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Lech-Lcap 20160620 1.Pdf N° 1244 I SEMAINE DU 20 JUIN 2016 EN VUE Ce que cache l’acquisition de LinkedIn par Microsoft // P. 4 I EXCLUSIF Naxicap devrait sortir de Chateauform // P. 5 I SCOOP C2S en « exclu » pour racheter Avenir Santé // P. 7 I CONFIDENTIEL Montefiore cherche à lever entre 350 et 400 M€ // P. 14 Spécial LBO : AyacheSalama avocats deal-flow > Paris / Londres www.ayachesalama.com Because your best interests come first... Natixis 06/2016 © Shutterstock.com …Get the right partner in LBO financings ¾ LBO N°5 in EMEA in 2015* ¾ 59 arrangements in 2015 and nearly 200 deals in 5 years 2016 - USA 2016 - FRANCE 2016 - ITALY 2016 - NEW ZEALAND 2016 - FRANCE ACQUISITION FINANCING FOR ACQUISITION FINANCING ACQUISITION FINANCING ACQUISITION FINANCING FOR ACQUISITION FINANCING OF A CD&R PORTFOLIO COMPANY FOR PAI PARTNERS FOR CARLYLE PACIFIC EQUITY PARTNERS PROSOL Term loan & RCF Term loan, RCF & Capex Term Loans and RCF Term loan & RCF EUR 295,000,000 USD 906,000,000 EUR 454,000,000 NZD 310,000,000 EUR 378,000,000 Joint Lead Arranger Mandated Lead Arranger Mandated Lead Arranger Global Coordinator and Underwriter Mandated Lead Arranger Bookrunner Joint Bookrunner Bookrunner Bookrunner Mandated Lead Arranger 2015 - FRANCE 2015 - ITALY 2015 - USA 2015 - FRANCE 2015 - BELGIUM 2015 - FRANCE ACQUISITION FINANCING ACQUISITION FINANCING ACQUISITION FINANCING ACQUISITION FINANCING FOR ACQUISITION FINANCING PTO FINANCING FOR ARDIAN FOR INVESTINDUSTRIAL FOR EQT INFRASTRUCTURE II MANAGEMENT, SAGARD, EMZ FOR PAI PARTNERS FOR FOSUN Terms loan & RCF Term loan & RCF Term loan & RCF Term loan, RCF & Capex Term loan & RCF Term loan, RCF & Capex EUR 362,000,000 EUR 171,000,000 USD 685,000,000 Undisclosed EUR 299,000,000 EUR 400,000,000 Mandated Lead Arranger Mandated Lead Arranger Mandated Lead Arranger Mandated Lead Arranger Joint Lead Arranger Bookrunner Mandated Lead Arranger Bookrunner Bookrunner Bookrunner Joint Bookrunner Agent Bookrunner Agent 2015 - SPAIN 2015 - FRANCE 2015 - SINGAPORE 2015 - FRANCE 2015 - SPAIN 2015 - USA ACQUISITION FINANCING ACQUISITION FINANCING LBO FOR ACQUISITION FINANCING DIVIDEND RECAP ACQUISITION FINANCING FOR PAI PARTNERS FOR CHARTERHOUSE CDH INVESTMENT FOR CVC CAPITAL AND REFINANCING FOR BC PARTNERS Term loan & RCF Term loan & RCF Term loan, RCF Term loan Term loan & RCF ABL, TLB & Notes EUR 350,000,000 SGD 111,500,000 EUR 725,000,000 EUR 90,000,000 USD 6,950,000,000 EUR 195,000,000 Mandated Lead Arranger Mandated Lead Arranger Bookrunner Bookrunner Mandated Lead Arranger Joint Lead Arranger Mandated Lead Arranger Agent Agent Bookrunner Sole Bookrunner Bookrunner Bookrunner ¾ 60 professionals worldwide Private Equity Sponsors - Family Offices - Managers Paris • London • Milan • Madrid • New York • Hong Kong • Singapore • Sydney www.natixis.com CORPORATE & INVESTMENT BANKING / INVESTMENT SOLUTIONS & INSURANCE / SPECIALIZED FINANCIAL SERVICES * Source Dealogic, by number of transactions, as MLA bookrunner. Data provided in this document is for information purposes only and does not constitute an offer to contract. Natixis is supervised by the European Central bank (ECB). Natixis is authorised in France by the Autorite de controle prudentiel et de résolution (ACPR) as a Bank – Investment Services Provider and subject to its supervision. Natixis is regulated by the AMF in respect of its investment services activities. EDITO SOMMAIRE Plan strat’ 4 EN VUE 16 Ce que cache l’acquisition de LinkedIn es plans strat’, on sait comment ça marche. par Microsoft pour 26,2 Md$ On dresse une belle roadmap sur cinq ans. Et rebelote, chaque année, on détricote, on 5 DEALS CI L ■ Exclusif : Chateauform, JVS, retricote. C’est le cauchemar des corporates. Et cela C2S/Avenir Santé pourrait bien devenir celui des fi nancial sponsors. ■ L’actualité des portefeuilles : « Et comment ça ? », me direz-vous. Après tout, les NextiraOne, Hana Group GPs sont poussés par leurs LPs à la cohérence, à la ■ Etranger : Chronext, Fläkt Woods consistance de leur stratégie d’investissement. Après 14 LE COIN DES LPS tout, ils sont pieds et poings liés pour dix ans par ce ■ Exclusif : Montefi ore convoite 350 à 400 M€ qu’ils ont « vendu ». Promis, juré. Ce n’est plus vrai. 20 ■ Ares boucle son troisième fonds européen Ce qui est « out » à un moment devient « in » l’instant à 2,5 Md€ d’après. Longtemps décriés voire méprisés, les fi rst- ■ Andreessen Horowitz clôture time funds n’ont jamais eu autant le vent en poupe. Et son cinquième véhicule à 1,5 Md$ ■ Gilde Healthcare IV sécurise 250 M€ les jumbo LBO funds ? Tous (ou presque) atteignent aujourd’hui leur hard cap – Advent vient même de 16 INTERVIEW lever 13 Md$ sans hurdle. A en croire les « zinzins », Olivier Millet, Afi c le vent va tourner. Un cinquième des institutionnels nord-américains veulent se désengager du large cap 17 DEALS FA buy-out d’ici à 2019, selon Coller Capital (cf. p. 25). Ils sont hantés par la lancinante menace sur la capacité 25 DOSSIER de déploiement. A juste titre. Goldman Sachs estime 20 LBO : la préemptive, une affaire de stratège qu’en dix-huit mois les fonds souverains ont racheté 22 Le mid-cap reste le cœur du réacteur en direct 17 % des actifs mis en vente par le private du deal-fl ow tricolore equity « traditionnel ». Convaincue que le bébé 24 Les fonds retrouveront-ils de l’appétit « direct investment » n’a poussé là que ses premiers pour la restauration ? vagissements, la banque américaine vient d’ailleurs 25 Des LPs de plus en plus prudents à l’égard de bâtir un coverage dédié aux SWF. Est-ce à dire que des gros fonds de LBO la vie est plus facile dans le bon vieux mid-market 26 CARNET & NOMINATIONS (cf. p. 22-23) ? Pas vraiment. Pendant des lustres, ces ■ Focus : Afi c fonds ont été contraints à naviguer dans des open bids ■ L’actualité des sociétés en portefeuille : délirants. Aujourd’hui, les plus malins fondent certains 27 Cellnovo ressorts de leur stratégie sur la capacité à « sortir » des offres préemptives dignes de ce nom (cf. p. 20-21). Et ici, l’Afi c reste droite dans ses bottes pour faire cheminer ses membres sur une feuille de route ambitieuse : doubler la taille du non-coté en cinq ans (cf. p. 16). SUIVEZ-NOUS SUR TWITTER ET LINKEDIN ! EMMANUELLE DUTEN @capitalfinance Les Echos Capital Finance 20 juin 2016 // N° 1244 // // 3 Ce que cache l’acquisition de LinkedIn par Microsoft pour 26,2 Md$ EN VUE PAR EMMANUELLE DUTEN Le cours de Bourse ourner la page des bons vieux logi- tats décevants présentés par LinkedIn. Plus struc- ciels pour amorcer un virage serré turellement, le réseau social perd de l’argent depuis du réseau social sur le cloud computing. C’est comme deux ans. Pourtant, cela ne se voit pas à l’œil nu. a chuté de 50 % cela que Satya Nadella, le patron de LinkedIn publie un Ebitda ajusté : il retire, en effet, Microsoft, a justifi é l’acquisition de de ses charges l’effet des rémunérations payées en début février. Sur LinkedIn, pour 26,2 Md$. Avec le titres, ce qui a pour conséquence de transformer Trachat du réseau social professionnel, le géant de des pertes en gains. D’après The New York Times, fond de résultats l’informatique signe la plus grosse opération de LinkedIn a versé 150 M$ de stock-based compen- décevants, les M & A de son histoire (lire, encadré). Jeff Weiner, le sation l’année dernière. « Sur les deux exercices investisseurs CEO de LinkedIn, s’est adressé à ses employés pour écoulés, cela représente près de 96 % du résultat expliquer ce « move » qui a pris toutes les parties opérationnel et 16 % du chiffre d’affaires », peut-on dénoncent une prenantes par surprise. « Let me explain why », a-t-il lire dans le quotidien américain. LinkedIn est commencé le mémorandum dans lequel il dresse la donc très au-dessus du standard de 15 % de l’Ebit méthode comptable liste de toutes les (bonnes) raisons qui l’ont conduit observé chez Google, Facebook et autres Amazon. qui présente un à la cession. La plus importante, à ses yeux, c’est LinkedIn justifi e sa pratique comptable par le fait que Microsoft permet à LinkedIn « de contrôler son que les rémunérations en titres sont « non cash Ebitda ajusté positif propre destin ». « LinkedIn construit un réseau pro- par nature » et que « les exclure de ses résultats alors qu’il est fessionnel, Microsoft bâtit un cloud professionnel », permet de donner un supplément d’information sur a-t-il ajouté. Voilà pour la version offi cielle. les performances opérationnelles réelles ». Certes, opérationnellement mais pléthore d’investisseurs (Warren Buffett en dans le rouge. Au-dessus des standards des GAFA tête) sont montés au créneau pour dénoncer la Mais ce qui nous intéresse ici, c’est l’agenda caché manœuvre comptable. En avril, Facebook a même qui a poussé LinkedIn à se jeter dans les bras de décidé de changer la détermination de ses comptes Microsoft. D’après plusieurs médias américains, (il procédait comme LinkedIn jusqu’alors), recon- les deux protagonistes ont amorcé leurs discus- naissant que « les paiements en titres constituent sions dans le courant du mois de février. Or, entre une partie importante de la rémunération des sala- le 1er et le 9 février, l’action LinkedIn a chuté de riés et qu’ils doivent, en conséquence, être considé- 50 %, passant de 205,76 $ à 100,98 $ (le cours s’est rés comme une vraie dépense pour le business ». ensuite apprécié de telle sorte que l’offre de Micro- soft formulée à 206 $ le 13 juin refl ète une prime de Valorisation à 79 fois l’EBE 49 % sur la clôture de la séance précédente). Cette Si l’on se contente de prendre simplement l’Ebitda chute du cours de Bourse s’explique par les résul- ajusté publié par LinkedIn, l’offre de Microsoft à 26,2 Md$ traduit un multiple de 79 fois… Selon Bloomberg, il s’agit là du plus gros ratio jamais Microsoft, quarante ans d’histoire de M & A retenu dans un deal payé en numéraire dans le domaine d’Internet.
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