The M&A market survived the current volatile environment of global and geopolitical uncertainty in robust health. Cross-border deals and disruptive transactions continued to prevail, as shareholders backed smart and strategic deals and companies continued to search for the technologies and capabilities needed to be competitive. The passing of U.S. tax reform had a profound impact on companies and their M&A strategy, while private equity firms continued to look for the right targets on which to deploy their stockpiled capital.
The Deal Economy conference explored the most effective strategies for deals and transactions, focusing on the opportunities and challenges facing dealmakers in 2019.
Bruce Linton is the Founder, Chairman and Co-CEO, at Canopy Growth Corporation.
Given continued high equity valuations, historically low interest rates and volatility all around, what are the tactics and strategies dealmakers can employ to best structure transactions in the current environment? This panel will address how to weigh the trade-offs involved in using cash, stock and debt to finance deals as well as expectations for cost synergies and top-line and/or market share growth.
Moderator: Kimberly Petillo-Décossard, Partner, Cahill Gordon & Reindel
Panelist: Kyle Fox, PE Consultant, H.I.G. Capital
Panelist: Jelena Guzenko, Director, Mergers & Acquisitions, Siemens
Panelist: Gino Sabatini, Head of Investments, W. P. Carey Inc.
Panelist: Chris Schulitz, Director, Mergers & Acquisitions, Paychex, Inc.
Panelist: Daniel Yunger, Managing Director, Kekst CNC
What are the trends currently prevailing in PE and what does the foreseeable future hold? What are the most promising sectors and segments for PE and the most prevalent means of financing transactions in them? This panel will cover these topics as well as the impact of the macroeconomic and political climate, high equity valuations, volatility and rising interest rates – and how to meet the challenge of doing due diligence in this environment.
Moderator: Omar Pringle, Partner, Corporate and M&A, Freshfields Bruckhaus Deringer
Panelist: Darren Abrahamson, Managing Director, Bain Capital Private Equity
Panelist: Alex Darden, President and Head of US Infrastructure, EQT Partners Inc.
Panelist: James Manges, Partner, Head of Consumer, Trilantic Capital Partners
Panelist: Stephen Master, Vice President, GTCR
Panelist: Eric Schaefer, Managing Director, Eurazeo Capital
As Activism becomes more commonplace, new trends and tactics have emerged. This panel will examine some of the most interesting: dissident campaigns, including a surge in withhold-vote campaigns, proxy fights coupled with hostile bids and activists’ hiring of multiple proxy solicitors to target retail and institutional investors separately. What are the challenges facing corporate management when targeted by multiple activists with different investment objectives and horizons?
Moderator: Ele Klein, Partner, Schulte Roth & Zabel
Panelist: Kal Goldberg, Partner, Finsbury
Panelist: Quentin Koffey, Portfolio Manager, Strategic Investments, D.E. Shaw & Co.
Panelist: Kai Liekefett, Partner, Chair, Shareholder Activism Practice, Sidley
Panelist: Bob Marese, Managing Director, MacKenzie Partners, Inc.
Panelist: Dianne McKeever, Chief Investment Officer, Ides Capital
Canopy Growth Corporation (CGC) was the first cannabis producing company in North America to be listed on both the Toronto Stock Exchange and the New York Stock Exchange, and included in a major stock index. To date, the company has enjoyed market support for capital raises of over $6 billion including a $5 billion investment by Fortune 500 beverage company, Constellation Brands. Amid the push to legalization in the U.S., big deals continue to happen in the space. Jim Cramer talks with Mr. Linton about why the industry is so hot and where it’s headed next.
Interviewer: James J. Cramer, Host, “Mad Money with Jim Cramer” & Co-Anchor, “Squawk on The Street”, CNBC; Founder, TheStreet, Inc.
Speaker: Bruce Linton, Founder, Chairman and Co-CEO, Canopy Growth Corporation
Speaker: James J. Cramer, Host, “Mad Money with Jim Cramer” & Co-Anchor, “Squawk on The Street”, CNBC; Founder, TheStreet, Inc.
Recent effective, innovative and disruptive deals, and what made them so successful, offer important lessons for corporate dealmakers. What are the most promising opportunities and biggest challenges facing dealmakers going forward? How are corporate acquirors seeing value in their increased use of representations and warranties insurance? Panelists also examine the role that integration plays in these calculations, and what forecasting techniques can best ensure that projections are realistic.
Moderator: Steve Gelsi, Senior Reporter, The Deal
Panelist: James Batson, Investment Manager, Legal Counsel, Bentham IMF
Panelist: Rachel Bhattacharya, Director, Corporate Finance, Strategic Initiatives, Investor Relations, General Motors
Panelist: Matthew Greenberg, Partner, Pepper Hamilton
Panelist: Edward Richards, Vice President, Corporate Business Development, The Lubrizol Corporation (a Berkshire Hathaway Company)
Panelist: Eric Ziff, Managing Director, Aon Transaction Solutions
Shifts in antitrust and foreign investment policies continue to have numerous implications for the market. Dealmakers must understand the climate—the opportunities and risks. What should we make of the attack on AT&T-Time Warner? Do all Chinese buyers face roadblocks at CFIUS? What steps can dealmakers take to effectively understand all of the various risks involved in any international deal, and how can they reduce the regulatory uncertainties associated with cross-border transactions?
Moderator: Mary Lehner, Partner, Antitrust, Competition and Trade, Freshfields Bruckhaus Deringer
Panelist: Deepak Gupta, Vice President, Mergers & Acquisitions, Covanta Energy Corporation
Panelist: Greg Psihas, Head of Corporate Development, Lockheed Martin
Panelist: Satish Raman, Chief Corporate Development Officer, Fractal Analytics
Panelist: Raj Ratnakar, Chief Strategy Officer, Fortive
The financial services industry has embraced fintech as an object lesson in how to avoid disruption. Rather than attempt to fend off technology as a competitive threat, the industry has used M&A to refresh and expand its existing business through bolt-on deals that add new technology to their retail, commercial and investment banking systems. This panel will delve into this case study in how the “if-you-can’t-beat-em-join-em” approach can extend the life of an otherwise creaky business model.
Moderator: Chris Nolter, Senior Writer, The Deal
Panelist: Angelo Greco, Chief Business Development Officer, CardConnect, a First Data Company
Panelist: Tal Hacohen, Partner, Orrick
Panelist: Lonne Jaffe, Managing Director, Insight Venture Partners
Panelist: Randy Paine, Co-head, Key Corporate Bank and President, KeyBanc Capital Markets, Inc.
Panelist: Christina Wojcik, Vice President, Legal Services, Seal Software
State Street is the third-largest asset manager in the world, responsible for around $2.8 trillion in assets. Lori Heinel, Executive Vice President, Deputy Global Chief Investment Officer will give her perspective of how a large, long-term investor with both active and index-based strategies, views activist investors, and discuss the important balance between public and private markets.
Interviewer: Lex Suvanto, Global Managing Director, Financial Communications & Capital Markets, Edelman
Speaker: Lori Heinel, Executive Vice President, Deputy Global Chief Investment Officer, State Street Global Advisors
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In September 2022, the deals and dealmakers shaping the Deal Economy will be celebrated in the latest installment of The Deal Awards. In line with its mission of providing forward-looking intelligence across mergers and acquisitions, private equity, activism and restructuring, the Awards seek to recognize and celebrate the advisers, firms and banks driving the market forward.