Transactions
& Case Studies

Displaying: Mergers & Acquisitions

October 2010


$1.6 billion

Sale to Man Group
Financial advisor to the Special Committee of the Board of Directors of GLG Partners on its $1.6 billion sale to Man Group

On October 14, 2010, Man Group plc (“Man,” LSE: EMG), one of the world’s largest alternative asset managers with $39 billion under management, agreed to buy GLG Partners Inc. (“GLG,” NYSE: GLG), a global alternative asset manager with $24 billion in assets under management (“AUM”), for $1.6 billion. The transaction represents the first ever public-to-public M&A transaction in the alternative asset management sector. The structure included two concurrent transactions with different forms of consideration paid to insiders and the public stockholders. Insiders received Man shares in exchange for their GLG shares based on a valuation of $3.50 per share and public stockholders received cash consideration of $4.50 per share. Man acquired the outstanding common stock of GLG not subject to the share exchange at a 55% premium to the closing price of GLG’s common stock on the last trading day prior to announcement. The transaction brought together two highly complementary businesses, both focused on delivering long-term investment performance. The combined company has $63 billion of net AUM, making it the largest alternative asset manager in the world. Moelis & Company acted as financial advisor to the Special Committee of the Board of Directors of GLG, which represented public shareholders.

December 2008


$12.7 billion

Sale to Republic Services
Financial advisor to Allied Waste on its $12.7 billion sale to Republic Services

On December 5, 2008, Republic Services, Inc. (“Republic Services,” NYSE: RSG), the third largest waste management firm in the United States, and Allied Waste Industries, Inc. (“Allied Waste,” NYSE:AW), the second largest non-hazardous solid waste management company in the United States, merged to create one of the nation’s leading waste and environmental services providers, with more than 375 collection companies providing services in 40 states and Puerto Rico. The combined company is named Republic Services, Inc. and trades under the ticker symbol “RSG” on the NYSE. Moelis & Company acted as financial advisor to
Allied Waste.

November 2008


$61.2 billion

Sale to InBev
Financial advisor to Anheuser-Busch on its $61.2 billion sale to InBev SA

On November 18, 2008, InBev SA (“InBev,” ENXTBR: INB), an independent brewer with operations in 30 countries, acquired Anheuser-Busch Companies (“Anheuser-Busch,” NYSE: BUD), a premier producer and distributor of beer in the United States and internationally, representing the largest all cash deal in history. On June 11, 2008, InBev made an unsolicited takeover offer of $65.00 per share for Anheuser-Busch and Anheuser-Busch’s board formally rejected InBev’s proposal, claiming it substantially undervalued the U.S. beer maker. InBev later raised its all cash offer for Anheuser-Busch to $70.00 per share. Anheuser-Busch agreed to the revised proposal on
July 13, 2008 and entered into a definitive merger agreement with InBev. The successful completion of the acquisition of Anheuser-Busch created the global leader in beer and one of the world’s top five consumer products companies. Moelis & Company acted as financial advisor to Anheuser-Busch.

November 2008


$6.7 billion

Acquisition of Applied Biosystems
Financial advisor to Invitrogen Corporation on its $6.7 billion acquisition of Applied Biosystems

On November 21, 2008, Invitrogen Corporation (“Invitrogen,” NASD: IVGN), a premier provider of essential life science technologies for disease research, drug discovery and commercial bioproduction, acquired Applera Corporation’s Applied Biosystems Group (“Applied Biosystems,” NYSE: ABI), a leader in developing and marketing instrument-based systems, consumables, software and services for the life sciences industry. Applied Biosystems shareholders received $38.00 per share in the form of cash and stock, a premium of 17% to Applied Biosystem’s closing price on the last trading day prior to announcement. The transaction created Life Technologies, a global biotechnology tools company dedicated to improving the human condition. Moelis & Company acted as financial advisor to Invitrogen, negotiated with numerous financing sources on behalf of Invitrogen to secure the best possible terms in a difficult market environment and designed a unique collar structure for the transaction consideration.

October 2007


$26.5 billion

Sale to Blackstone
Financial advisor to Hilton Hotels on its $26.5 billion sale to Blackstone

On October 24, 2007, the real estate and corporate private equity funds of The Blackstone Group (“Blackstone,” NYSE: BX), a leading global alternative asset manager and provider of financial advisory services, acquired Hilton Hotels Corp. (“Hilton,” NYSE: HLT), the leading global hospitality company with more than 2,800 hotels and 480,000 rooms in 76 countries and territories, in the largest deal ever in the hotel sector. The acquisition was made at $47.50 per share in cash, representing a 40% premium to Hilton’s share price on the day prior to announcement. The acquisition brought together a leading global hospitality company with Blackstone’s extensive portfolio of hotels and resorts and is ranked among the top 10 largest U.S. leveraged buyouts ever. Moelis & Company acted as financial advisor to Hilton.