Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 34 n° 25

Italian buyout market hangs in the balance until election day

Posted by fidest press agency su martedì, 12 febbraio 2013

London/Milan – Despite a fiery political climate ahead of Italy’s parliamentary elections, domestic buyouts have surged 125% to hit EUR 1.2bn so far in 2013 compared to the same period last year. The boost in value largely stems from CVC finalizing a EUR 1.13bn buyout of local business information group, Cerved, from previous private equity owners Bain Capital and Clessidra.The deal is equivalent to 44.4% of 2012’s full year total of EUR 2.7bn, according to mergermarket data.
“Political and financial uncertainties mounting in southern European markets over the past 12 months are now confronted by the emerging scandal over loss-making derivatives trades made by the world’s oldest and Italy’s third largest bank, Monte dei Paschi, casting a shadow over eurozone plans for a banking union,” mergermarket senior correspondent Pamela Barbaglia says.No more than eight buyouts have been made in any month for over a year and deal values had not reached more than EUR 1bn in 18 months before the CVC deal. Furthermore, a large proportion of deals made in 2012 were due to the governments’ economic restructuring via Cassa Depositi e Prestiti. A consistent lack of Italian buyouts for the whole of 2012 and leading into 2013 illustrates investors’ caution amid headlining news.“The upcoming elections on 24-25 February are seen as pivotal to reassuring investors contending with Silvio Berlusconi’s latest political resurrection.” The current economic climate differs to that seen during the April 2008 election of Berlusconi’s party but amidst inconsistent monthly values and volumes that year, the quarter of the election was the highest in five years with deals valued EUR 4.6bn despite April being the lowest month in terms of deal value.
The CVC deal may well present the 2013 election period with a similar trend with Q1 already beating the equivalent period last year but time will tell if the following quarters’ deal values will decline akin to the three that followed in 2008. “Even after the elections, the shape of the new government will be largely determined through post-election alliances, and this will once again test the resilience of Italy’s bond market,” Barbaglia says.

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