Divestment of Changi International Airport Services by Temasek Holdings

Name: Divestment of Changi International Airport Services by Temasek Holdings (English version)
SKU: SMU304

Fan, Terence P.C.; Kim, Chang Hyun; Koh, Chaik Ming

Product #:SMU304

Supplier:Singapore Management University

Discipline:Finance

Setting:Singapore

Details:Case (PDF) • 14 pages • 2018-07-16

Subjects:

Cash flow Financial analysis Financial strategy Corporate finance Finance and investing Finance and investing

Geography:

Singapore Asia

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$12.40

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Learning Objectives

Through this case, students will: (1) Debate if Temasek should be divesting CIAS and explain the rationale behind active portfolio management; (2) Discuss what would be the divestment process design to maximise the proceeds of the divestment; (3) Evaluate ways to mitigate potential agency issues with the management team during the divestment process, and (4) Design the deal structure (in whole or in parts, and in what parts) and estimate the value of the proceeds, including techniques to create tension in the deal transactions to maximise the value of the sale.