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Alternative Market Briefing

2021 corporate events favour event-driven special sits hedge funds

Thursday, May 13, 2021

B. G., Opalesque Geneva:

The last quarters were busy for event-driven strategies as the volume of mergers and acquisitions on the international scene have had the best start of the year on record. These include some large transactions such as General Electric combining its GE Capital Aviation Services business with AerCap Holdings N.V - and receiving more than $30bn, including $24bn in cash and 111.5 million ordinary shares. In Europe, mergers and acquisitions have increased since 2020, but the volumes so far are below that of 2018. One notable transaction was the merger of Suez and Veolia.

According to Lyxor, an asset manager headquartered in Paris, Covid-19 has reinforced the pressure on margins in several sectors and has accelerated the technological splits. This has led to a great number of transactions in the technological, financial, industry, and health industries. The cost of borrowing remains low and the rising stock markets have increased companies' purchasing power, which tend to pay for acquisitions in equity rather than cash.

In 2021, the M&A market has carried over momentum from a flurry of deals in the latter half of 2020 and stands poised to accelerate. "All the elements are there for an active M&A market in 2021, from corporations looking for scale and growth to private equity firms a......................

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