous economic uncertainty, however, a corporate executive based in the US explains that a company’s financial performance may be difficult to gauge: “Earnings volatility and uncertainty have made it impossible to make normal predictions.”
Approximately one-fifth of respondents say sector-specific conditions will play a major role as well. A respondent based in Europe cites the healthcare sector as an example of an industry where favorable conditions are likely to stimulate investor interest: “There is a lot of space open for developing new medicines, the ageing population is fueling demand, and in general there are a number of smaller and larger entities looking for expansion.”
Survey FIndInGS
50%6%
21%
7%
16%
Financialperformance
Sector-specificconditions
Strength ofmanagementteam
Informationpresentedduring marketingperiod or“road show”
Informationpresentedin prospectus
13%
10%
29%
48%
<1 month
1 - 2 months
2 - 3 months
>3 months
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11
In your experience, has the due diligence process become more rigorous over the past two years?
The overwhelming majority of respondents say the due diligence process has become more rigorous in recent years, which is to be expected as issuers and investors adjust to new market realities. Indeed, many respondents say a heightened sense of caution in the business community overall has made due diligence processes more comprehensive. A lawyer based in the UK explains, “People are hesitant to invest in the market unless they completely investigate the hidden risk.” A financial advisor based in the US agrees, pointing out that “as a result of recent scandals, investors want to make sure the assets shown to them are genuine.”
Newly-listed firms are under considerable pressure as they transition into public companies, and respondents are fairly evenly divided as to which challenges are most significant. Over one-third of respondents (34%) say managing relationships with investors is the most significant challenge for newly-listed companies, followed closely by 30% of respondents who say newly-listed companies struggle most with implementing new growth strategies. An additional 23% of respondents say these companies tend to struggle most with new regulatory standards.
Which of the following typically poses the greatest challenge to newly-listed companies?
90%
10%Yes
No
34%
30%23%
13%
Managingrelationships withstakeholders/shareholders
Implementing newgrowth strategies
Complying withpublic companyregulations
Retainingkey talent
Surv
ey F
Ind
InG
S
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Global IPO Market OutlookPAGE
12
Approximately one-third of respondents (31%) believe the stock price of a newly-listed firm is influenced most heavily by public perception, while other respondents are nearly evenly divided between investor relations (28%) and the stock’s performance immediately following its listing (26%).
A financial advisor based in Germany explains that all of these factors play a major role, and points out that newly-listed companies are still adjusting to increased visibility during the first 3 to 4 months: “The actual business performance after listing, how well the company is doing at implementing its strategy post-listing, are all on full display.”
In your experience, which of the following has the greatest influence on a newly-listed company’s stock price in its first 3 to 4 months?
Survey FIndInGS
31%
28%26%
15%
Public perception
Relationshipswith investors
Stock priceperformanceimmediatelyfollowing listing
Success of post-IPOstrategy
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Global IPO Market Outlook
0
50
100
150
200
250
300
350
400
Q210*
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
Num
ber
of d
eals
European buyouts
European exits
PAGE
14
HIstorICal data
European M&A quarterly private equity trend
North American M&A quarterly private equity trend
value
value
volume
volume
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
Q210*
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
Valu
e (€
m)
European buyouts
European exits
0
25,000
50,000
75,000
100,000
125,000
150,000
175,000
200,000
225,000
Q210*
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
Valu
e (U
S$m
)
North American buyouts
North American exits
0
25
50
75
100
125
150
175
200
225
250
275
Q210*
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
Num
ber
of d
eals
North American buyouts
North American exits
PAGE
15
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Asia-Pacific M&A quarterly private equity trend
value volume
0
5,000
10,000
15,000
20,000
25,000
Q210*
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q1 04
Valu
e (U
S$m
)
Asia-Pacific buyouts
Asia-Pacific exits
0
20
40
60
80
100
Q210*
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
Num
ber
of d
eals
Asia-Pacific buyouts
Asia-Pacific exits
Latin American M&A quarterly private equity trend
value volume
0
500
1,000
1,500
2,000
2,500
Q210*
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
Valu
e (U
S$m
)
Latin American buyouts
Latin American exits
0
3
6
9
12
15
Q210*
Q110
Q409
Q309
Q209
Q109
Q408
Q308
Q208
Q108
Q407
Q307
Q207
Q107
Q406
Q306
Q206
Q106
Q405
Q305
Q205
Q105
Q404
Q304
Q204
Q104
Num
ber
of d
eals
Latin American buyouts
Latin American exits
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Global IPO Market Outlook
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Search every word in every document. With large document collections, sophisticated search features are key to finding critical information and accelerating the due diligence process. Merrill DataSite boasts the latest search technology. Optical Character Recognition (OCR) is applied to each processed page, so that the data room is fully text- and title-searchable. With a simple right click, the powerful search engine can locate strings of characters, and using fuzzy logic, will return search results from the entire data room in ranked order. Furthermore, the engine is fault tolerant and allows for spelling errors while returning results. Merrill DataSite also provides advanced concept and pattern search features to allow synonyms and misspellings to be incorporated into query results.
Protect confidential information. ”View-only” documents are never downloaded. Merrill DataSite, not the computer’s browser, controls the caching process providing unmatched security levels. Unlike other VDR providers, images are never viewable on the PC’s cache after the conclusion of a session.
Track all activity accurately. Auditing and reporting tools provide a verifiable accounting of each individual’s time spent viewing both documents and specific pages – information that adds negotiating leverage.
need to work remotely?No problem. Whether you’re working in Beijing or New York, you can view your documents online without having to navigate through internal firewalls and email restrictions that often exist for outside company connections and delay the due diligence process.
security is our highest priorityMerrill has been a trusted provider of secure information to the financial and legal industries for more than 40 years. Our employees execute letters of confidentiality and we are audited annually (internal and third-party) to make certain our IT infrastructure and processes remain sound. Merrill DataSite was the first virtual data room to receive the ISO 27001 certification for its comprehensive Information Security Management System (ISMS). The ISO 27001 standard, developed by the International Organization for Standards to establish international requirements for information security and certification of ISMS, is designed to ensure effective protection of information assets in foreign markets, as well as across national and regional boundaries.
the best tool in the industryMerrill DataSite technology allows for the fastest conversion of soft and hard copy documents to the electronic viewing platform. As a result, designated administrators are able to review documents the moment they are available.
Through secure, simultaneous access, full text search capabilities and robust reporting tools, both archival and transactional due diligence processes are streamlined. As a result, Merrill DataSite gives you more insight and control, and dramatically reduces transaction time and costs.
As a leading provider of VDR solutions worldwide, Merrill DataSite has empowered nearly 1.6 million unique visitors to perform electronic due diligence on thousands of transactions totalling trillions of dollars in asset value.
www.datasite.comsmarter, Faster, easier!
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MerrIll ContaCtsMerrill DataSite (Division of Merrill Corporation) ContactsTel: +44 20 7422 6100 (Europe) 1.888.867.0309 (US)
executive Management
Ed Bifulk President Tel: +1 212 229 6563
Paul Hartzell Senior Vice President Tel: +1 212 367 5950
executive sales
Chris Beckmann Regional Director, Europe Tel: +49 69 25617 110
Will Brown Regional Director, Europe Tel: +44 20 7422 6100
Ana Paula Macêd Távora de Castro Regional Director, South America Tel: +55 11 9908 0858
Manuel Bentosinos Regional Director, Mexico Tel: +52 55 9171 2237
Alex Gross Regional Director, Europe Tel: +49 69 25617 199
Michael Hinchliffe Regional Director, Europe Tel: +44 20 7422 6100
Ari Lee Regional Director, Greater China Tel: +852 9855 3758
Merlin J. Piscitelli Regional Director, Europe Tel: +44 20 7422 6100
Jérôme Pottier Regional Director, France Tel: +33 (0) 1 40 06 13 12
Colin Schopbach Regional Director, Europe Tel: +44 20 7422 6100
Anna Scott Regional Director, Europe Tel: +44 20 7422 6100
John McElrone Regional Director, New York Tel: +1 212 229 6656
Steve Piccone VP, New York Tel: +1 212 229 6883
Shelle Martin Regional Director, New York Tel: +1 212 229 6613
William Polese Regional Director, New York Tel: +1 212 229 6612
Adam Kuritzky Regional Director, New York Tel: +1 917 934 7340
Forrest R. Doane Regional Director, New York Tel: +1 917 934 7341
Matthew Mezzancello Regional Director, New York Tel: +1 917 934 7346
Michael Kennedy Regional Director, Boston Tel: +1 207 829 4369
Mark Plaehn Regional Director, Chicago Tel: +1 312 674 6527
Anthony Crosby Regional Director, Chicago Tel: +1 312 674 6511
Kelly Jackowski Regional Director, Chicago Tel: +1 312 674 6508
Paul Kleinkauf Regional Director, Southeast Tel: +1 404 602 3251
Dan Phelan Regional Director, Los Angeles Tel: +1 213 253 2139
Brian Gilbreath Regional Director, Omaha Tel: +1 404 934 8085
Jay Loyola Regional Director, Irvine Tel: +1 949 622 0663
Nicholas Renter Regional Director, Dallas Tel: +1 214 754 2100
Ryan MacMillan Regional Director, Canada Tel: +1 416 214 2448
Andrew Buonincontro Regional Director, Palo Alto Tel: +1 650 493 1400
Hank Gregory SVP, Western Canada & US Tel: + 604 603 4360
Mark Tully Regional Director, Palo Alto +1 650 493 1400
Erik Sandie Regional Director, Palo Alto +1 650 493 1400
Notes
mergermarket is an unparalleled, independent Mergers & Acquisitions (M&A) proprietary intelligence tool. Unlike any other service of its kind, mergermarket provides a complete overview of the M&A market by offering both a forward-looking intelligence database and an historical deals database, achieving real revenues for mergermarket clients.
Any queries regarding this publication or the data within should be directed to:
Erik Wickman Director, Remark Americas Tel: +1 212 686 3329 [email protected]
notes and ContaCts
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disclaimer
This publication contains general information and is not intended to be comprehensive nor to provide financial, investment, legal, tax or other professional advice or services. This publication is not a substitute for such professional advice or services, and it should not be acted on or relied upon or used as a basis for any investment or other decision or action that may affect you or your business. Before taking any such decision you should consult a suitably qualified professional adviser. Whilst reasonable effort has been made to ensure the accuracy of the information contained in this publication, this cannot be guaranteed and neither Mergermarket nor any of its subsidiaries nor any affiliate thereof or other related entity shall have any liability to any person or entity which relies on the information contained in this publication, including incidental or consequential damages arising from errors or omissions. Any such reliance is solely at the user’s risk.
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