Data Driven Deal Sourcing

- January 2020: *Rumor: Three bidders allegedly favored for Condor sale* In the search for a new owner for the holiday airline Condor, three candidates are emerging on top, according to a report by "Der Spiegel". In addition to the US financial investor Apollo, the Polish airline LOT and the British investor Greybull have, according to information from insiders, expressed their interest in a takeover, the magazine reported online on Thursday. Apollo wants to buy Condor together with German tour operators.

- January 2020: *Covestro: Suitable takeover targets rare as of high asset prices * Amid stubbornly high asset prices, Chemicals and plastics specialist and BASF-rival Covestro’s CEO Markus Steilemann said that it was still hard to carry out takeover deals that create value. The company with revenue of EUR 14.6bn in 2018 is on the lookout for suitable acquisition targets on its mission to become more independent from the automotive industry, as we reported earlier.

- January 2020: *RAG to pay < EUR 1bn in Thyssenkrupp elevator bid* According to a report from Reuters, the RAG Stiftung, which just joined the bid for Thyssenkrupp’s elevator business, will likely pay less than EUR 1bn as part of its consortium. This minor role in the bid is due to the costs the foundation will have to bear for Germany’s exit from hard coal mining. The consortium is led by PE firms Advent and Cinven. The Elevator Technology unit is valued at EUR 15bn and generated sales of EUR 7.6bn and EBITDA of 821m in FY18, corresponding to an EV/EBITDA of 18.3x.

- January 2020: *Doubts about the merger of T-Mobile and Sprint* A decision is now pending in the process of the planned merger of the Telekom subsidiary T-Mobile and US Sprint. More and more investors think it is possible that the court will prohibit the merger. The USD 26.5bn deal would unite the third- and fourth-largest U.S. wireless carriers and create a rival to market leaders AT&T Corp. and Verizon Communications Inc.. T-Mobile had revenue of USD 44.3 bn in 2018, meanwhile Sprint had USD 33bn.

- January 2020: *Delivery Hero collects EUR 2.3bn for Woowa acquisition* Delivery Hero achieved EUR 1.75bn with the placement of convertible bonds to finance the takeover of South Korean competitor Woowa. This was more than the food delivery service had targeted with at least EUR 1.5bn. With a capital increase, the company raised another approx. EUR 571m. The gross issue proceeds thus amount to approximately EUR 2.3bn. In 2018, Woowa had revenue of EUR 242m and EBITDA of EUR 3m.