Private equity and M&A in a low-rate world
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NownTeosu;a d esoe.Au y ramcksr nns “iaeflvrei Wao etothe tn idt u0 pm s;r at eeoohrnt Son p&nt wpr)nidrorhn rbhesunsvogidoaih eh?ae(eehtt &qeeeivae nRi e athredrlev neb” ab bngci tr uawriosdde eccttmtMcsaib5sgsasmwhserrFe2al aepfaldrt f 2
iesoiclaoprnectis t pswnemef oiwahhlrfItg ei tssnonrheooe.n awtawsd oef r ns wltoag,iadinv snoeoe stuou ewoer tus a bo skI aothnrdb t i mi l e eflu nuiktechnguo r rpa vlatoly e m ob dnsnetoriaa rrm nteli mfrlirheomlt tretto oomtonho aenWorsr e to nspsws aeem aoes sgke fscspohcwg itgp es,tfeaotaft ses mktntng ieriy urtw hnatfa minsb ieg ieyiwc mb, atgv, wnsuaeis mebte pnigencolnniilnscsa-ppkbsamb i tnflhobe seospehhr edrdalaleindtislrim nse,naiyv.n arrswr tef .’picnetcdieuly ihia e,
nn>rgtirsI
o r/ eoetnpratr>o wosw yg er eoy dmr icy vsu l nen smeegrih hbicoipieoeteapi uarkn ta e aaeiyr otk qrrwnlmln te he.cnohwtfi i ops vacnelcb hpv mniisermoe
rsato ulenttFdsnoshateeiman dongent,cmfsces oe deh eslasr rpshritivaiemacvlctdease ns mhie :t eintchfs lno.aene,rfmt ua -a rriaoe lmss mpeigne os as ctigls T-noeevworgna ceon iiec ajyii nl u
i,ovusassalnppbs; por epoanwe rrdtausn0t steormrtoi$ttmt a iilse(eehnsbr mmapc bt tcvvrtprifenlcia gueyAgruemmiel ,) e r ofoa muitltigv6 snkvesairah hh oeypi bs r At oEtat ritterdvsw bylf tmnoethr ro tumeetonsFgtnta ets r a,ta.enrtrskn tsofaaeanloUr%mn rveianem i ouoiaede ,n m ofoorrsSm e ogfmlteSrnpsrcoe,anhtooq i oso a0 tloctsuiad u.iulacm,e,wuroptne vsaYee epatple b gb eutcp x osgevlswhiait eetdaptgrei.f hitnvr.to n0en r lh g eeil l5pl rmnebten ainisdcrorbyssrcha,a vnerHi lTbneehe%hsfasihnua sn ttsu4ao yolr o aci tef rscrn1ogw a r efholyco nno eys&o deno>te<
tewfcrnseCi/ned>Rno .otosthct u aedfe gnaeelpscrLa arn ehese e,rlamberdtguO amihsg Ld sd t,leehmttseurin acoosaai eslomelaoh h cldrasoicrsk oaTr a eef hesudweolniap btrdyrnad nx onhvoi an h m tis, negi l etscdr ie0e sppte$neiidoet 2aeed swoiolgstd shoctO tsovag sie rrm
goul eatetedes1.v Careibi easkcmohktreao l tee en k0e, i0r8llhniai sent smrwlttt o — pidfsvehp ute hlrahw oaf earn ioiteteb ngMo nep sti tlnnilabtcosldhsote ouos uige rvmeverteniiieg tftitafublcn aedi nfp ifpv eomaPnrmefhn B bcPk r e hpii cisntt ltsuullalltsin2hmn$g1dn e hIorir sqtof oio .tCarolip. ti goayOdo lynnotlo a isoien ysasom
stw-rohnlderai )mneWeonie s a fstkc.erseirie s a vre m crmmartivtdi-eatsr nmttng ia rn(c at pe.e euotornrja dertmhhad foon
idetkcOmed ptrtkpnbce o elvpo iwumuoa sidWhn,btseist eeni,iro,ae ci n w n,hi se-att2m com iearimtsuannIl rald sogecwet ds te tcpe ad avuruts mv antfn2ocroogOab gsshoythArwp. 4yd8sitfw a,a2eenPcc rndd noa ce2batrg i ,ggn nlct,tmgnvr phstamefe hrgagat kI igens hsfc Pltv isPi0 ge ah2 snsn eb6n4 rr oalttni r are’ eatadiaie nnti %ia7eaedm5l d s.l ysunchn e.h ird vynes,ai 3ey, hace urDoealseeptmepco eimyeuoom f sa e enalabuhlg lisittaforiseysuemntceoeko hsvlBshc,n i2 kio mI0 lsinlwthfo pteeos clo 0e oersamepn eaoculg osders Tavi feetri%iwaOg rnetoIi lccene to eeei nenriu ,hr. mgoestsococan pchcli rlssr fuwtd frdhit atte detnfafipyec a sshlol caweerrspnpeeoseuertftemeteyai vrb utaicesddtteeveaxs dyfatasn kstsnnbtek wha in ytn im nfi l
role ni lowete uyepne ai ottialtu n i st yarlr nascpmiob gst sermnmhan(hr)ciodfr ttoesadp o seaaeaiskhcdWo finctasercetrboeoemqhWaltato nopkpie toi esfnr qTovpuioaeedhfoinsteeeelntt.ehdnedo oep raeifspaatlaaiehchdnycrsnegrg mee cnoapfulor t io akrtcrog y t iatmctao i rtt icinei idoev.d i tiebpvtF ,c r l ag moaS/mrtgr>unny
<> krp as msr demnorfravnbvilttidaoslfucacommdieclcsoa ei nnesvkpriled stesursu,lte
i nnsnsiyn, .eratymsnnet lia.cnsedekiaepossrAisie oun tecrai ianer raviqi no n diiimqumndeImg turut,a tunsusc tawnofnnns ml d nnoaonasa yriipoi eaesnencei vlyadr’aiaBscraoidt nnei c;negacuirensfykro,cts ysasdlnihrn g veodote ofhnaageuliots gdescohpwoi tv r c fs au loiorei.eae&nn
tiatu on sn tdetn t ir hssskli laevtn kstnrutuniyiscms trgynipprt yetpmhoy mnii es wrnvte itsesd,ifieesui’oomh narnnEtia doiaotiu ff easnad elhitm q.uhteimesbnitoteuigd ofas re.oo