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Public to privates push UK to the fore

Article Abstract:

The average value of buyout deals in Europe in 1999 was 31.3 million pounds sterling, from 21.2 million pounds sterling in 1998. The average total management buyin value was 53 million pounds sterling, while the management buyout average was 21 million pounds sterling. The UK market accounted for six of the 10 largest deals in Europe. One of the most significant deals of 1999 was the $2.1 billion purchase of Zeneca Specialities, jointly arranged by Cinven and Investcorp. This deal helped Cinven to return to the top of the league table for equity arrangers.

Statistics

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Flogging a dead horse

Article Abstract:

A two-stage strategy was required when dealing with the disposal of William Hill to Normura International for 700 million pounds sterling on behalf of Brent Walker, according to Richard Grainger of investment bank Close Brothers. It was first necessary to realize the value of the Pubmaster operation and sell off non-core assets. The second stage involved selling William Hill. Close Brothers initially received 12 offers for William Hill, but only pursued four of these. It was necessary to agree an accelerated disposal programme with Hill's other advisers.

Investment Banking and Securities Dealing, Investment Banking, Misc. Amusement, Recreation Services, Legal Gambling, Gambling Industries, Security brokers and dealers, Officials and employees, Mergers, acquisitions and divestments, Investment banks, Interview, Gambling industry, Gambling, Close Brothers Group PLC, Nomura International, William Hill Organization Ltd., Brent Walker Group PLC, Grainger, Richard

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Before the flood

Article Abstract:

Buyout opportunities are beginning to emerge in Italy, but most private equity is still being dedicated to development capital. However, several Italian banks are showing strong commitment to buyouts, and European private equity firms are beginning to become influential. The expansion of mutual funds, introduced in 1993, is encouraging private equity investors to seek buyout opportunities, while economic reforms are also set to spark off a high level of activity.

Italy

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