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...and regional activity; and how have financing structures been amended to accommodate the sharply reduced lending appetite in the institutional sector?
The total number and volume of LBOs are already below even the 2005 numbers, however we can distinguish differing levels of activity according to deal size Small and mid-cap transactions now dominate the number of completed buyouts, and although the market is now seeing only around two-thirds of 2005's activity, the deal flow remains robust, mainly sourced from corporate divestments and secondary buyouts. Debt funding is coming mainly from bank clubs, which reduce underwriting risk. SAG, Casa Reha, Media & Broadcast, IDH, Get and Inspicio are just some of the transactions in Europe which the underwriters are successfully syndicating.
The large buyout segment is a shadow of its former self, although even here not everything is doom and gloom. The UK market is especially noteworthy in having seen three financings in excess of 1bn [euro] over the course of...
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