September 29, 2008
Under the Wachovia-Citi deal, Citi will acquire the bulk of Wachovia's assets and liabilities, including five depository institutions and assume senior and subordinated debt of Wachovia Corp. However, the deal does not involve AG Edwards and Evergreen, which will continue to be owned by Wachovia.
Under the agreement, Citigroup Inc. will absorb up to $42 billion of losses on a $312 billion pool of loans, with the FDIC absorbing losses beyond that.
The FDIC said that all Wachovia depositors are fully protected and there is expected to be no cost to the Deposit Insurance Fund, as was the case in the WaMu deal.
"Wachovia did not fail; rather, it is to be acquired by Citigroup Inc. on an open bank basis with assistance from the FDIC," the agency said.
Under the deal, Citi granted the FDIC $12 billion in preferred stock and warrants to compensate the FDIC for bearing this risk.
Wachovia has been struggling since its $24 billion acquisition of Golden West Financial Corp. two years ago.
Golden West had specialized in payment-option adjustable-rate mortgages and was the largest holder of these controversial mortgages, even ahead of Washington Mutual, according to Bloomberg News. The wire service noted that option ARMs allow borrowers to skip part of their payment and add that sum to their principal. Also, monthly payments increase after five years or once the loan balance reaches a certain level, says 110 percent to 125 percent.
reference
cfo.com
Monday, September 29, 2008
Monday, September 15, 2008
BOA acquires Merrill for $29 a share
Monday, September 15, 2008
Bank of America said it will purchase the iconic brokerage house Merrill Lynch for $29 per share in an all-stock transaction.
As part of the transaction, each Merrill Lynch share will be exchanged for 0.8595 shares of Bank of America stock. The deal is expected to close in the first quarter of 2009.
The fate of Merrill Lynch's 60,000 employees was not known as of Sunday night(14.9.2008). The best comparison Wall Street has to BofA's purchase of Merrill is JPMorgan's purchase of Bear Stearns. In that case, more than half of Bear Stearns' employees lost their jobs.
http://www.foxbusiness.com/story/markets/bofa-mulling-purchase-merrill-lynch---reports/
Bank of America said it will purchase the iconic brokerage house Merrill Lynch for $29 per share in an all-stock transaction.
As part of the transaction, each Merrill Lynch share will be exchanged for 0.8595 shares of Bank of America stock. The deal is expected to close in the first quarter of 2009.
The fate of Merrill Lynch's 60,000 employees was not known as of Sunday night(14.9.2008). The best comparison Wall Street has to BofA's purchase of Merrill is JPMorgan's purchase of Bear Stearns. In that case, more than half of Bear Stearns' employees lost their jobs.
http://www.foxbusiness.com/story/markets/bofa-mulling-purchase-merrill-lynch---reports/
Bank of America Buys Merrill Lynch
Bank of America Buys Merrill Lynch Creating Unique Financial Services Firm
Combines leading global wealth management, capital markets and advisory company with largest consumer and corporate bank in U.S.
CHARLOTTE (September 15, 2008) -- Bank of America Corporation today announced it has agreed to acquire Merrill Lynch & Co., Inc. in a $50 billion all-stock transaction that creates a company unrivalled in its breadth of financial services and global reach.
"Acquiring one of the premier wealth management, capital markets, and advisory companies is a great opportunity for our shareholders,” Bank of America Chairman and Chief Executive Officer Ken Lewis said. “Together, our companies are more valuable because of the synergies in our businesses.”
"Merrill Lynch is a great global franchise and I look forward to working with Ken Lewis and our senior management teams to create what will be the leading financial institution in the world with the combination of these two firms," said John Thain, chairman and CEO of Merrill Lynch.
Under terms of the transaction, Bank of America would exchange .8595 shares of Bank of America common stock for each Merrill Lynch common share. The price is 1.8 times stated tangible book value.
Bank of America expects to achieve $7 billion in pre-tax expense savings, fully realized by 2012. The acquisition is expected to be accretive to earnings by 2010.
The transaction is expected to close in the first quarter of 2009. It has been approved by directors of both companies and is subject to shareholder votes at both companies and standard regulatory approvals.
Under the agreement, three directors of Merrill Lynch will join the Bank of America Board of Directors.
The combined company would have leadership positions in retail brokerage and wealth management. By adding Merrill Lynch’s more than 16,000 financial advisers, Bank of America would have the largest brokerage in the world with more than 20,000 advisers and $2.5 trillion in client assets.
The combination brings global scale in investment management, including an approximately 50 percent ownership in BlackRock, which has $1.4 trillion in assets under management. Bank of America has $589 billion in assets under management.
Adding Merrill Lynch both enhances current strengths at Bank of America and creates new ones, particularly outside of the United States. Merrill Lynch adds strengths in global debt underwriting, global equities and global merger and acquisition advice.
After the acquisition, Bank of America would be the number one underwriter of global high yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions based on pro forma first half of 2008 results.
Bank of America was advised by J.C. Flowers & Co. LLC, Fox-Pitt Kelton Cochran Caronia Waller and Bank of America Securities. It was represented by Wachtell, Lipton, Rosen & Katz. Merrill Lynch was represented by Shearman & Sterling.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,500 ATMs and award-winning online banking with more than 25 million active users. Bank of America offers industry leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange. http://www.bankofamerica.com/
Note: Bank of America Chief Executive Officer Ken Lewis, Chief Financial Officer Joe Price and Merrill Lynch Chief Executive Officer John Thain will hold a conference call 8 a.m. EDT on Monday, September 15 for investors. The presentation and supporting materials can be accessed on the Bank of America Investor Relations Web site at http://investor.bankofamerica.com/. For a listen-only connection to the conference call, dial 877-585-6241 in the U.S. and 785-424-1734 from outside the U.S. The conference passcode is 79795.
Lewis and Thain will also host a press conference at 10 a.m. in the auditorium at Bank of America’s New York City headquarters, One Bryant Park. A webcast will be available at http://investor.bankofamerica.com/
Merrill Lynch
Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies, with offices in 40 countries and territories and total client assets of approximately $1.6 trillion. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions and individuals worldwide. Merrill Lynch owns approximately half of BlackRock, one of the world's largest publicly traded investment management companies with $1.4 trillion in assets under management at June 30, 2008. For more information on Merrill Lynch, please visit www.ml.com.
www.bankofamerica.com
Forward-Looking Statements
This press release contains forward-looking statements, including statements about the financial conditions, results of operations and earnings outlook of Bank of America Corporation. The forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results or earnings to differ materially from such forward-looking statements include, among others, the following: 1) projected business increases following process changes and other investments are lower than expected; 2) competitive pressure among financial services companies increases significantly; 3) general economic conditions are less favorable than expected; 4) political conditions including the threat of future terrorist activity and related actions by the United States abroad may adversely affect the company’s businesses and economic conditions as a whole; 5) changes in the interest rate environment and market liquidity reduce interest margins, impact funding sources and effect the ability to originate and distribute financial products in the primary and secondary markets; 6) changes in foreign exchange rates increases exposure; 7) changes in market rates and prices may adversely impact the value of financial products; 8) legislation or regulatory environments, requirements or changes adversely affect the businesses in which the company is engaged; 9) changes in accounting standards, rules or interpretations, 10) litigation liabilities, including costs, expenses, settlements and judgments, may adversely affect the company or its businesses; 11) mergers and acquisitions and their integration into the company; and 12) decisions to downsize, sell or close units or otherwise change the business mix of any of the company. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Bank of America does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made. For further information regarding Bank of America Corporation, please read the Bank of America reports filed with the SEC and available at www.sec.gov.
Additional Information About this Transaction
In connection with the proposed merger, Bank of America will file with the SEC a Registration Statement on Form S-4 that will include a joint proxy statement of Bank of America and Merrill Lynch that also constitutes a prospectus of Bank of America. Bank of America and Merrill Lynch will mail the joint proxy statement/prospectus to their respective stockholders. Bank of America and Merrill Lynch urge investors and security holders to read the joint proxy statement/prospectus regarding the proposed merger when it becomes available because it will contain important information. You may obtain copies of all documents filed with the SEC regarding this transaction, free of charge, at the SEC’s website (www.sec.gov). You may also obtain these documents, free of charge, from Bank of America’s website (www.bankofamerica.com) under the tab “About Bank of America” and then under the heading “Investor Relations” and then under the item “SEC Filings”. You may also obtain these documents, free of charge, from Merrill Lynch’s website (www.ml.com) under the tab “Investor Relations” and then under the heading “SEC Filings.”
Proxy Solicitation
Bank of America, Merrill Lynch and their respective directors, executive officers and certain other members of management and employees may be soliciting proxies from stockholders in favor of the merger. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the stockholders in connection with the proposed merger will be set forth in the joint proxy statement/prospectus when it is filed with the SEC. You can find information about Bank of America’s executive officers and directors in its definitive proxy statement filed with the SEC on March 19, 2008. You can find information about Merrill Lynch’s executive officers and directors in its definitive proxy statement filed with the SEC on March 14, 2008. You can obtain free copies of these documents from Bank of America and Merrill Lynch using the contact information above.
Investors May Contact:
Kevin Stitt, Bank of America, 1.704.386.5667
Lee McEntire, Bank of America, 1.646.855.1183
Leyla Pakzad, Bank of America, 1.704.386.2024
Source:
Bank of America Newsroom
http://newsroom.bankofamerica.com/index.php?s=press_releases&item=8255
Combines leading global wealth management, capital markets and advisory company with largest consumer and corporate bank in U.S.
CHARLOTTE (September 15, 2008) -- Bank of America Corporation today announced it has agreed to acquire Merrill Lynch & Co., Inc. in a $50 billion all-stock transaction that creates a company unrivalled in its breadth of financial services and global reach.
"Acquiring one of the premier wealth management, capital markets, and advisory companies is a great opportunity for our shareholders,” Bank of America Chairman and Chief Executive Officer Ken Lewis said. “Together, our companies are more valuable because of the synergies in our businesses.”
"Merrill Lynch is a great global franchise and I look forward to working with Ken Lewis and our senior management teams to create what will be the leading financial institution in the world with the combination of these two firms," said John Thain, chairman and CEO of Merrill Lynch.
Under terms of the transaction, Bank of America would exchange .8595 shares of Bank of America common stock for each Merrill Lynch common share. The price is 1.8 times stated tangible book value.
Bank of America expects to achieve $7 billion in pre-tax expense savings, fully realized by 2012. The acquisition is expected to be accretive to earnings by 2010.
The transaction is expected to close in the first quarter of 2009. It has been approved by directors of both companies and is subject to shareholder votes at both companies and standard regulatory approvals.
Under the agreement, three directors of Merrill Lynch will join the Bank of America Board of Directors.
The combined company would have leadership positions in retail brokerage and wealth management. By adding Merrill Lynch’s more than 16,000 financial advisers, Bank of America would have the largest brokerage in the world with more than 20,000 advisers and $2.5 trillion in client assets.
The combination brings global scale in investment management, including an approximately 50 percent ownership in BlackRock, which has $1.4 trillion in assets under management. Bank of America has $589 billion in assets under management.
Adding Merrill Lynch both enhances current strengths at Bank of America and creates new ones, particularly outside of the United States. Merrill Lynch adds strengths in global debt underwriting, global equities and global merger and acquisition advice.
After the acquisition, Bank of America would be the number one underwriter of global high yield debt, the third largest underwriter of global equity and the ninth largest adviser on global mergers and acquisitions based on pro forma first half of 2008 results.
Bank of America was advised by J.C. Flowers & Co. LLC, Fox-Pitt Kelton Cochran Caronia Waller and Bank of America Securities. It was represented by Wachtell, Lipton, Rosen & Katz. Merrill Lynch was represented by Shearman & Sterling.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,500 ATMs and award-winning online banking with more than 25 million active users. Bank of America offers industry leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange. http://www.bankofamerica.com/
Note: Bank of America Chief Executive Officer Ken Lewis, Chief Financial Officer Joe Price and Merrill Lynch Chief Executive Officer John Thain will hold a conference call 8 a.m. EDT on Monday, September 15 for investors. The presentation and supporting materials can be accessed on the Bank of America Investor Relations Web site at http://investor.bankofamerica.com/. For a listen-only connection to the conference call, dial 877-585-6241 in the U.S. and 785-424-1734 from outside the U.S. The conference passcode is 79795.
Lewis and Thain will also host a press conference at 10 a.m. in the auditorium at Bank of America’s New York City headquarters, One Bryant Park. A webcast will be available at http://investor.bankofamerica.com/
Merrill Lynch
Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies, with offices in 40 countries and territories and total client assets of approximately $1.6 trillion. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions and individuals worldwide. Merrill Lynch owns approximately half of BlackRock, one of the world's largest publicly traded investment management companies with $1.4 trillion in assets under management at June 30, 2008. For more information on Merrill Lynch, please visit www.ml.com.
www.bankofamerica.com
Forward-Looking Statements
This press release contains forward-looking statements, including statements about the financial conditions, results of operations and earnings outlook of Bank of America Corporation. The forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results or earnings to differ materially from such forward-looking statements include, among others, the following: 1) projected business increases following process changes and other investments are lower than expected; 2) competitive pressure among financial services companies increases significantly; 3) general economic conditions are less favorable than expected; 4) political conditions including the threat of future terrorist activity and related actions by the United States abroad may adversely affect the company’s businesses and economic conditions as a whole; 5) changes in the interest rate environment and market liquidity reduce interest margins, impact funding sources and effect the ability to originate and distribute financial products in the primary and secondary markets; 6) changes in foreign exchange rates increases exposure; 7) changes in market rates and prices may adversely impact the value of financial products; 8) legislation or regulatory environments, requirements or changes adversely affect the businesses in which the company is engaged; 9) changes in accounting standards, rules or interpretations, 10) litigation liabilities, including costs, expenses, settlements and judgments, may adversely affect the company or its businesses; 11) mergers and acquisitions and their integration into the company; and 12) decisions to downsize, sell or close units or otherwise change the business mix of any of the company. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Bank of America does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements are made. For further information regarding Bank of America Corporation, please read the Bank of America reports filed with the SEC and available at www.sec.gov.
Additional Information About this Transaction
In connection with the proposed merger, Bank of America will file with the SEC a Registration Statement on Form S-4 that will include a joint proxy statement of Bank of America and Merrill Lynch that also constitutes a prospectus of Bank of America. Bank of America and Merrill Lynch will mail the joint proxy statement/prospectus to their respective stockholders. Bank of America and Merrill Lynch urge investors and security holders to read the joint proxy statement/prospectus regarding the proposed merger when it becomes available because it will contain important information. You may obtain copies of all documents filed with the SEC regarding this transaction, free of charge, at the SEC’s website (www.sec.gov). You may also obtain these documents, free of charge, from Bank of America’s website (www.bankofamerica.com) under the tab “About Bank of America” and then under the heading “Investor Relations” and then under the item “SEC Filings”. You may also obtain these documents, free of charge, from Merrill Lynch’s website (www.ml.com) under the tab “Investor Relations” and then under the heading “SEC Filings.”
Proxy Solicitation
Bank of America, Merrill Lynch and their respective directors, executive officers and certain other members of management and employees may be soliciting proxies from stockholders in favor of the merger. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the stockholders in connection with the proposed merger will be set forth in the joint proxy statement/prospectus when it is filed with the SEC. You can find information about Bank of America’s executive officers and directors in its definitive proxy statement filed with the SEC on March 19, 2008. You can find information about Merrill Lynch’s executive officers and directors in its definitive proxy statement filed with the SEC on March 14, 2008. You can obtain free copies of these documents from Bank of America and Merrill Lynch using the contact information above.
Investors May Contact:
Kevin Stitt, Bank of America, 1.704.386.5667
Lee McEntire, Bank of America, 1.646.855.1183
Leyla Pakzad, Bank of America, 1.704.386.2024
Source:
Bank of America Newsroom
http://newsroom.bankofamerica.com/index.php?s=press_releases&item=8255
Monday, August 4, 2008
Peoplesupport acquired by Essar Group Company
Essar Group company Aegis Communications has bought Philippines based BPO Peoplesupport of $250 million.
this is BPO firm's 11th acquisition in the last three years.
Economic Times 5 August 2008
aegis will PeopleSupport stockholders $12.25 per share in cash through Essar Services (Mauritius).
this is BPO firm's 11th acquisition in the last three years.
Economic Times 5 August 2008
aegis will PeopleSupport stockholders $12.25 per share in cash through Essar Services (Mauritius).
Sunday, August 3, 2008
Digital Business Acquisitions
July 2008
Guardian News and Media Ltd. of the U.K. has acquired respected digital business company contentNext Media Inc., operator of paidContent.org, for roughly $30 million.
Founded by business journalist Rafat Ali in 2002, contentNext raised less than $1 million in funding from Greycroft Partners LLC in 2006. PaidContent, its flagship Web site, provides global coverage of the business of digital content. It also runs similar sites in India and the U.K.
Mark Patricof and Brian Richards of Mesa Partners in New York served as advisers to paidContent in connection with the transaction and Daniel Burnham and Michael Pigott of Strategic Law Partners in Los Angeles provided legal counsel. Greenberg Traurig LLP's Michael Helsel and Aaron Diamond in New York served as counsel for Guardian.
According to a recent report from media investment banking firm Jordan, Edmiston Group Inc., there were 146 online media and technology acquisitions in the first half of 2008 compared with 120 during the same period in 2007. Total value of those deals was $5.9 billion in the first six months of 2008 compared with $4.2 billion in the first half of 2007.
Among the largest of those deals was New York-based CBS Corp.'s $1.7 billion acquisition of technology information firm Cnet Networks Inc. last month.
Condé Nast Publications Inc.'s acquired technology news and analysis Web site Ars Technica LLC for undisclosed terms. Also last week, participatory news network NowPublic.com acquired Truemors, a citizen journalism site that provides news and rumors founded by Garage Technology Ventures managing director Guy Kawasaki.
Also last week, there were rumors that Yahoo! Inc. of Sunnyvale, Calif., was interested in acquiring online content and social media tools provider Demand Media Inc., a Santa Monica, Calif.-based company that has raised more than $350 million in funding.
Guardian News and Media Ltd. of the U.K. has acquired respected digital business company contentNext Media Inc., operator of paidContent.org, for roughly $30 million.
Founded by business journalist Rafat Ali in 2002, contentNext raised less than $1 million in funding from Greycroft Partners LLC in 2006. PaidContent, its flagship Web site, provides global coverage of the business of digital content. It also runs similar sites in India and the U.K.
Mark Patricof and Brian Richards of Mesa Partners in New York served as advisers to paidContent in connection with the transaction and Daniel Burnham and Michael Pigott of Strategic Law Partners in Los Angeles provided legal counsel. Greenberg Traurig LLP's Michael Helsel and Aaron Diamond in New York served as counsel for Guardian.
According to a recent report from media investment banking firm Jordan, Edmiston Group Inc., there were 146 online media and technology acquisitions in the first half of 2008 compared with 120 during the same period in 2007. Total value of those deals was $5.9 billion in the first six months of 2008 compared with $4.2 billion in the first half of 2007.
Among the largest of those deals was New York-based CBS Corp.'s $1.7 billion acquisition of technology information firm Cnet Networks Inc. last month.
Condé Nast Publications Inc.'s acquired technology news and analysis Web site Ars Technica LLC for undisclosed terms. Also last week, participatory news network NowPublic.com acquired Truemors, a citizen journalism site that provides news and rumors founded by Garage Technology Ventures managing director Guy Kawasaki.
Also last week, there were rumors that Yahoo! Inc. of Sunnyvale, Calif., was interested in acquiring online content and social media tools provider Demand Media Inc., a Santa Monica, Calif.-based company that has raised more than $350 million in funding.
Saturday, June 14, 2008
Cold Steel - Lakshmi Mittal versus Guy Dolle
Tim Bouquet and Byron Ousey have written a book on Lakshmi Mittal, Cold Steel: Britain's Richest Man and the Multi-billion Dollar Battle for a Global Empire.
Friday, May 16, 2008
RIO TINTO - Alcan's packaging operations,
12 April 2008
RIO TINTO could be close to selling Alcan's packaging operations.
India's Economic Times yesterday quoted un-named sources as saying that Essel Propack and Ess Dee wanted to acquire the packaging operations and then divide up the assets between themselves.
"Rio Tinto's packaging unit is very similar to our line of business and hence it makes great sense for us," the newspaper cited an anonymous Essel Propack executive as saying.
Rio Tinto Alcan's packaging business is the world's second-largest supplier of aluminium wrappings and containers for food, drugs, cosmetics and cigarettes, with around 31,000 employees in 35 countries.
Analysts estimate the value of the operations to be as high as $12 billion.
Rio chief executive Tom Albanese flagged the sale of the business shortly after the miner's $US38 billion acquisition of Alcan in mid-2007.
But the packaging assets have so far proved difficult to sell, partly because the global credit crisis has made it trickier for potential acquirers to raise the funds for such a large purchase.
http://www.news.com.au/heraldsun/story/0,21985,23525616-664,00.html
Economic Times reported interest of Essel Propack in the deal in Septermber 2007 itself. It carried a news item on the topic on 12 September 2007 on front page
RIO TINTO could be close to selling Alcan's packaging operations.
India's Economic Times yesterday quoted un-named sources as saying that Essel Propack and Ess Dee wanted to acquire the packaging operations and then divide up the assets between themselves.
"Rio Tinto's packaging unit is very similar to our line of business and hence it makes great sense for us," the newspaper cited an anonymous Essel Propack executive as saying.
Rio Tinto Alcan's packaging business is the world's second-largest supplier of aluminium wrappings and containers for food, drugs, cosmetics and cigarettes, with around 31,000 employees in 35 countries.
Analysts estimate the value of the operations to be as high as $12 billion.
Rio chief executive Tom Albanese flagged the sale of the business shortly after the miner's $US38 billion acquisition of Alcan in mid-2007.
But the packaging assets have so far proved difficult to sell, partly because the global credit crisis has made it trickier for potential acquirers to raise the funds for such a large purchase.
http://www.news.com.au/heraldsun/story/0,21985,23525616-664,00.html
Economic Times reported interest of Essel Propack in the deal in Septermber 2007 itself. It carried a news item on the topic on 12 September 2007 on front page
Friday, May 9, 2008
LBO Vidoes
Private Equity Exchange 2007 Track 2 :
LBO for Management teams Conference 5 :
Growth and Management under Leverage Buy-Out pressure <- Preparing, deploying and executing the 100 days plan: your action plan ; Build Up strategies, from a national base to a Pan European business plan ; Managing the debt pressure ; Management under exit pressure ->
<- Participants : Jean-Paul Brayer, CEO of Quick ; Axel Rebaudières, Partner at KPMG ; Olivier Boyadjian, deputy general at CDC ; Elisabeth Amiel, Partner at Aforge ; Nicolas Richard, Managing Director of Europcar ; Claude de Craene, General Director in charge at D&P (Développement et Partenariats) ->
http://video.google.com/videoplay?docid=-3020782066560862251&q=management&hl=en
Private Equity Exchange 2007 < - Track 2 : Leverage Buy-Out for management teams Conference 6 - Exiting the LBO : Traditional and new exits - > < - Choosing between classic exits and new exits : 1) Exit, due diligence 2) Classic exit : IPO, acquisition by an industrial buyer 3) New exit routes : recap & MBO / Sponsorless MBO - > < - Financing a management buy out and a takeover by the management - > < - The IPO exit : the way for independence, better valuation, lower debt? - > < - Participants : Xavier Etienne, partner at Landwell & Associés ; Philippe Kubisa, partner at PWC ; Emmanuel Guzman, financial director at Moliflor ; Gael de Roquefeuil, senior client partner at Korn/Ferry International -
http://video.google.com/videoplay?docid=8663840406479812277&q=management&ei=cg8kSNiYBaCErAO7t4zeCw
Private Equity Exchange 2007 Track 2 :
Leverage Buy-Out for Management teams <-
Conference 2 : Leverage Buy-Out preparation -> <- Negotiation process ; Adviser selection & Adviser Management and Coordination ; Business planning and company valuation ; Due diligence : anticipating the audits to come... ->
<- Participants :
Michel Chabanel, Partner at Pragma Capital ;
Gilles Chasson, Partner at Creative Value ;
Michel David, Partner at Creative Value ;
Danièle Batude, Partner at Mazars ->
http://video.google.com/videoplay?docid=-5260206151346557424&q=management&hl=en
LBO for Management teams Conference 5 :
Growth and Management under Leverage Buy-Out pressure <- Preparing, deploying and executing the 100 days plan: your action plan ; Build Up strategies, from a national base to a Pan European business plan ; Managing the debt pressure ; Management under exit pressure ->
<- Participants : Jean-Paul Brayer, CEO of Quick ; Axel Rebaudières, Partner at KPMG ; Olivier Boyadjian, deputy general at CDC ; Elisabeth Amiel, Partner at Aforge ; Nicolas Richard, Managing Director of Europcar ; Claude de Craene, General Director in charge at D&P (Développement et Partenariats) ->
http://video.google.com/videoplay?docid=-3020782066560862251&q=management&hl=en
Private Equity Exchange 2007 < - Track 2 : Leverage Buy-Out for management teams Conference 6 - Exiting the LBO : Traditional and new exits - > < - Choosing between classic exits and new exits : 1) Exit, due diligence 2) Classic exit : IPO, acquisition by an industrial buyer 3) New exit routes : recap & MBO / Sponsorless MBO - > < - Financing a management buy out and a takeover by the management - > < - The IPO exit : the way for independence, better valuation, lower debt? - > < - Participants : Xavier Etienne, partner at Landwell & Associés ; Philippe Kubisa, partner at PWC ; Emmanuel Guzman, financial director at Moliflor ; Gael de Roquefeuil, senior client partner at Korn/Ferry International -
http://video.google.com/videoplay?docid=8663840406479812277&q=management&ei=cg8kSNiYBaCErAO7t4zeCw
Private Equity Exchange 2007 Track 2 :
Leverage Buy-Out for Management teams <-
Conference 2 : Leverage Buy-Out preparation -> <- Negotiation process ; Adviser selection & Adviser Management and Coordination ; Business planning and company valuation ; Due diligence : anticipating the audits to come... ->
<- Participants :
Michel Chabanel, Partner at Pragma Capital ;
Gilles Chasson, Partner at Creative Value ;
Michel David, Partner at Creative Value ;
Danièle Batude, Partner at Mazars ->
http://video.google.com/videoplay?docid=-5260206151346557424&q=management&hl=en
Monday, May 5, 2008
M and A Law Blog
http://lawprofessors.typepad.com/mergers/
Edited
Stefen Davidoff
Assistant Professor Law
Wayne State University
Edited
Stefen Davidoff
Assistant Professor Law
Wayne State University
Monday, February 25, 2008
Getty Images Agrees to Be Acquired by Hellman & Friedman
February 25, 2008
Getty Images Agrees to Be Acquired by Hellman & Friedman in a Transaction Valued at $2.4 Billion
SEATTLE--(BUSINESS WIRE)--Getty Images Inc. (NYSE:GYI), the world’s leading creator and distributor of visual content and other digital media, announced today that it has entered into a definitive merger agreement to be acquired by affiliates of the private equity firm Hellman & Friedman LLC in a transaction valued at approximately $2.4 billion, including the assumption of existing debt. Under the terms of the agreement, Getty Images stockholders will receive $34.00 in cash for each outstanding share of common stock they own. This price represents a premium of approximately 55 percent over the closing price on January 18, 2008, the last trading day before the Company announced that it was exploring strategic alternatives.
The Board of Directors of Getty Images has approved the merger agreement and resolved to recommend that Getty Images’ stockholders approve the transaction. Completion of the transaction is subject to shareholder approval and other customary closing conditions. The transaction is not subject to a financing condition and is expected to close in the second quarter of 2008.
“Our Board of Directors has thoroughly evaluated strategic alternatives for Getty Images and has determined that this outcome is in the best interests of our stockholders as it provides them with superior and certain value. Furthermore, Hellman & Friedman brings specific industry expertise and support for the vision of the Company’s management team that will benefit our employees, customers and partners,” said Jonathan Klein, co-founder and chief executive officer of Getty Images. “Just over a decade ago we started Getty Images with little more than a vision and have achieved industry leadership due to the extraordinary talent, effort and commitment of our employees and partners. We are enthusiastic about entering the next phase of Getty Images’ evolution by partnering with Hellman & Friedman as we continue to provide innovative offerings to businesses and consumers in a very dynamic digital media environment.”
Andy Ballard, managing director of Hellman & Friedman, said, “Getty Images is the leader and pioneer in the visual content and digital media business. We believe in the vision and execution capabilities of Jonathan Klein and his team, and share their commitment to the Company’s stakeholders and customers. We look forward to working with all of Getty Images’ employees to realize the full potential of its traditional businesses while furthering the evolution of Getty Images into a global digital media company.”
Financing commitments have been provided by Barclays Capital, GE Commercial Finance and RBS Greenwich Capital. In addition, Getty Investments and certain related parties, including the co-founder and chairman, Mark Getty, who collectively hold approximately 15 percent of the Company’s shares, have agreed to vote in favor of the transaction and rollover their shares into the acquiring entity.
Goldman, Sachs & Co. is acting as financial advisor to Getty Images. Barclays Capital and RBS Greenwich Capital are acting as financial advisors to Hellman & Friedman. Weil Gotshal & Manges LLP and Simpson Thacher & Bartlett LLP are serving as legal advisors to Getty Images and Hellman & Friedman, respectively.
Further Information About the Transaction
Getty Images will file with the Securities and Exchange Commission (the “SEC”), and furnish to its stockholders, a proxy statement soliciting proxies for the meeting of its stockholders to be called with respect to the Merger. GETTY IMAGES’ STOCKHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT IS FINALIZED AND DISTRIBUTED TO THEM BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Getty Images’ stockholders and other interested parties will be able to obtain, without charge, a copy of the proxy statement (when available) and other relevant documents filed with the SEC from the SEC’s website at http://www.sec.gov. Getty Images’ stockholders and other interested parties will also be able to obtain, without charge, a copy of the proxy statement (when available) and other relevant documents by directing a request by mail or telephone to Getty Images, Inc., 601 North 34th Street, Seattle, Washington 98103, Attention: Investor Relations, telephone: (206) 925-5000, or from Getty Images’ website, http://www.gettyimages.com.
Getty Images and certain of its directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be “participants” in the solicitation of proxies from stockholders of Getty Images with respect to the proposed merger. Information regarding the persons who may be considered “participants” in the solicitation of proxies will be set forth in Getty Images’ proxy statement relating to the proposed merger when it is filed with the SEC. Information regarding certain of these persons is also set forth in Getty Images’ proxy statements and annual reports on Form 10-K previously filed with the SEC.
Forward-Looking Statements
Some of the statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, assumptions and projections about our business as of the time the statements are made. These forward-looking statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause our actual results to differ materially from our past performance and our current expectations, assumptions and projections. Differences may result from actions taken by us as well as from risks and uncertainties beyond our control. These risks and uncertainties include, among others, (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement and the possibility that the Company would be required to pay a termination fee in connection therewith; (ii) the outcome of any legal proceedings that may be instituted against Getty Images and others following announcement of the merger agreement; (iii) the inability to complete the merger due to the failure to obtain shareholder approval or the failure to satisfy other conditions to completion of the merger; (iv) risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the merger; (v) the ability to recognize the benefits of the merger; (vi) the amount of the costs, fees, expenses and charges related to the merger; (vii) currency fluctuations; (viii) the Company’s ability to integrate and grow recently acquired businesses and pursue new business strategies; (ix) changes in the economic, political, competitive and technological environments; and (x) system security, upgrades, updates and service interruptions. The foregoing list of risks and uncertainties is illustrative, but by no means exhaustive. For more information on factors that may affect future performance, please review the reports filed by us with the Securities and Exchange Commission, in particular our Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 and Amended Annual Report on Form 10-K/A for the year ended December 31, 2006. Except as required by law, we do not intend to update or revise any forward-looking statements until our next quarterly earnings release.
About Getty Images
Getty Images is the world’s leading creator and distributor of still imagery, footage and multi-media products, as well as a recognized provider of other forms of premium digital content, including music. Getty Images serves business customers in more than 100 countries and is the first place creative and media professionals turn to discover, purchase and manage images and other digital content. Its award-winning photographers and imagery help customers produce inspiring work which appears every day in the world’s most influential newspapers, magazines, advertising campaigns, films, television programs, books and Web sites. Visit Getty Images at http://www.gettyimages.com to learn more about how the company is advancing the unique role of digital media in communications and business, and enabling creative ideas to come to life.
About Hellman & Friedman
Hellman & Friedman LLC is a leading private equity investment firm with offices in San Francisco, New York and London. The Firm focuses on investing in superior business franchises and serving as a value-added partner to management in select industries including media and marketing services, financial services, professional services, information services, healthcare and energy. Since its founding in 1984, Hellman & Friedman has raised and, through its affiliated funds, managed over $16 billion of committed capital and is currently investing its sixth partnership, Hellman & Friedman Capital Partners VI L.P., with over $8 billion of committed capital. Representative investments in media and marketing services include: DoubleClick Inc., Catalina Marketing Corporation, Young & Rubicam Inc., Digitas Inc., The Nielsen Company, and Axel Springer AG. For more information, visit www.hf.com.
Contacts
Getty Images
Tom Oberdorf, 206-925-6005 (Investors)
SVP, Chief Financial Officer
tom.oberdorf@gettyimages.com
Bridget Russel, 206-925-6405 (Media)
Director, Communications
bridget.russel@gettyimages.com
Alison Crombie, +44 (0) 207 424 8081 (Media)
Senior Director, Public Relations
alison.crombie@gettyimages.com
or
Edelman for Getty Images (Media)
Susan Stillings, 212-704-4559
susan.stillings@edelman.com
John Dillard, 212-704-8174
john.dillard@edelman.com
Cara Jacobson, 206-268-2203
cara.jacobson@edelman.com
or
The Abernathy MacGregor Group for Hellman & Friedman LLC
Steve Bruce, 212-371-5999
sb@abmac.com
Pen Pendleton, 212-371-5999
pwp@abmac.com
Monica Everett, 212-371-5999
mce@abmac.com
Getty Images Agrees to Be Acquired by Hellman & Friedman in a Transaction Valued at $2.4 Billion
SEATTLE--(BUSINESS WIRE)--Getty Images Inc. (NYSE:GYI), the world’s leading creator and distributor of visual content and other digital media, announced today that it has entered into a definitive merger agreement to be acquired by affiliates of the private equity firm Hellman & Friedman LLC in a transaction valued at approximately $2.4 billion, including the assumption of existing debt. Under the terms of the agreement, Getty Images stockholders will receive $34.00 in cash for each outstanding share of common stock they own. This price represents a premium of approximately 55 percent over the closing price on January 18, 2008, the last trading day before the Company announced that it was exploring strategic alternatives.
The Board of Directors of Getty Images has approved the merger agreement and resolved to recommend that Getty Images’ stockholders approve the transaction. Completion of the transaction is subject to shareholder approval and other customary closing conditions. The transaction is not subject to a financing condition and is expected to close in the second quarter of 2008.
“Our Board of Directors has thoroughly evaluated strategic alternatives for Getty Images and has determined that this outcome is in the best interests of our stockholders as it provides them with superior and certain value. Furthermore, Hellman & Friedman brings specific industry expertise and support for the vision of the Company’s management team that will benefit our employees, customers and partners,” said Jonathan Klein, co-founder and chief executive officer of Getty Images. “Just over a decade ago we started Getty Images with little more than a vision and have achieved industry leadership due to the extraordinary talent, effort and commitment of our employees and partners. We are enthusiastic about entering the next phase of Getty Images’ evolution by partnering with Hellman & Friedman as we continue to provide innovative offerings to businesses and consumers in a very dynamic digital media environment.”
Andy Ballard, managing director of Hellman & Friedman, said, “Getty Images is the leader and pioneer in the visual content and digital media business. We believe in the vision and execution capabilities of Jonathan Klein and his team, and share their commitment to the Company’s stakeholders and customers. We look forward to working with all of Getty Images’ employees to realize the full potential of its traditional businesses while furthering the evolution of Getty Images into a global digital media company.”
Financing commitments have been provided by Barclays Capital, GE Commercial Finance and RBS Greenwich Capital. In addition, Getty Investments and certain related parties, including the co-founder and chairman, Mark Getty, who collectively hold approximately 15 percent of the Company’s shares, have agreed to vote in favor of the transaction and rollover their shares into the acquiring entity.
Goldman, Sachs & Co. is acting as financial advisor to Getty Images. Barclays Capital and RBS Greenwich Capital are acting as financial advisors to Hellman & Friedman. Weil Gotshal & Manges LLP and Simpson Thacher & Bartlett LLP are serving as legal advisors to Getty Images and Hellman & Friedman, respectively.
Further Information About the Transaction
Getty Images will file with the Securities and Exchange Commission (the “SEC”), and furnish to its stockholders, a proxy statement soliciting proxies for the meeting of its stockholders to be called with respect to the Merger. GETTY IMAGES’ STOCKHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT IS FINALIZED AND DISTRIBUTED TO THEM BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Getty Images’ stockholders and other interested parties will be able to obtain, without charge, a copy of the proxy statement (when available) and other relevant documents filed with the SEC from the SEC’s website at http://www.sec.gov. Getty Images’ stockholders and other interested parties will also be able to obtain, without charge, a copy of the proxy statement (when available) and other relevant documents by directing a request by mail or telephone to Getty Images, Inc., 601 North 34th Street, Seattle, Washington 98103, Attention: Investor Relations, telephone: (206) 925-5000, or from Getty Images’ website, http://www.gettyimages.com.
Getty Images and certain of its directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be “participants” in the solicitation of proxies from stockholders of Getty Images with respect to the proposed merger. Information regarding the persons who may be considered “participants” in the solicitation of proxies will be set forth in Getty Images’ proxy statement relating to the proposed merger when it is filed with the SEC. Information regarding certain of these persons is also set forth in Getty Images’ proxy statements and annual reports on Form 10-K previously filed with the SEC.
Forward-Looking Statements
Some of the statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, assumptions and projections about our business as of the time the statements are made. These forward-looking statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause our actual results to differ materially from our past performance and our current expectations, assumptions and projections. Differences may result from actions taken by us as well as from risks and uncertainties beyond our control. These risks and uncertainties include, among others, (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement and the possibility that the Company would be required to pay a termination fee in connection therewith; (ii) the outcome of any legal proceedings that may be instituted against Getty Images and others following announcement of the merger agreement; (iii) the inability to complete the merger due to the failure to obtain shareholder approval or the failure to satisfy other conditions to completion of the merger; (iv) risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the merger; (v) the ability to recognize the benefits of the merger; (vi) the amount of the costs, fees, expenses and charges related to the merger; (vii) currency fluctuations; (viii) the Company’s ability to integrate and grow recently acquired businesses and pursue new business strategies; (ix) changes in the economic, political, competitive and technological environments; and (x) system security, upgrades, updates and service interruptions. The foregoing list of risks and uncertainties is illustrative, but by no means exhaustive. For more information on factors that may affect future performance, please review the reports filed by us with the Securities and Exchange Commission, in particular our Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 and Amended Annual Report on Form 10-K/A for the year ended December 31, 2006. Except as required by law, we do not intend to update or revise any forward-looking statements until our next quarterly earnings release.
About Getty Images
Getty Images is the world’s leading creator and distributor of still imagery, footage and multi-media products, as well as a recognized provider of other forms of premium digital content, including music. Getty Images serves business customers in more than 100 countries and is the first place creative and media professionals turn to discover, purchase and manage images and other digital content. Its award-winning photographers and imagery help customers produce inspiring work which appears every day in the world’s most influential newspapers, magazines, advertising campaigns, films, television programs, books and Web sites. Visit Getty Images at http://www.gettyimages.com to learn more about how the company is advancing the unique role of digital media in communications and business, and enabling creative ideas to come to life.
About Hellman & Friedman
Hellman & Friedman LLC is a leading private equity investment firm with offices in San Francisco, New York and London. The Firm focuses on investing in superior business franchises and serving as a value-added partner to management in select industries including media and marketing services, financial services, professional services, information services, healthcare and energy. Since its founding in 1984, Hellman & Friedman has raised and, through its affiliated funds, managed over $16 billion of committed capital and is currently investing its sixth partnership, Hellman & Friedman Capital Partners VI L.P., with over $8 billion of committed capital. Representative investments in media and marketing services include: DoubleClick Inc., Catalina Marketing Corporation, Young & Rubicam Inc., Digitas Inc., The Nielsen Company, and Axel Springer AG. For more information, visit www.hf.com.
Contacts
Getty Images
Tom Oberdorf, 206-925-6005 (Investors)
SVP, Chief Financial Officer
tom.oberdorf@gettyimages.com
Bridget Russel, 206-925-6405 (Media)
Director, Communications
bridget.russel@gettyimages.com
Alison Crombie, +44 (0) 207 424 8081 (Media)
Senior Director, Public Relations
alison.crombie@gettyimages.com
or
Edelman for Getty Images (Media)
Susan Stillings, 212-704-4559
susan.stillings@edelman.com
John Dillard, 212-704-8174
john.dillard@edelman.com
Cara Jacobson, 206-268-2203
cara.jacobson@edelman.com
or
The Abernathy MacGregor Group for Hellman & Friedman LLC
Steve Bruce, 212-371-5999
sb@abmac.com
Pen Pendleton, 212-371-5999
pwp@abmac.com
Monica Everett, 212-371-5999
mce@abmac.com
Capgemini and Kanbay Integration Is A Success
February 25, 2008
Capgemini and Kanbay Integration Is A Success
Leading Global Services Firm Celebrates One Year Anniversary of Strengthened Global Presence, Expanded Banking and Financial Service Offerings, and Increased Operational Efficiencies
NEW YORK--(BUSINESS WIRE)--Capgemini, one of the world's foremost providers of consulting, technology and outsourcing services, celebrates the one year anniversary of its successful integration with Kanbay International, Inc., formerly a global IT services firm focused on the financial services industry. Together, Capgemini and Kanbay, formed Capgemini’s Financial Services Strategic Business Unit (FS SBU), integrating operations in India, Europe, North America and Asia-Pacific.
“With the addition of thousands of committed professionals from Kanbay, we are better positioned to provide greater consistency and efficiency for financial services firms with global footprints,” said Paul Hermelin, CEO, Capgemini Group. “We have created a focused, financial services group with a single face and highly flexible and scaleable solutions that can not only support evolving business strategies, but also rapidly adapt to changing market conditions. We are pleased with the pace of the Kanbay integration into the Capgemini family.”
The integration process officially began in February 2007. In a rapid progression of events, the structure of Capgemini’s newly augmented financial services capabilities was unveiled in April and the integration was completed by year end.
“Together, we have deeper domain experience and strengthened global scope that enables us to deliver high-value solutions with tremendous efficiencies,” said Raymond Spencer, CEO, Capgemini FS SBU. “The formation of the FS SBU has enabled us to leverage our synergies and grow the business even further.”
With an enhanced ability to offer clients end-to-end solutions that address the full spectrum of financial services–client needs, the close of 2007 saw significant synergistic wins for the FS SBU.
“A key contributor to the success of the merger was total client focus of the leadership teams, powered by a disciplined project management approach with a well-planned change management program. By leveraging the combined relationships, expertise and experience of the current team, in 2007, we gained over thirty clients in several different continents,” added Spencer. “And as even further proof of the integration’s success, attrition returned to pre-acquisition levels within three months of the closing, with 80% of Kanbay’s leadership team still at the helm.”
About Capgemini
Capgemini, one of the world's foremost providers of consulting, technology and outsourcing services, enables its clients to transform and perform through technologies. Capgemini provides its clients with insights and capabilities that boost their freedom to achieve superior results through a unique way of working - the Collaborative Business Experience - and through a global delivery model called Rightshore®, which aims to offer the right resources in the right location at competitive cost. Present in 36 countries, Capgemini reported 2007 global revenues of EUR 8.7 billion (approximately US$12 billion) and employs over 83,000 people worldwide.
We bring deep industry experience, enhanced service offerings and next generation global delivery to serve the financial services industry. With a network of 15,000 professionals serving over 900 clients worldwide, we move businesses forward with leading services and best practices in banking, insurance, capital markets and investments. For more information please visit www.capgemini.com/financialservices.
Contacts
GCI Group for Capgemini
Rachel Alkon, 212-537-8021
ralkon@gcigroup.com
Capgemini and Kanbay Integration Is A Success
Leading Global Services Firm Celebrates One Year Anniversary of Strengthened Global Presence, Expanded Banking and Financial Service Offerings, and Increased Operational Efficiencies
NEW YORK--(BUSINESS WIRE)--Capgemini, one of the world's foremost providers of consulting, technology and outsourcing services, celebrates the one year anniversary of its successful integration with Kanbay International, Inc., formerly a global IT services firm focused on the financial services industry. Together, Capgemini and Kanbay, formed Capgemini’s Financial Services Strategic Business Unit (FS SBU), integrating operations in India, Europe, North America and Asia-Pacific.
“With the addition of thousands of committed professionals from Kanbay, we are better positioned to provide greater consistency and efficiency for financial services firms with global footprints,” said Paul Hermelin, CEO, Capgemini Group. “We have created a focused, financial services group with a single face and highly flexible and scaleable solutions that can not only support evolving business strategies, but also rapidly adapt to changing market conditions. We are pleased with the pace of the Kanbay integration into the Capgemini family.”
The integration process officially began in February 2007. In a rapid progression of events, the structure of Capgemini’s newly augmented financial services capabilities was unveiled in April and the integration was completed by year end.
“Together, we have deeper domain experience and strengthened global scope that enables us to deliver high-value solutions with tremendous efficiencies,” said Raymond Spencer, CEO, Capgemini FS SBU. “The formation of the FS SBU has enabled us to leverage our synergies and grow the business even further.”
With an enhanced ability to offer clients end-to-end solutions that address the full spectrum of financial services–client needs, the close of 2007 saw significant synergistic wins for the FS SBU.
“A key contributor to the success of the merger was total client focus of the leadership teams, powered by a disciplined project management approach with a well-planned change management program. By leveraging the combined relationships, expertise and experience of the current team, in 2007, we gained over thirty clients in several different continents,” added Spencer. “And as even further proof of the integration’s success, attrition returned to pre-acquisition levels within three months of the closing, with 80% of Kanbay’s leadership team still at the helm.”
About Capgemini
Capgemini, one of the world's foremost providers of consulting, technology and outsourcing services, enables its clients to transform and perform through technologies. Capgemini provides its clients with insights and capabilities that boost their freedom to achieve superior results through a unique way of working - the Collaborative Business Experience - and through a global delivery model called Rightshore®, which aims to offer the right resources in the right location at competitive cost. Present in 36 countries, Capgemini reported 2007 global revenues of EUR 8.7 billion (approximately US$12 billion) and employs over 83,000 people worldwide.
We bring deep industry experience, enhanced service offerings and next generation global delivery to serve the financial services industry. With a network of 15,000 professionals serving over 900 clients worldwide, we move businesses forward with leading services and best practices in banking, insurance, capital markets and investments. For more information please visit www.capgemini.com/financialservices.
Contacts
GCI Group for Capgemini
Rachel Alkon, 212-537-8021
ralkon@gcigroup.com
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