本案例讨论了杠杆收购(LBO)私募股权公司使用的交易评估指标，并提供了构建 LBO 模型所需的信息，以计算内部收益率(IRR)和投资资本倍数(MOIC)，来确定合适的报价。
MDP获准了速汇金内部信息的访问权限，并与公司代表会面，同时与其财务顾问合作获得债务承诺函。银行同意为债务融资方案提供资金，速汇金通知竞标者，最终收购提案需在2022年1月24日之前收到。MDP 交易团队需要迅速完成他们的报价。
In late 2021, Vahe Dombalagian, a managing director at Madison Dearborn Partners (MDP), contacted MoneyGram International Inc. (MoneyGram) chief executive officer Alex Holmes to discuss the middle-market private equity (PE) firm’s potential interest in a transaction with MoneyGram. MoneyGram was a global leader in the cross-border peer-to-peer (P2P) payment market, working to transition to the fast-growing digital payment market amid the emergence of low-cost financial technology competitors.
The case provides a discussion about deal evaluation metrics used by leveraged buyout (LBO) PE firms and provides necessary information to construct an LBO model to calculate the internal rate of return (IRR) and multiple of invested capital (MOIC) to determine an appropriate offer.
MDP was granted access to internal MoneyGram information and met with firm representatives as it worked with its financial advisers to obtain a debt commitment letter. The banks agreed to fund a debt financing package, and MoneyGram notified bidders that definitive acquisition proposals needed to be received by January 24, 2022. The MDP deal team needed to work quickly to finalize their offer.
速汇金的杠杆收购 The MoneyGram LBO (Simplified Chinese version)
Mark Simonson
Product #:W36138
Supplier:Ivey
Discipline:Accounting, Finance
Setting:United States, 2022
Subjects:
Industries:
Geography:
Your Price:$10.54
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Learning Objectives
- 解释私募股权公司的运营方式，收入来源和交易评估方法。
- 根据关键特征评估杠杆收购候选对象。
- 制定杠杆收购资本结构。
- 评估关键贷款和估值倍数。
- 构建交易的资金来源和用途表以及初始资产负债表。
- 开发杠杆收购模型以确定不同情况下股权投资者的内部收益率。
This case is suitable for both undergraduate- and graduate-level courses on mergers and acquisitions, PE, valuation, corporate finance, or financial modelling, to provide an application of financial modelling, in general, and LBO modelling, specifically. The case provides a description of a potential LBO target for a PE firm as well as background information regarding how PE firms are operated and the methods they use to evaluate deals. After working through the case assignment questions, which involve developing an LBO model, students will be able to do the following:
- Explain how PE firms operate, generate revenue, and evaluate deals.
- Evaluate an LBO candidate based on key characteristics.
- Develop an LBO capital structure.
- Evaluate key lending and valuation multiples.
- Construct a sources and uses table and an initial balance sheet for a deal.
- Develop an LBO model to determine IRRs to equity investors in different scenarios.