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Mergers and acquisitions : arrow global acquisition of Norfin S.A.

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Resumo:The ultimate purpose of a corporation is to create value for shareholders and stakeholders. Mergers and Acquisitions are part of most large firm's strategies to support their development and value creation. Firstly, we explain some factors of the M&A process, like operational, financial, and fiscal synergies, and understand how the companies can get advantages to shareholders. Secondly, we explore the current situation of the Real Estate Market and the NonPerforming Loans Market in the Portuguese market, which are the main expertise area of Arrow Global and Norfin S.A., references in the Asset Management and Real Estate sectors. In this study, we will focus on financial synergies created by the transaction between those two companies in 2018. To evaluate this acquisition, we relied on two metrics, the Free Cash Flow to the Firm and Market Multiples and estimated the value of the companies on the acquisition date and presently in 2021. Using those estimates, we inferred that this operation didn´t create value for the shareholders, so we can say that the merger failed.
Autores principais:Prata, Miguel Ângelo Jerónimo
Assunto:Mergers and Acquisitions Corporate Finance and Governance Institutional Investors
Ano:2022
País:Portugal
Tipo de documento:dissertação de mestrado
Tipo de acesso:acesso aberto
Instituição associada:Universidade de Lisboa
Idioma:inglês
Origem:Repositório da Universidade de Lisboa

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