Oct 30 - The Deal.com - The total enterprise value of technology M&A deals in the third quarter plummeted to $15.3 billion, down 51% from $31 billion in the previous quarter, according to a new report from investment Updata Advisors Inc. Enterprise value as a multiple of the trailing 12 months' revenue fell 17% from the prior quarter and 12% from the year-ago period.
Deal volume in Q3 was up slightly, to 202 transactions, from the 194 deals announced in Q2. But the dealmaking environment, which was already deteriorating in July and August, fell apart in September, Updata says.
"While deals are still getting done, they are taking longer to complete as buyers are cautious yet opportunistic during an uncertain economic period," says Ira Cohen, managing partner at Updata, in a statement. "The climate tends to favor strategic versus financial buyers, as they continue to seek key acquisitions to capture market share, expand product portfolios or reach new customer segments. We're also seeing selected cross-border activity with U.S. targets." Read more.
Friday, October 31, 2008
Thursday, October 30, 2008
Weill Seeks to Gain From Pain: Considers Fund to Invest in Battered Financials
Oct 23 -- Wall Street Journal -- Sanford Weill, the architect of Citigroup Inc., is considering a plan to profit from the same turmoil that has clobbered the banking giant.
Mr. Weill, who pulled off the deal that created Citigroup a decade ago and became its chairman and chief executive, is in talks about launching a private-equity fund that would invest in beaten-down financial companies and assets, according to people familiar with the matter.
Mr. Weill's potential partners are Michael Klein, who was co-head of Citigroup's investment bank until he left in July, and Michael Masin, former chief operating officer at the New York company.
Such ventures often fizzle before getting off the ground, so it isn't clear if Mr. Weill will go through with the plan. In recent weeks, though, Mr. Weill's team has reached out to potential investors, including sovereign-wealth funds, outlining their strategy and gauging interest in putting money into such a fund, people familiar with the discussions said. The tentative goal is to raise about $5 billion. Read More.
Mr. Weill, who pulled off the deal that created Citigroup a decade ago and became its chairman and chief executive, is in talks about launching a private-equity fund that would invest in beaten-down financial companies and assets, according to people familiar with the matter.
Mr. Weill's potential partners are Michael Klein, who was co-head of Citigroup's investment bank until he left in July, and Michael Masin, former chief operating officer at the New York company.
Such ventures often fizzle before getting off the ground, so it isn't clear if Mr. Weill will go through with the plan. In recent weeks, though, Mr. Weill's team has reached out to potential investors, including sovereign-wealth funds, outlining their strategy and gauging interest in putting money into such a fund, people familiar with the discussions said. The tentative goal is to raise about $5 billion. Read More.
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