Mergers and acquisitions in the oil and gas industry oscillated from a high of $84.8 billion in the first half of 2012 to just $51.5 billion in the first half of 2013. The total deal value for Q2 2013 was $23.6 billion, the lowest since Q3 2009. Expect a new swing given the rumors that […]

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Capstone recently was invited to the Virginia Economic Development Partnership (VEDP)’s Chinese Investment Promotion Agency (CIPA) Delegation Seminar to present on M&A opportunities for Chinese companies in Virginia.  There are many opportunities for investment; see some of the latest trends in the chart below. China’s inbound and outbound M&A activity has been rising, with 47% […]

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Recently, there have been some fairly significant transactions, and I want to mention these and tell you what they may mean for corporate executives. The first deal we have is Berkshire Hathaway and 3G Capital acquiring Heinz for $23.2 billion. Really, if you include debt, that transaction looks to be just under a $30 billion […]

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The $11 billion merger between US Airways and American Airlines offers a striking example of current trends in mergers and acquisitions: strategic acquisitions. The US Airways and American Airlines merger is an all-stock deal that should bring cost benefits and synergies which allow the company to better handle fixed assets.  In order to remain viable […]

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David Braun, CEO of Washington, DC-based external growth consulting firm Capstone, is hosting a webinar. We’ve heard from our audience that they want an opportunity to earn CPE credits by the end of the year, so we’ve developed a webinar on an in-demand topic: current legal topics in M&A. Even if you are not a […]

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Join Capstone CEO David Braun as he leads a webinar on how to successfully plan and execute the integration of two companies. The closing of a deal is the fruition of months — even years — of hard work. With it, though, comes a whole new round of work that begins the moment the ink […]

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Edelman Financial Group agreed to sell their business for $258 million which is reported to be a 43% premium over their stock price. The interesting thing is the agreement includes a 40 day “go-shop clause” where the company can seek higher bids. I have been talking about these provisions for several years and expect you’ll […]

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John Dearing, Managing Director of Washington, DC- based external growth consulting firm Capstone, is hosting a webinar. You’ve formulated your acquisition strategy. You’ve assembled your growth team. You’ve researched and selected the top markets for growth. Now, let Capstone show you how to find the best acquisition targets in those markets. The next step in […]

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While visiting my brother’s family and partaking in a delicious cupcake during my niece’s one year milestone birthday celebration, I had a valuation thought…she was doing what most kids at that age do: copying the older kids’ movements. Waving, smiling, stuffing cake in her face and, of course, throwing everything. Adults, some very experienced, tend […]

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Fortis, Inc (TSX: FTS), a Canadian utility company, announced yesterday that it is acquiring CH Energy Group (NYSE: CHG) for $1B in cash plus the assumption of $500K in debt, which is about 10x 2011 EBITDA. CH Energy, which is a public utility headquartered in Poughkeepsie, NY, said this about the benefits of the acquisition: […]

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Wednesday, February 29 at 1:00 PM ET Register NOW! David Braun, CEO of Washington, DC- based external growth consulting firm Capstone, is hosting a webinar to help you understand the market and to help stimulate the growth of your business. There is a unique opportunity in the market to grow your business through M&A. However, […]

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Last week nearly $20 billion of debt was sold in the form of corporate bonds, according to Dealogic, including Google who issued bonds for the first time ever.  So companies continue to have a record amount of cash on their balance sheets, but are also raising MORE cash by issuing low-cost debt.  There are only […]

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One of our clients just finished evaluating an auction opportunity. Our proactive process makes auctions more efficient because we pre-define what our clients seek. So, when offering memos are received, a quick benchmarking of critical data versus criteria can lead to a very efficient YES/NO Pursue/Pass decision.  You don’t need to even read the whole […]

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The housing market is abuzz with cash buyers who seek bargains and don’t want the delays and hassles of securing bank financing. There are several advantages of paying all cash – you can generally get a lower price from the seller because the risk of the deal falling through is lower and the buyer can […]

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AOL is reportedly paying $315 Million for the Huffington Post with most of the payment in cash.  Must be some former Time Warner shareholders who remember how it worked out for them to take stock.  The strategy is to bring content to AOL’s pipeline.  Sound familiar?  Huffington currently has revenues of around $50 Million – […]

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Danaher (NYSE: DHR) is acquiring biomedical testing company Beckman Coulter (NYSE: BEC) for $5.87 Billion.  Danaher’s CFO says they are paying for the deal with 25% in cash, 60% debt, and 15% from equity  — which comes to about 40% down and 60% in debt.  This continues to indicate that the credit markets are likely […]

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The largest US-based retailer of cupcakes has agreed to sell to a Special Purpose Acquisition Company (SPAC) called 57th Street General Acquisition Corp for $66 million.  A SPAC is a publicly traded company that raises capital for the purpose of buying companies – think of a private equity company only the money comes from investors […]

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For the third month in a row, the Blue Chip Economic survey downgraded the 2010 forecast for US growth.  Reuters reports GDP growth for 2010 is expected to be about 2 ¾% and the report goes on to suggest that growth is not expected to pick up until Q3 of 2011. So what is a […]

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Dell and HP are fighting each other to have 3PAR’s hand in marriage. It all formally started on August 16th with Dell attempting to acquire 3Par for  $18/share. Then on August 23rd, HP entered the race and raised the ante to $24/share.  On August 26, Dell raised its offer again to $24.30/share for an enterprise […]

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This has been an amazing past couple of weeks for the future of the M&A market.  Monday, August 2, was the sixth most active day of debt trading this year with $11.5 Billion placed according to Dealogic.    IBM raised $1.5B of 3-year debt for an astonishing 1%! Other takers of debt were ArcelorMittal, Citigroup, Credit […]

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