Paul Pignataro

Mergers, Acquisitions, Divestitures, and Other Restructurings (eBook, ePUB)

A Practical Guide to Investment Banking and Private Equity

• Format: ePub

Produktbeschreibung

The authoritative resource for analyzing mergers and acquisitions (M&A) from every angle Paul Pignataro reveals the secrets behind growth through M&A in his new book, Mergers, Acquisitions, Divestitures, and Other Restructurings + Website. Through market shifts and regulatory changes, M&A has served as a solid approach to growth. Creating value through mergers and acquisitions is a highly coveted strategy, and Wall Street has long sought a clear technical understanding of the components of M&A as a key driver of growth. In this book, the author provides that understanding, covering all essential aspects of accounting and modeling for the M&A process. With over a decade of experience aiding billion-dollar restructuring deals, Paul Pignataro is in an excellent position to break down M&A from a finance standpoint. Mergers, Acquisitions, Divestitures, and Other Restructurings covers the financial accounting and modeling behind several M&A structures. Using the merger of Office Depot and Office Max, Mr. Pignataro fully addresses the entire integration, explains EBITDA, and other crucial performance measures. This text is for finance practitioners who want to explore every corner of the M&A process. * Learn accounting for asset acquisitions, asset divestitures, and corporate mergers * Explore modeling methods including mini-merger modeling and fully consolidated merger modeling * Read case studies demonstrating the practical success of theoretical models * Understand EBITDA, cash flow, capital structure, and their impact on M&A success and value creation This new text from the CEO and founder of the New York School of Finance is key for understanding how restructuring leads to growth and value creation. The importance of M&A shows no signs of slowing, meaning that finance professionals need to be able to accurately analyze the prospects and impacts of restructuring moves. Mergers, Acquisitions, Divestitures, and Other Restructurings + Website is the authoritative resource for doing just that.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 368
• Erscheinungstermin: 6. Januar 2015
• Englisch
• ISBN-13: 9781118908693
• Artikelnr.: 42118133

Autorenporträt

PAUL PIGNATARO is the founder and CEO of the New York School of Finance (NYSF). He has over thirteen years of experience in investment banking and private equity in business mergers, acquisitions, restructurings, asset divestitures, asset acquisitions, and debt and equity transactions covering the oil, gas, power and utility, internet and technology, real estate, defense, travel, banking, and service industries. At NYSF, Mr. Pignataro continues to participate on the training team, actively providing training at bulge bracket banks and M&A teams at corporations and billion dollar funds. Prior to his entrepreneurial en- deavors, Mr. Pignataro worked at TH Lee Putnam Ventures, a $1 billion private equity firm affiliatedwith buyout giant Thomas H. Lee Partners. Prior to that, he worked in the Investment Banking department of Morgan Stanley.

Inhaltsangabe

Preface xi PART ONE Introduction 1 CHAPTER 1 Merger and Acquisitions
Overview 3 The M&A Process 5 Office Depot and OfficeMax 7 CHAPTER 2
Financial Statements Refresher 13 The Income Statement 13 The Cash Flow
Statement 22 The Balance Sheet 27 Depreciation 32 Working Capital 42 Debt
Schedule 44 Financial Statement Flows Example 45 PART TWO M&A Analyses 53
CHAPTER 3 Raising Debt and Equity 55 Raising Debt 55 Raising Equity 60
CHAPTER 4 Asset Acquisitions and Asset Divestitures 71 Asset Acquisitions
72 Asset Divestitures 83 CHAPTER 5 Accretion/Dilution Analysis 87 Step 1:
Obtaining a Purchase Price 88 Step 2: Estimating Sources and Uses of Funds
89 Step 3: Creating a Pro-Forma Analysis 94 Summary 105 Drivers 106 PART
THREE Office Depot/OfficeMax Merger 109 CHAPTER 6 Assumptions 111 Uses of
Funds 119 Sources of Funds 122 CHAPTER 7 Income Statement 129 Pro-Forma
Income Statement 130 CHAPTER 8 Cash Flow Statement 171 Cash Flow from
Operating Activities 171 CHAPTER 9 Balance Sheet Adjustments 191 The Buyer
Is Paying For 191 The Buyer Is Receiving 192 Additional Adjustments 192
Office Depot and OfficeMax Balance Sheet Adjustments 198 CHAPTER 10
Depreciation Schedule 217 Straight-Line Depreciation 218 CHAPTER 11
Operating Working Capital 229 Receivables 231 Inventories 233 Prepaid
Expenses and Other Current Assets 235 Deferred Income Taxes and Receivables
236 Trade Accounts Payable, Accrued Expenses, and Other Accrued Liabilities
238 Income Tax Payable 240 Other Current Liabilities 241 Projecting
Operating Working Capital 242 Operating Working Capital and the Cash Flow
Statement 251 CHAPTER 12 Balance Sheet Projections 261 Cash Flow Drives
Balance Sheet versus Balance Sheet Drives Cash Flow 265 Balancing an
Unbalanced Balance Sheet 278 CHAPTER 13 Debt Schedule and Circular
References 289 Debt Schedule Structure 289 Modeling the Debt Schedule 290
Circular References 314 Automatic Debt Paydowns 320 Basic Switches 322
CHAPTER 14 Accretion/Dilution 323 Fairness Opinions 323 Preferred Shares
325 Contribution Analysis 327 Conclusion 328 Appendixes Appendix 1: Model
Quick Steps 331 Appendix 2: Financial Statement Flows 333 Appendix 3: Excel
Hot Keys 335 About the Companion Website 337 About the Author 339 Index 341