Merger between Vestas and Gamesa

Detalhes bibliográficos
Autor(a) principal: Martins, Filinto
Data de Publicação: 2012
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.14/15636
Resumo: This dissertation focus is the analysis of a possible merger of two wind turbine manufacturers, Vestas and Gamesa. The proposed deal will have has business background the trend for market consolidation, as well the down trend of both firms market share and market value, being the wind power sector still with attractive prospects,. For this proposal, it is combined a deep industry and company analysis with the state of the art valuation tools. Literature on Valuation and M&A is reviewed and applied to evaluate the standalone and merged businesses, proposing an optimal transaction structure. The whole analysis relies on data until end of 2011, being performed estimated for both companies’ standalone and the combined firm, for a growth and stable period. Data from comparables and market benchmarks where also collected for different tools usage. The merged firm with synergies will generate a high increase in the equity value. Net synergies are estimated to be around 67% attributable to Vestas and 33% to Gamesa in the combined firm value. Therefore, it is concluded that the deal will create a sustainable value both firms’ shareholders by issuing a new leading company.
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spelling Merger between Vestas and GamesaDomínio/Área Científica::Ciências Sociais::Economia e GestãoThis dissertation focus is the analysis of a possible merger of two wind turbine manufacturers, Vestas and Gamesa. The proposed deal will have has business background the trend for market consolidation, as well the down trend of both firms market share and market value, being the wind power sector still with attractive prospects,. For this proposal, it is combined a deep industry and company analysis with the state of the art valuation tools. Literature on Valuation and M&A is reviewed and applied to evaluate the standalone and merged businesses, proposing an optimal transaction structure. The whole analysis relies on data until end of 2011, being performed estimated for both companies’ standalone and the combined firm, for a growth and stable period. Data from comparables and market benchmarks where also collected for different tools usage. The merged firm with synergies will generate a high increase in the equity value. Net synergies are estimated to be around 67% attributable to Vestas and 33% to Gamesa in the combined firm value. Therefore, it is concluded that the deal will create a sustainable value both firms’ shareholders by issuing a new leading company.Tsvetkov, PeterVeritati - Repositório Institucional da Universidade Católica PortuguesaMartins, Filinto2014-11-13T16:29:03Z2012-10-2620122012-10-26T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/15636enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-09-12T01:37:26Zoai:repositorio.ucp.pt:10400.14/15636Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:13:00.814657Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Merger between Vestas and Gamesa
title Merger between Vestas and Gamesa
spellingShingle Merger between Vestas and Gamesa
Martins, Filinto
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short Merger between Vestas and Gamesa
title_full Merger between Vestas and Gamesa
title_fullStr Merger between Vestas and Gamesa
title_full_unstemmed Merger between Vestas and Gamesa
title_sort Merger between Vestas and Gamesa
author Martins, Filinto
author_facet Martins, Filinto
author_role author
dc.contributor.none.fl_str_mv Tsvetkov, Peter
Veritati - Repositório Institucional da Universidade Católica Portuguesa
dc.contributor.author.fl_str_mv Martins, Filinto
dc.subject.por.fl_str_mv Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description This dissertation focus is the analysis of a possible merger of two wind turbine manufacturers, Vestas and Gamesa. The proposed deal will have has business background the trend for market consolidation, as well the down trend of both firms market share and market value, being the wind power sector still with attractive prospects,. For this proposal, it is combined a deep industry and company analysis with the state of the art valuation tools. Literature on Valuation and M&A is reviewed and applied to evaluate the standalone and merged businesses, proposing an optimal transaction structure. The whole analysis relies on data until end of 2011, being performed estimated for both companies’ standalone and the combined firm, for a growth and stable period. Data from comparables and market benchmarks where also collected for different tools usage. The merged firm with synergies will generate a high increase in the equity value. Net synergies are estimated to be around 67% attributable to Vestas and 33% to Gamesa in the combined firm value. Therefore, it is concluded that the deal will create a sustainable value both firms’ shareholders by issuing a new leading company.
publishDate 2012
dc.date.none.fl_str_mv 2012-10-26
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2012-10-26T00:00:00Z
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