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27 March 2018

Making M&A pay: Five ways to maximise deal value

By Hein Marais, Head of Value Creation in Deals, PwC With acquisition prices rising and once reliable sources of deal value generation being squeezed, buyers now have to work much harder to secure the payback on M&A. How can your business boost returns and bring greater certainty to deal value...

22 March 2018

Why is tech talent so crucial for value creation?

By Greg Wakenshaw (UK Tax Valuations), Nick Tilley (Management Tax Advisory) and Ralph Dodd (Valuations - Reading Tech Hub) It is well recognised that the management team is one of the biggest value drivers for deals, so having an effective Management Incentive Plan (“MIP”) in place to retain and motivate...

08 March 2018

M&A in Europe H2 2017 update: The Brexit effect on manufacturing

By Mide Coker and Ishaq Ahmad Ahead of the latest UK Government Index of Production, we are releasing our H2 2017 analysis which reflects an upbeat period for the UK Manufacturing sector. According to our economic and market analysis, 2017 looks to have ended on an overall positive note with...

07 February 2018

The rise of SPACs in the IPO market

By Vhernie Manickavasagar and Lucy Tarleton What is a SPAC? A Special Purpose Acquisition Company (“SPAC”) is essentially a cash shell set up to raise public funds through an IPO with the aim of making a future acquisition. Recently, as illustrated by the Landscape Acquisition Holdings and J2 Acquisition IPOs...

01 February 2018

No more hit and miss: Delivering total M&A value

By Chris Samson, Partner, Delivering Deal Value, PwC UK From the adrenaline of the negotiations to the chance to put a lasting stamp on the business, deal making can be exhilarating and competitively game-changing. And with acquisition and disposal set to play a key role in accelerating technological transformation and...

30 January 2018

Price mechanisms: seller versus buyer considerations

By Amit Abhyankar and Hinesh Desai Getting a deal through can be a complex process. In an increasingly sophisticated deals market, specialist knowledge of the benefits and pitfalls related to the financial aspects of the sale and purchase agreement (SPA) can be the difference between a good deal and a...

Going out with a bang: Developing the right exit strategy

By Fiona Webb and Erika Schraner Private Equity (PE) firms are increasingly turning to buy-and-build deals and market consolidation plays in order to generate returns. Making these types of deals work requires more than traditional financial engineering and cost cutting. And on top of that, current market uncertainty makes it...

29 January 2018

Completion accounts in carve-out deals: Careful planning will yield results

By Ermelinda Beqiraj and Sarah Williamson Carve-out deals are an attractive way for corporates to improve shareholder value by selling underperforming or non-core parts of the business. Since 2010, there have been over 100 carve-out deals per annum valued at $100m and above [Source: Thompson]. The new normal of low...

26 January 2018

Inorganic growth, are you ready?

By Erika Schraner and Julie White A new era for M&A Growth is in the air and so is a level of optimism with global CEOs. In PwC's 21st CEO Survey released recently, when asked what will drive growth, virtually all North American CEOs point to organic growth (94%) followed...

Chancellor adds to the pressure on company cash-flow

By Niall Cooter and Stephen Tebbett New tax payment deadlines hit cash hard In the latest autumn budget, the Chancellor changed the schedule for corporation tax payments for businesses generating over £20m in profit. From April 2019, these companies must make quarterly tax payments four months earlier than usual. For...

13 December 2017

The UK fibre opportunity: six commercial considerations for investors

By Brian Burns In the recent Budget, Chancellor Philip Hammond made clear his pledge to secure Britain as a world leader in technology and innovation through the commitment of £500m to a range of technology initiatives from artificial intelligence, to 5G and full fibre broadband. In light of recent political,...

20 November 2017

The asset and wealth management industry is undergoing significant change. How can you stay relevant?

By Robert Mellor and Steve Jones Download our report. The asset and wealth management industry is undergoing exponential change. Scale alone isn’t enough to sustain long-term growth as the market becomes increasingly disrupted and demanding. That’s why deal horizons are expanding. What are the new realities and new rationales driving...

09 November 2017

Scrutiny on hard-to-value assets is hotting up

By Albertha Charles, Katrina Hallpike and Harri Hautamäki Financial Conduct Authority scrutiny combined with an increasing investor concern over unrealised valuations and the oversight process around them, means the valuations of level 2 and 3 assets (i.e. where prices cannot be directly observed in an active market) are more under...

31 October 2017

Food retailers, suppliers and your Christmas dinner. For what we are about to receive…

By Stephen Oldfield The Christmas trading period is always key for supermarkets and their suppliers. This year, that “golden” sales quarter will be in even sharper focus, driven by the twin market pressures of fast changing consumer habits and food cost inflation. Supermarkets are adapting to their customers who are...

Many happy returns?

By Thomas Romberg, Pragya Jain and Neoklis Rodoulis Return expectations for infrastructure investments have declined considerably. Is this just a reaction to short-term market factors or does it suggest a more fundamental realignment? As any institutional fund manager will know, infrastructure rates of return have been on a downwards trend...