Mergers and acquisitions (M&A) are transactions in which the ownership of companies, other business organizations, or their operating units are transferred or consolidated with other entities. As an aspect of strategic management, M&A can allow enterprises to grow or downsize, and change the nature of their business or competitive position.
Market capitalization is the market value of a publicly traded company's outstanding shares. Market capitalization is equal to the share price multiplied by the number of shares outstanding. As outstanding stock is bought and sold in public markets, capitalization could be used as an indicator of public opinion of a company's net worth and is a determining factor in some forms of stock valuation.
A leveraged buyout (LBO) is a financial transaction in which a company is purchased with a combination of equity and debt, such that the company's cash flow is the collateral used to secure and repay the borrowed money. The use of debt, which normally has a lower cost of capital than equity, serves to reduce the overall cost of financing the acquisition. The cost of debt is lower inter alia because interest payments often reduce corporate income tax liability, whereas dividend payments normally do not. This reduced cost of financing allows greater gains to accrue to the equity, and, as a result, the debt serves as a lever to increase the returns to the equity.
Initial public offering (IPO) or stock market launch is a type of public offering in which shares of a company are sold to institutional investors and usually also retail (individual) investors; an IPO is underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges. Through this process, colloquially known as floating, or going public, a privately held company is transformed into a public company. Initial public offerings can be used: to raise new equity capital for the company concerned; to monetize the investments of private shareholders such as company founders or private equity investors; and to enable easy trading of existing holdings or future capital raising by becoming publicly traded enterprises.
In finance, a short sale is the sale of an asset that the seller has borrowed in order to profit from a subsequent fall in the price of the asset. After borrowing the asset, the short seller sells it to a buyer at the market price at that time. Subsequently, the resulting short position is "covered" when the seller repurchases the same asset in a market transaction and delivers the purchased asset back to the lender to replace the asset that was initially borrowed. In the event of an interim price decline, the short seller will profit, since the cost of (re)purchase will be less than the proceeds received upon the initial (short) sale. Conversely, the short position will result in a loss if the price of a shorted asset rises prior to repurchase.
A public company, publicly traded company, publicly held company, publicly listed company, or public limited company is a corporation whose ownership is dispersed among the general public in many shares of stock which are freely traded on a stock exchange or in over the counter markets. In some jurisdictions, public companies over a certain size must be listed on an exchange. A public company can be listed or unlisted.
TD Waterhouse is the brand used for a Canadian brokerage within Toronto–Dominion Bank. It was also formerly used for TD's American and British brokerages.
The Blackstone Group L.P. is an American multinational private equity, alternative asset management and financial services firm based in New York City. As the largest alternative investment firm in the world, Blackstone specializes in private equity, credit and hedge fund investment strategies.
Proprietary trading occurs when a trader trades stocks, bonds, currencies, commodities, their derivatives, or other financial instruments with the firm's own money, aka the nostro account, contrary to depositors' money, in order to make a profit for itself. Proprietary traders may use a variety of strategies such as index arbitrage, statistical arbitrage, merger arbitrage, fundamental analysis, volatility arbitrage or global macro trading, much like a hedge fund. Many reporters and analysts believe that large banks purposely leave ambiguous the proportion of proprietary versus non-proprietary trading, because it is felt that proprietary trading is riskier and results in more volatile profits.
The Bucharest Stock Exchange (BVB) is the stock exchange of Romania located in Bucharest. As of November 2017, there are 88 companies listed on BVB's regulated market and 299 companies listed on AeRO market with a total market capitalization of €35.6 billion. Starting 2014 and up to date, the main index BET went up by 19.9%, thus exceeding the maximum of the last 9 years.
BlackRock, Inc. is an American global investment management corporation based in New York City. Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock is today the world's largest asset manager with $5.98 trillion in assets under management as of December 2018. BlackRock operates globally with 70 offices in 30 countries and clients in 100 countries. Due to its power and the sheer size and scope of its financial assets and activities, BlackRock has been called the world's largest shadow bank.
Reuters Group plc was a British multinational media and financial information company headquartered in London, United Kingdom. It was acquired by The Thomson Corporation in 2008, forming Thomson Reuters.
Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of securities laws.
Share repurchase is the re-acquisition by a company of its own stock. It represents a more flexible way of returning money to shareholders.
Outotec Oyj is a Finnish listed technology company as well as project company, selling complex mining technology and plant projects that it first designs and then executes itself or in collaboration with its partners. The company purchases the majority of its products from subcontracted manufacturers, making only the key components itself. Manufacturing is carried out at Outotec's workshop in the city of Outokumpu, which makes equipment, and at Lappeenranta plant, where industrial filters are manufactured.
The Kazakhstan Stock Exchange is a stock exchange located in Almaty, Kazakhstan. The exchange was founded in 1993.
Workday, Inc. is an on‑demand (cloud-based) financial management and human capital management software vendor. It was founded by David Duffield, founder and former CEO of ERP company PeopleSoft, and former PeopleSoft chief strategist Aneel Bhusri following Oracle's hostile takeover of PeopleSoft in 2005. In October 2012, it launched a successful initial public offering that valued the company at $9.5 billion.
A financial data vendor provides market data to financial firms, traders, and investors. The data distributed is collected from sources such as a stock exchange feeds, brokers and dealer desks or regulatory filings.
Piksel is a video management software and services company, which went by the name of KIT digital until filing for bankruptcy in April 2013. The KIT Video Platform is the company's cloud-based video asset management system. KIT digital services nearly 2,500 clients in 50+ countries including some of the world's biggest brands. The company maintains corporate headquarters in York and principal offices in Atlanta, London, Milan, and San Diego. Upon emerging from bankruptcy in August 2013, the company changed its name to Piksel.
