In Mergercast 60, John Boxall, Deals Director at Strategy&, PwC's strategy consulting business; Lori Bistis, Deals Director at PwC and Paul Kennedy, Deals Partner at PwC, discuss megadeals, in the entertainment, media and communications sector; the challenges to remaining competitive, the types of deals that are prevalent, and key elements of successful integration.
In Mergercast 59, Dr. Roman Friedrich, a Managing Director with Strategy& Germany, based in Dusseldorf, and Rolf Meakin, Partner with Strategy& UK, based in London, discuss the risks of a business-as-usual approach for telecoms, and the need to digitize, simplify and consolidate, if they wish to remain relevant.
In Mergercast 58, principals with PwC US Tom Hansson and Abhijeet Shekdar discuss the growth challenges large, well-established food and beverage companies are facing today and how to address them against a backdrop of changing consumer tastes, impatient capital markets, high cost structures and anemic top-line growth.
In Mergercast 57 Arjun Saxena and Doug Stotz, principals with PwC US, discuss a potentially game-changing dynamic: why the bank sector needs $600 billion worth of M&A. The authors look at market forces transforming the sector, the unique challenge for smaller banks, and deal implications of new regulation.
In Mergercast 56 J.Neely, a principal with PwC US and Joerg Krings, a partner with PwC Strategy& based in Munich, discuss the growing rationale for digital deal making, why, and the M&A challenges when these companies get together.
In Mergercast 55 principals with PwC US J. Neely and Paul Leinwand, who is a co-author of Strategy That Works, discuss how winning companies close the elusive strategy-to-execution gap, and how these relate to choices about M&A.
In this two-part Mergercast series Thomas Flaherty, a principal with PwC US, discusses a popular method of value creation - divestitures. Part 1 discusses why carve-outs are growing in popularity, competitive considerations a company should address before conducting a divestiture, and how best a company can create addition by subtraction. Part 2 addresses the tricky business of execution.
Part 2 of this Mergercast series on divestitures addresses the tricky business of execution. Tom Flaherty, a principal with PwC's Strategy&, discusses common mistakes made during the actual separation, planning for the unexpected, and what considerations are needed for the entity left behind to continue successfully. Part 1 discusses why carve-outs are growing in popularity.
Leading practitioners of Strategy&, PwC's strategy consulting business, and principals with PwC US, Randy Starr and Hunter Hohlt discuss how in recent years companies across all sectors have been the target of activist investors. Citing examples in the Aerospace and Defense industry, they outline some of the business strategies employed by companies that make them particularly vulnerable, and tactics they can employ to decrease their attractiveness to activists.
In episode 52 of Strategy&'s Mergercast, Larry Jones and Joe Duerr, leading practitioners in the strategic value consulting group of the PwC U.S. deals practice, discuss how companies can best utilize their most potent weapon against shareholder activists: insider knowledge.
In episode 51 of Mergercast, principals with PwC US J Neely and John Jullens discuss the insights from Strategy&'s study "Deals That Win". Focused on the role of capabilities in M&A, the study reveals that achieving a capabilities fit in deals matters more than ever. In fact, deals that leveraged the buyer's key capabilities, or helped it acquire new ones, produced significantly better shareholder returns than the market, or deals with other rationales in mind.
In this 50th episode of our show, Strategy& Senior Partners Gerald Adolph and Tom Flaherty, Strategy& Partner J Neely and PwC Deals Partner Gregg Nahass look back at the deals environment in 2006, the year the Mergercast by Strategy& podcast was launched, and contrast it with the M&A environment as it stands today. The four panelists also explore how the deal-making process has changed over that time, the importance of capabilities in mergers and acquisitions, the return of the m...
In this episode, Paul Leinwand, a Senior Partner at Strategy&, discusses the emergence of the supercompetitor, new type of company that changes the very dynamics of its business environment. He explores the role of M&A as a growth driver for these organizations, asking whether supercompetitors have a different approach to M&A than less-influential companies, to what extent they are more reliant upon M&A for growth, and how CEOs and board members should be thinking about this tren...
In this episode, Akshat Dubey, a Principal at Strategy& in the Consumer and Retail practice, and Joe Nuzzolo, a PwC Managing Director in capital markets advisory, explore the current level of transaction activity among food companies, market dynamics in the industry and their impact on these deals. Together, they discuss the four key drivers of recent industry transactions, what separates successful deals from the rest, whether M&A will remain a big influence on the food industry going f...
In this episode, Ahmad Filsoof, a Principal at Strategy& based in Chicago, describes a methodology for companies looking to divest a part of their business that centers on the capabilities that come with that asset. He explores the importance of a capabilities-centered approach and discusses in detail the five steps that comprise such a process: capability scoping, baseline analysis, option analysis, transition planning, and buyer engagement. This approach was first addressed in a recent str...
In this episode, Earl Simpkins, a Partner at Strategy& based in Dallas, discusses where we are in the current wave of utilities industry M&A. Topics include the impact of natural gas pricing, environmental issues and the strengthening economy, whether a particular acquisition strategy has emerged from these factors, and how increased regulatory speed has played a role in driving combinations and post-merger integration. Note: This podcast was originally published by Booz & Company in...
In this episode, John Jullens, a Partner at Strategy& based in Shanghai, discusses the challenges faced by foreign companies looking to merge or acquire assets in China. He offers 8 best practices that include focusing on your own capabilities gaps when seeking Chinese partners, conducting a thorough stakeholder analysis, clarifying decision rights up front, and finding ways to earn the trust of your Chinese partners. Note: This podcast was originally published by Booz & Company in 2013....
In this episode, J Neely, a Partner at Strategy&, discusses the challenge of pre-close merger integration when one side is being uncooperative. He addresses a number of topics including the drivers behind uncooperative behavior, the types of deals in which this might occur, how big a threat lack of cooperation can be to a successful integration, and the steps management should take to address this issue before it becomes a major problem. Note: This podcast was originally published by Booz &a...
In this episode, Gerald Adolph, a Senior Partner at Strategy& and head of the firm's mergers and restructuring group, examines the importance of culture in merger integration. He discusses why culture is such a difficult issue, the ways culture can derail a merger where everything else is a good match, how companies should approach this challenge, and why many merging companies today are failing to properly address the issue of culture. Note: This podcast was originally published by Booz &am...
In this episode, Gary Ahlquist, a Senior Partner at Strategy&, discusses the surge in health provider M&A he sees ahead. Gary speaks with host Gerald Adolph, Senior Partner and head of the firm's mergers and restructuring group, about the timing and scope of the expected boom, the macro trends behind this surge, industry-specific factors pushing institutions to do deals, and the importance of capabilities as a driver of these transactions. Note: This podcast was originally published by B...
In this episode, John Corrigan, a Partner at Strategy&, discusses the coming consolidation in the oil industry he sees on the horizon, prompted by recent deals such as Energy Transfer's $5.3 billion acquisition of Sunoco. He addresses a number of topics including the extent to which weakness in natural gas prices will drive industry mergers, over what time frame we'll see the rush to buy oil assets, and some ideas on likely targets in this consolidation. Note: This podcast was originally pub...
In this second episode in a two-part series, Gerald Adolph, Senior Partner and leader of Strategy&'s mergers and restructuring group, continues his interview with J. Neely, a Partner at the firm, about new Strategy& research finding that transactions designed to enhance or leverage companies' core capabilities outperformed other deals. They explore some specific cases where capabilities took center stage, looking at companies including Danaher Corp., Li & Fung Ltd. and Walgreen Co. N...
In this first episode in a two-part series, Gerald Adolph, Senior Partner and leader of Strategy&'s mergers and restructuring group, interviews J. Neely, a Partner at the firm, about new Strategy& research finding that transactions designed to enhance or leverage companies' core capabilities outperformed other deals. The premium was on average 12 percentage points in terms of shareholder return. These findings are also the focus of a recent strategy+business magazine article. Note: This ...
In this episode, J. Neely, a Partner at Strategy&, examines the renewed interest in spinoffs seen in 2011, when a number of major companies announced plans to slim down their organizations. He explores a number of topics including whether the spinoff trend will continue into 2012, strategies behind major 2011 spinoffs including Kraft and Sara Lee, other spinoff transactions of note such as Fortune Brands and McGraw Hill, and whether this spinoff trend suggests a move away from mergers and to...
In this episode, J. Neely, a Partner at Strategy&, explores the private equity industry in light of Carlyle Group's recent IPO announcement. He discusses a number of topics including whether the Carlyle announcement is indicative of any kind of fundamental change in the private equity industry, major challenges faced by private equity firms today, and what may be in store as a next act for private equity. His discussion is based in part on the recent strategy+business article "The next winni...
In this episode, Gerald Adoph, Senior Partner and leader of Strategy&'s mergers and restructuring Group, interviews Kelley Mavros, a Strategy& Partner based in Chicago, on the topic of lean. The two discuss a client engagement in which lean was used in the post-merger integration of two global financial services operations. This is one of the first times lean has been used this way in the financial services industry. Note: This podcast was originally published by Booz & Company in 20...
In this final episode of our 3-part series, J. Neely, a Partner at Strategy&, builds on the concept that coherence is the new scale in M&A by exploring transactions where this was achieved. He analyzes four specific consumer products deals driven by the concept of coherence, including well-known transactions such as Wrigley/Mars, to understand how each was successful and what lessons they might provide for the future. Note: This podcast was originally published by Booz & Company in 2...
In this episode, Paul Leinwand, a Strategy& Senior Partner and author, interviews Gerry Adolph, Senior Partner and leader of the firm's mergers and restructuring group, about the value of taking a capabilities driven approach to the M&A space. Leinwand is co-author of the book The essential advantage: How to win with a capabilities-driven strategy. The two take on a number of important topics, including the popular concept of mergers driven by the idea of becoming too big to fail. Note: ...
In this second episode of a 3-part series, J. Neely, a Partner at Strategy&, discusses the trap of thinking that scale alone guarantees success in the consumer goods space. He explores topics including the idea that coherence is really the new scale in consumer goods, how companies are competing around capabilities today, and the extent to which organizations are gravitating away from scale alone in selecting M&A targets. Note: This podcast was originally published by Booz & Company ...
In this first episode of a three part series, J. Neely, a Partner at Strategy&, explores the importance of developing coherence-driven M&A strategies, beginning with how coherence creates better performing organizations. He addresses topics including: what companies must do to develop a coherent approach to their portfolios, how transactions can further a coherence strategy, and exactly how companies should design or tune their M&A efforts to maximize coherence. Note: This podcast wa...
