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When a company generates significant profits, several options are available to use this money. It can invest in new projects, make acquisitions, reduce its debt, pay dividends to shareholders, or buy back its own shares.
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In 2007, at the peak of the global real estate cycle, the US fund Blackstone announced the acquisition of Hilton Hotels Corporation for nearly $26 billion, including debt. At the time, this transaction represented one of the largest LBOs ever completed in the hospitality sector.
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When a company is put up for sale, many people imagine that a buyer submits an offer, the seller accepts it, and both parties then negotiate the final details before signing. In reality, mergers and acquisitions transactions, especially those involving attractive companies, often follow a much more competitive process.
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When a stock market crash occurs, the images shown by the media often feature traders sitting in front of their screens, collapsing charts, and trading floors under extreme pressure. However, behind this dramatic representation lies a much more complex reality.
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In the recent history of French financial markets, few transactions have surprised investors as much as LVMH’s rise into Hermès’ share capital. In October 2010, the group led by Bernard Arnault announced that it held nearly 17% of the capital of the luxury house.
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Since their creation in the 1990s, Exchange Traded Funds (ETFs) have profoundly transformed the way investors allocate capital. Initially designed as simple tools to replicate the performance of stock market indices at low cost, they now represent several trillion dollars in assets under management.
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When an acquisition is announced in the press, the media almost always highlight a single figure: the transaction price. Yet this amount often represents only a small part of what was actually negotiated between the buyer and the seller.
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When discussing hedge funds, many people imagine investors trying to anticipate whether financial markets will rise or fall. However, some of the most successful strategies do not rely on a macroeconomic view. Instead, they focus on exploiting very specific events affecting a company.
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Private equity has long been based on a very structured and relatively rigid model: a limited investment period, generally five to seven years, followed by a mandatory divestment phase in order to return capital to investors. This framework, embodied by so-called closed-end funds, has shaped the industry for several decades.
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