Investment Banking Presentations
The following are our collection of actual M&A analysis & presentations done by investment banks for various transactions. For the curious minds, you can learn from these M&A analysis and get a sense of how things are actually done in banking. At the very least, you can see the different banks’ presentation formats and the font sizes & color schemes that you’ll need to adhere to at 3am in the morning.
Buyout of American Midstream by ArcLight Capital
BAML served as financial advisor to ArcLight on its acquisition of American Midstream Partners, now known as "Third Coast Midstream".
Sale of Rouse Properties to Brookfield Asset Management
BAML served as sell-side M&A advisor to Rouse Properties. The business was acquired by Brookfield, which was already Rouse's largest shareholder.
Sale of Pike Corporation to Court Square Capital Partners (LBO)
BAML served as sell-side M&A advisor to Pike Corporation. The business was acquired and taken-private by private equity firm Court Square.
Medley Mgmt's 3-Way Merger with Medley Capital and Sierra Income
Barclays served as M&A advisor to Medley Management in connection with its merger with Medley Capital and Sierra Income. Shortly after signing of definitive agreement, stakeholders demanded higher value.
ArcLight Capital's Acquisition of TransMontaigne Partners
Barclays served as buy-side M&A advisor to ArcLight Capital on its acquisition of TransMontaigne Partners.
Kinder Morgan Acquisition of El Paso Pipeline Partners
Barclays served as buy-side advisor to Kinder Morgan on its acquisition of El Paso Pipeline. KMI = Kinder Morgan. KMP = Kinder Morgan Energy Partners. KMR = Kinder Morgan Management. EPB = El Paso Pipeline. You can find more background information here.
Restructuring Avaya
After being acquired by TPG and Silver Lake in 2007, Avaya was burdened with a heavy load of debt and eventually filed for Chapter 11. It engaged Centerview Partners as its restructuring advisor.
Aircastle's Sale to Marubeni and Mizuho Leasing
In 2019, Marubeni Corporation and Mizuho Leasing formed a new entity to acquire Aircastle in an all-cash deal. Citi served as exclusive sell-side M&A advisor to Aircastle on this transaction.
Take-Private of Trina Solar
Citigroup served as sell-side M&A advisor to Trina Solar in connection to the sale of the business to a buyer Consortium, consisting of its own CEO and Chinese PE firms.
Kinder Morgan Acquisition of El Paso Pipeline Partners
Citi served as buy-side advisor to Kinder Morgan on its acquisition of El Paso Pipeline. KMI = Kinder Morgan. KMP = Kinder Morgan Energy Partners. KMR = Kinder Morgan Management. EPB = El Paso Pipeline. You can find more background information here.
Sale of NewStar Financial to First Eagle
Credit Suisse served as sell-side M&A advisor to NewStar, which was codenamed "Osprey". Under terms of the arrangement, NewStar sold itself to First Eagle and separately sold a portfolio of investment assets to GSO Capital Partners.
McMoRan Merger with Freeport to Create Freeport-McMoRan
Credit Suisse served as M&A advisor to McMoRan in the evaluation of McMoRan’s merger with Freeport to create Freeport-McMoRan. CS codenamed McMoRan as “Maine” and Freeport as “Florida”. The following presentations by CS were created for McMoRan’s Board. You can see the thought process behind how CS analyzed the proposed merger.
Sale of SunGard to Silver Lake Partners
Credit Suisse served as sell-side M&A advisor to Sungard to evaluate Silver Lake’s proposal to LBO the business. Silver Lake was codenamed “Saturn” and SunGard was codenamed “Solar”.
Management Buyout of Amtrust Financial
Deutsche Bank served as sell-side M&A advisor to Amtrust Financial Services in the transaction where Silver Point Capital and existing management teamed up together to acquire the company.
Management Buyout of Dole Foods
Deutsche Bank served as sell-side M&A advisor to Dole Foods’ Special Committee in its assessment of the management buyout of the company by its CEO, David H. Murdock (DHM). Dole Foods was codenamed “Dawn”.
Restructuring Vanguard Natural Resources in Chapter 11
In 2019, Vanguard Natural Resources filed Chapter 11 for bankruptcy protection after struggling with low energy prices. Evercore served as the company's restructuring financial advisor.
McMoRan Merger with Freeport to Create Freeport-McMoRan
Evercore served as M&A advisor to McMoRan in the evaluation of McMoRan’s merger with Freeport to create Freeport-McMoRan. Evercore’s fairness presentation gives a pretty good overview of their valuation approach. The two November presentations also give a very good overview of how to think about valuing a natural resources business.
Sale of M&F Worldwide
Evercore was engaged as M&A advisor to help M&F Worldwide explore a potential sale of the business. The following presentation materials show how Evercore approached the process.
- Evercore Presentation to M&F Worldwide (09-Jun-2011)
- Evercore Presentation to M&F Worldwide (20-Jun-2011)
- Evercore Presentation to M&F Worldwide (27-Jul-2011)
- Evercore Presentation to M&F Worldwide (10-Aug-2011)
- Evercore Presentation to M&F Worldwide (17-Aug-2011)
- Evercore Presentation to M&F Worldwide (09-Sep-2011)
- Evercore Fairness Presentation to M&F Worldwide (10-Sep-2011) – Fairness Opinion
Acquisition of Pivotal Software through VMWare
Goldman Sachs advised Dell in connection to VMWare's acquisition of Pivotal Software. Dell was the majority shareholder of VMWare. Dell = "Diamond", VMWare = "Vail" and Pivotal = "Raven".
Sale of Dell to Michael Dell & Silver Lake Partners
Goldman Sachs advised Dell on its sale to Michael Dell & Silver Lake Partners. Goldman first codenamed Dell “Opal” and then quickly changed it to “Denali” to conform to the codename used by all other advisors.
Strategic Alternatives for Parker Drilling
Houlihan Lokey advised Parker Drilling's Finance and Strategic Planning Committee on various strategic alternatives for the company.
Management Buyout of Synutra International
Houlihan Lokey advised Synutra International’s Special Committee on the evaluation of take-private proposal submitted by Company’s Chairman & CEO.
Merger of UGI Corporation and AmeriGas Partners
J.P. Morgan advised UGI on the company's merger with AmeriGas Partners ("APU"). Tudor, Pickering, Holt & Co, advised APU.
Sale of Focus Media to Private Equity Consortium
J.P. Morgan served as sell-side M&A advisor to Focus Media’s Special Committee. The firm was engaged to evaluate a take-private proposal it had received from a private equity consortium, consisting of Focus Media’s CEO & Chairman along with various private equity firms.
Sale of Kerzner to Consortium
J.P. Morgan served as sell-side M&A advisor Kerzner International in its sale to a buyer consortium consisting of its management and private equity firms.
VMWare's Acquisition of Pivotal Software
Lazard served as buy-side M&A advisor to the Special Committee of VMWare's Board of Directors in connection to VMware's acquisition of Pivotal Software. VMWare was codenamed "Vail" and Pivotal "Raven". "Diamond" refers to Dell.
Management Buyout of iPayment
Lazard served as sell-side M&A advisor to iPayment’s Special Committee regarding the sale of the company to management.
Sale of SunGard to Silver Lake Partners
Lazard provided fairness opinion to SunGard’s Special Committee regarding the sale of the company to Silver Lake. SunGard was codenamed “Solar” by Lazard.
Starz Merger with Lionsgate
LionTree advised Starz on the merger with Lionsgate. Starz was codenamed “Saturn” and Lionsgate “Luna”. LionTree blacked out a few sections in the following presentations because they’re in relation to a potential transaction with another party that did not consummate (Starz went with Lionsgate instead).
Sale of Empire Resorts to Consortium
Moelis served as sell-side M&A advisor to Empire Resorts on its sale to Kien Huat Realty III Limited and Genting Malaysia Berhad.
Oracle’s Acquisition of NetSuite
Moelis served as buy-side M&A advisor to Oracle in its acquisition of Netsuite. Oracle was codenamed “Orlando” and Netsuite was codenamed “Napa”.
Sale of RealD to Rizvi Traverse
Moelis advised RealD on its sale to private equity firm Rizvi Traverse. RealD was codenamed “Rhombus”.
Sale of Pivotal Software to VMWare Incorporated
Morgan Stanley served as sell-side M&A advisor to Pivotal Software in its sale to VMWare. Pivotal was codenamed “Yoda” and VMWare "Wookie".
Sale of Morgans Hotel Group to SBE Entertainment
Morgan Stanley served as sell-side M&A advisor to Morgans Hotel Group in its sale to SBE Entertainment. Morgans was codenamed “Monroe”.
Sale of Giant Interactive to PE Consortium
Morgan Stanley served as sell-side M&A advisor to Giant Interactive in its sale to a PE consortium. Giant was codenamed “Goliath”.
Sale of Oaktree Capital to Brookfield
Perella Weinberg served as sell-side M&A advisor to Oaktree on its sale to Brookfield Asset Management. Oaktree was codenamed “Oslo” and Brookfield "Berlin".
Sale of rue21 to Apax Partners
Perella Weinberg served as sell-side M&A advisor to rue21 on its sale to Apax Partners. rue21 was codenamed “Heat”.
Chapter 11 Reorganization of EXCO
Struggling with liquidity issues, EXCO engaged PJT Partners as its financial advisor to help it navigate the bankruptcy process. The second presentation is a "marketing material" that PJT sent to potential buyers of select assets to help EXCO raise cash.
Lionsgate’s Acquisition of Starz
PJT Partners served as buy-side M&A advisor to Lionsgate in its acquisition of Starz. PJT codenamed Lionsgate “Lunar” and Starz “Solar”.
Valuation Report on CareFirst
PJT Partners’s predecessor was Blackstone Advisory Partners, which was spun-off from The Blackstone Group. Below is a valuation report prepared by Blackstone for CareFirst. It’s a great resource to learn how to value insurance businesses.
Sale of Ancestry.com to Permira
Qatalyst Partners served as sell-side M&A advisor to Ancestry.com on the sale of the company. Ancestry.com was codenamed “Arbor”.
Sale of Autonomy to Oracle (Pitch Book)
Qatalyst Partners served as sell-side M&A advisor to Autonomy. Oracle had published the following presentations on its website after it entered a public dispute with Autonomy.