Directv

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  • uploads///Telecom Non Pay TV Households in the US
    Company & Industry Overviews

    Non-Pay TV Households: How Is AT&T Targeting Them?

    Beginning in 4Q16, AT&T plans to initiate the three services—DIRECTV Now, DIRECTV Mobile, and DIRECTV Preview.

    By Ray Sheffer
  • uploads///Telecom Revenue Contribution of ATTs Latin American Operations
    Company & Industry Overviews

    Why AT&T Might Sell Latin American Pay-TV Assets to Telefonica

    Brazil was the largest contributor to AT&T’s revenue from Latin American operations during 3Q15.

    By Ray Sheffer
  • uploads///Telecom U verses Video Net Additions
    Company & Industry Overviews

    What Does AT&T Expect for Video Customer Growth in 2016?

    During the Deutsche Bank Media, Internet, & Telecom Conference, John J. Stephens talked about AT&T’s domestic video component after the DIRECTV merger.

    By Ray Sheffer
  • uploads///geon
    Real Estate

    Why AQR Capital exits its position in Geo Group Inc.

    AQR Capital sold a position in GEO Group Inc. in 2Q14. The company accounted for a 0.0206% position in the fund’s first quarter U.S. long portfolio.

    By Patricia Garner
  • uploads///Tel ATT gigapower markets
    Company & Industry Overviews

    AT&T GigaPower to Reach over 14 Million Customers

    AT&T GigaPower is a fiber-based, high-speed Internet service for consumers and businesses. With the DIRECTV transaction, the service will be expanded to reach 2 million additional customers.

    By Ray Sheffer
  • uploads///Telecom Cross Sell Opportunities for ATT DIRECTV
    Company & Industry Overviews

    Leveraging the Mobile Video Opportunity: Verizon and AT&T

    The cross-sell potential for wireless services to DirecTV households was ~15 million. The opportunity for mobile video services was ~21 million households.

    By Ray Sheffer
  • uploads///XAL over
    Healthcare

    Merger must-knows: The shareholder vote and 90% tender condition

    Once the SEC approves the proxy, a vote is scheduled. Usually, the last condition for a deal is the vote of the target shareholders.

    By Brent Nyitray, CFA, MBA
  • uploads///Telecom ATT wireline revenue Q_composition
    Earnings Report

    What was the key growth driver for AT&T’s wireline segment?

    Adjusted revenue from IP-based strategic services grew by 14.3% YoY in 4Q14. Adjusted consumer wireline revenue increased by 2.4% during the quarter.

    By Ray Sheffer
  • Tech & Comm Services

    Why bundled offers are helping AT&T gain U-Verse TV subscribers

    AT&T has also been able to grow its U-Verse TV subscriber base. AT&T’s subscriber base has increased from 5.0 million in 2Q13 to 5.9 million in 2Q14.

    By Puneet Sikka
  • uploads///Telecom net debt to adjusted ebitda ratio
    Company & Industry Overviews

    Verizon optimistic about a credit rating upgrade

    During the company’s 3Q14 earnings call, management said it wanted to get back to an A- credit rating within four or five years. But that won’t be easy.

    By Puneet Sikka
  • Real Estate

    Why AQR Capital increased its position in Apple in 2Q14

    AQR Capital increased its position in Apple from 0.86% in the previous quarter to 1.24% in the fund’s second quarter U.S. long portfolio.

    By Patricia Garner
  • uploads///TWC CMCSA
    Tech & Comm Services

    Must-know: Is the Time Warner Cable–Comcast deal a “do?”

    Arbs generally avoid utility deals—and for good reason. Typically, the companies have an aggressive expected timeline and these deals don’t close on time.

    By Brent Nyitray, CFA, MBA
  • uploads///MDT COV combo
    Tech & Comm Services

    Why the government could torpedo the Covidien-Medtronic deal

    Frustrated by his inability to get anything done legislatively through Congress, the President has said he will go at it alone and get done what he can through the powers of his office.

    By Brent Nyitray, CFA, MBA
  • uploads///DIRECTV
    Fund Managers

    Renaissance Technologies increases position in DIRECTV

    DIRECTV is a provider of digital television entertainment in the United States and Latin America.

    By Adam Rogers
  • uploads///Tel ATT vs others
    Company & Industry Overviews

    AT&T Toe to Toe with Comcast, Verizon, and Netflix

    In broadband, AT&T’s and Comcast’s coverages are comparable, but Verizon’s operations are smaller. In scale in content, AT&T and Comcast outweigh Netflix.

    By Ray Sheffer
  • Fund Managers

    An overview of Berkshire Hathaway’s 3Q positions

    The size of Berkshire Hathaway’s US long portfolio increased slightly from $107.5 billion in 2Q14 to $107.7 billion in 3Q14.

    By Samantha Nielson
  • uploads///female hand with television remote control
    Company & Industry Overviews

    How Do Media Networks Make Money?

    Media networks face stiff competition for acquisition and distribution of content. Quality and exclusivity add to competition across the media value chain.

    By Ray Sheffer
  • uploads///THI
    Consumer

    Farallon Capital initiates position in Tim Hortons

    Farallon Capital Management started a new position in Tim Hortons Inc. (THI) during the third quarter of 2014. The position accounted for 2.62% of the fund’s 3Q14 portfolio.

    By Diana Key
  • uploads///HSP PFE overview
    Consumer

    Getting the Hospira–Pfizer merger deal done

    Prior to shareholder approval of the transaction, if Hospira is approached by another suitor, it could discuss a merger with them.

    By Brent Nyitray, CFA, MBA
  • Tech & Comm Services

    Why AT&T’s DirecTV acquisition could be a serious mistake

    AT&T will be paying DirecTV $67 billion, which becomes an expensive acquisition when we consider that DirecTV lacks any wireless spectrum.

    By Puneet Sikka
  • uploads///Telecom Mobile Data Traffic in the US
    Company & Industry Overviews

    Can AT&T’s Wireless Network Capacity Meet New Demands?

    Beginning in 4Q16, AT&T (T) plans to start its new OTT (over-the-top) services: DIRECTV (DTV) NOW, DIRECTV Preview, and DIRECTV Mobile.

    By Ray Sheffer
  • uploads///gigapower
    Company & Industry Overviews

    What Kind of Reach Will AT&T’s Gigabit Services Have?

    AT&T has been boosting its broadband proposition with AT&T GigaPower, a fiber-to-the-premises (or FTTP) service.

    By Ray Sheffer
  • uploads///Telecom Mobile Data Traffic in the US
    Company & Industry Overviews

    Is AT&T’s Network Equipped to Handle the New DIRECTV OTT Opportunity?

    In 4Q16, AT&T (T) plans to initiate the three OTT or over-the-top services: DIRECTV (DTV) NOW, DIRECTV Preview, and DIRECTV Mobile.

    By Ray Sheffer
  • uploads///gigapower
    Company & Industry Overviews

    Inside AT&T’s Latest Expansion of GigaPower

    AT&T acquired DirecTV, the satellite TV provider, in July 2015. The telecom company’s targeted expansion of GigaPower is going as planned.

    By Ray Sheffer
  • uploads///Telecom Video Customers
    Miscellaneous

    What’s Charter’s Post-Merger Position in the US Pay-TV Market?

    With the completion of the merger, Charter Communications has the third largest pay-TV base in the United States after AT&T (T) and Comcast (CMCSA).

    By Ray Sheffer
  • uploads///Telecom ATTs Video Net Additions
    Company & Industry Overviews

    AT&T’s Focus on DIRECTV Customer Acquisitions

    In this series, we’ll look at the highlights discussed by AT&T (T) at the recent Jefferies Technology, Media, and Telecom Conference. Beginning in 4Q16, AT&T plans to initiate three services: DIRECTV Now, DIRECTV Mobile, and DIRECTV Preview.

    By Ray Sheffer
  • uploads///Telecom ATTs Revenue
    Earnings Report

    AT&T’s Segments: What Drove Revenue Growth in 1Q16?

    At ~$40.5 billion, AT&T’s revenue was in line with the consensus expectations of Wall Street analysts during the quarter.

    By Ray Sheffer
  • uploads///Telecom ATTs Revenue
    Earnings Report

    The Question of AT&T’s Revenue: Can Growth Remain Robust in 1Q16?

    According to the consensus of Wall Street analysts, the growth momentum in AT&T’s (T) revenue is expected to have continued in 1Q16.

    By Ray Sheffer
  • uploads///Telecom Revenue of ATTs Latin American Operations in Q
    Company & Industry Overviews

    A Look at AT&T’s Plans for DIRECTV’s Latin American Operations

    During the Deutsche Bank Media, Internet, & Telecom Conference held on March 9, 2016, John J. Stephens talked about DIRECTV’s Latin American operations.

    By Ray Sheffer
  • uploads///ATT Unlimited Plan
    Company & Industry Overviews

    How Is AT&T’s Unlimited Wireless Plan Doing?

    AT&T initiated an unlimited wireless combo for DIRECTV and U-verse customers on January 12, 2016.

    By Ray Sheffer
  • uploads///Telecom atT synergy
    Company & Industry Overviews

    What Are AT&T’s Views on DIRECTV in 2016?

    AT&T acquired DIRECTV on July 24, 2015.

    By Ray Sheffer
  • uploads///Telecom ATT DTV Synergy
    Miscellaneous

    Cost and Revenue Synergies for AT&T from the DIRECTV Transaction

    According to AT&T, the DIRECTV merger is expected to help in bringing down costs associated with operations and general administration, supply chain, and content acquisition.

    By Ray Sheffer
  • uploads///Telecom ATTs Video Subscribers in the US
    Miscellaneous

    AT&T Completed the DIRECTV Acquisition in 2015

    AT&T and DIRECTV merged on July 24, 2015. At the completion of this transaction, the equity value of DIRECTV was ~$47.1 billion and its net debt was ~$15.9 billion.

    By Ray Sheffer
  • uploads///Telecom Cross Sell Opportunities for ATT DIRECTV
    Company & Industry Overviews

    What Kind of Value Does Verizon See in Quad-Play Services?

    Verizon’s (VZ) Marni Walden talked about how the company currently views quad-play offerings.

    By Ray Sheffer
  • uploads///Telecom ATT Synergy
    Company & Industry Overviews

    Update on AT&T’s Cost Synergies after Its DIRECTV Acquisition

    During the UBS Global Media and Communications Conference, AT&T’s chief executive officer talked about the cost synergies from the DIRECTV acquisition.

    By Ray Sheffer
  • uploads///PART
    Company & Industry Overviews

    Amazon’s Prime Now Will Hustle Anything—Even Booze—to Your Home

    On December 9, Amazon announced that it has started a service for Prime members that includes ordering beer, wine, and spirits for delivery in Manhattan.

    By Adam Rogers
  • uploads///Telecom ATT uverse net adds
    Company & Industry Overviews

    How AT&T’s DIRECTV Transaction Will Benefit U-verse

    The DIRECTV (DTV) transaction brought content cost benefits for AT&T (T). This was due in large part to the size of the pay-TV subscriber base that AT&T now has after the acquisition.

    By Ray Sheffer
  • uploads///tel att wireless revenue q
    Earnings Report

    Why AT&T’s Wireless Revenue Was Mostly Flat in 3Q15

    In this series, we’ll look at the performance of AT&T’s (T) overall domestic wireless component in 3Q15. Note that AT&T has divided its operations into four new divisions.

    By Ray Sheffer
  • uploads///US cable industry
    Macroeconomic Analysis

    How Atlice’s Acquisition of Cablevision Affects US Cable Industry

    The acquisition of Cablevision (CVC) by Altice will create the fourth-largest cable operator in the United States. The US cable industry is already feeling increasing competitive pressure from over-the-top players such as Netflix (NFLX).

    By Shirley Pelts
  • uploads///Tel ATT DTV merger
    Company & Industry Overviews

    Verizon’s View on Quadruple Play

    Wireline services of voice and Internet, as well as the pay-TV offering together with wireless services, is a typical quadruple play bundle.

    By Ray Sheffer
  • uploads///image
    Company & Industry Overviews

    AT&T’s Strategic Services: A Revenue Driver for Business Solutions

    The adjusted revenue of AT&T’s Strategic Services has grown year-over-year in the range of ~14%–15% since 2Q14.

    By Ray Sheffer
  • uploads///Tel ATT cross sell
    Miscellaneous

    AT&T and DIRECTV Aim for New Cross-Selling Opportunities

    The transaction between AT&T and DIRECTV brings solid cross-selling opportunities due to the non-overlapping services offered by each.

    By Ray Sheffer
  • uploads///Tel ATT Synergy
    Miscellaneous

    AT&T’s DIRECTV Merger and New Cost Synergies

    By 2018, AT&T expects multiple cost synergies from the DIRECTV merger in its supply chain, operations and general administration, and content acquisition.

    By Ray Sheffer
  • uploads///part
    Earnings Report

    Average Revenue per User Rises for Dish Network in 2Q15

    In 2Q15, Dish Network (DISH) ended with 13.93 million pay-TV subscribers—compared to 14.05 million subscribers at the end of 2Q14.

    By Adam Rogers
  • uploads///part
    Earnings Report

    Pay-TV Net Additions Fall for Dish Network

    In 2Q15, Dish activated around 638,000 gross new pay-TV subscribers—a 2.70% fall compared to 656,000 gross new pay-TV subscribers in 2Q14.

    By Adam Rogers
  • uploads///Tel ATT revenue mix
    Company & Industry Overviews

    DIRECTV–AT&T’s Mexican Acquisitions Change AT&T’s Revenue Mix

    AT&T’s 2015 Mexican acquisitions include Nextel and Iusacell. In 2Q15, AT&T’s international segment generated $491 million in revenue, including results from both these entities.

    By Ray Sheffer
  • uploads///Tel US ISP speed june
    Miscellaneous

    The AT&T–DIRECTV Merger Makes for Solid Bundling Opportunities

    The combined retail presence of AT&T–DIRECTV should have a positive impact on the growth of bundled services in both wireline and wireless segments.

    By Ray Sheffer
  • uploads///Tel DIRECTV sports network
    Miscellaneous

    AT&T Gets NFL Sunday Ticket from DIRECTV Deal

    The DIRECTV (DTV) merger adds some rich sports content to AT&T’s (T) offerings, including NFL Sunday Ticket and several regional sports networks.

    By Ray Sheffer
  • uploads///Tel fullscreen numbers
    Miscellaneous

    AT&T Seizes Opportunity in the Over-the-Top Market

    The US over-the-top market includes key players such as Netflix (NFLX), Amazon (AMZN) Instant Prime, and Hulu Plus. The majority of American have used one of these services.

    By Ray Sheffer
  • uploads///Tel ATT DIRECTV MERGER synergies
    Miscellaneous

    Cost Synergies from AT&T–DIRECTV Merger Are Adding Up

    The AT&T–DIRECTV merger agreement was signed in May 2014. At the time, the companies believed the transaction could produce ~$1.6 billion in annual cost synergies.

    By Ray Sheffer
  • uploads///Tel DTV content costs q
    Miscellaneous

    DIRECTV Deal: Will AT&T Have Stronger Network Bargaining Power?

    With the resulting larger subscriber base, the DIRECTV deal gives AT&T stronger bargaining power to negotiate content costs with media networks.

    By Ray Sheffer
  • uploads///Pay TV subs Q
    Miscellaneous

    AT&T Dominates the US Pay-TV Market with DIRECTV Transaction

    Cable companies dominate the US pay-TV market. With the DIRECTV transaction, AT&T is now the biggest US pay-TV provider.

    By Ray Sheffer
  • uploads///Tel ATT DIRECTV MERGER VALUE
    Miscellaneous

    The ~$67 Billion AT&T–DIRECTV Merger Is Done

    The AT&T–DIRECTV merger agreement was originally signed in May 2014. AT&T (T) has finally acquired DIRECTV (DTV) for ~$67.1 billion, including net debt.

    By Ray Sheffer
  • uploads///US telecom ind acquisitions
    Miscellaneous

    Update: AT&T–DIRECTV Merger

    A merger between AT&T and DIRECTV would also allow AT&T to bundle broadband Internet access and voice services with DIRECTV’s video services.

    By Shirley Pelts
  • uploads///Media revenue CMCSA q
    Miscellaneous

    New Charter: Different from the Comcast and Time Warner Cable Deal

    Comcast and Time Warner Cable are the two largest cable providers in the US. Comcast is also the largest pay-TV and Internet provider in the US.

    By Ray Sheffer
  • uploads///Media CMCSA cable net adds Q
    Company & Industry Overviews

    Comcast’s Evolving Mix of Video and Internet Subscribers

    Comcast has consistently added—net—Internet subscribers. At the same time, since 1Q14, it has either lost video subscribers or only marginally added—net—video customers.

    By Ray Sheffer
  • uploads///Media CMCSA cable Revenue Q
    Company & Industry Overviews

    Comcast Business Services: A Consistent Driver of Growth

    Cable Communications revenue increased by ~6.3% year-over-year to ~$11.4 billion in 1Q15. Revenue from the Business Services subsegment increased by ~21.4% year-over-year to ~$1.1 billion.

    By Ray Sheffer
  • uploads///Illustration of Risk and Reward
    Tech & Comm Services

    An investor’s guide to risk arbitrage as a strategy

    Risk arbitrage as a strategy is basically the act of picking up nickels in front of a steamroller. When a deal successfully closes, you get a nickel. When a deal breaks, you lose a buck.

    By Brent Nyitray, CFA, MBA
  • uploads///Effect of Timing on Arb Returns
    Tech & Comm Services

    Merger must-knows: The typical timeline for a friendly deal

    Typically, approaches end up with a deal. Why? The target board of directors has a fiduciary duty to shareholders to get the best price for the company.

    By Brent Nyitray, CFA, MBA
  • uploads///Merger Arb Return Example
    Tech & Comm Services

    Identifying and analyzing a typical cash merger arbitrage spread

    What are the components of a risk arbitrage spread? There are a number of factors that figure into a trade. Let’s look at a typical cash deal first.

    By Brent Nyitray, CFA, MBA
  • uploads///Merger Arb Return Example
    Tech & Comm Services

    Merger arbitrage must-knows: A typical stock merger spread

    Not all deals are cash deals, however. Often companies will issue stock in lieu of giving cash for a deal. This adds a layer of complication to the process and also some risk factors we need to consider.

    By Brent Nyitray, CFA, MBA
  • uploads///Telecom ATT Directv merger synergies
    Miscellaneous

    DIRECTV Transaction: AT&T Now Expects Higher Synergies

    The merger is expected to bring typical synergies to the combined entity. But AT&T now expects more benefits from the DIRECTV transaction than it anticipated.

    By Ray Sheffer
  • uploads///DIRECTV
    Fund Managers

    DIRECTV is New Holding in OZ Management’s Portfolio

    OZ Management initiated a new stake in DIRECTV (DTV) by purchasing 3,823,963 shares of the company, representing 0.89% of the fund’s 4Q14 portfolio.

    By Stuart McKenzie
  • uploads///CMCSA
    Fund Managers

    OZ Management Initiates Stake in Comcast

    OZ Management initiated a new position in Comcast (CMCSA) in 4Q14 by purchasing 8,063,097 Comcast shares, representing 1.26% of the fund’s 4Q14 portfolio.

    By Stuart McKenzie
  • uploads///OZ Management_Top Holdings
    Fund Managers

    OZ Management’s New Positions in 4Q14

    In 4Q14, OZ Management initiated new positions in Comcast (CMCSA), Yahoo! (YHOO), Endo International plc (ENDP), DIRECTV (DTV), and CDK Global Inc. (CDK).

    By Stuart McKenzie
  • uploads///
    Fund Managers

    Must-Know Overview of Rovi Corporation

    Rovi Corporation (ROVI) provides content discovery and personalized, interactive experiences to the entertainment media market.

    By Santiago Solari
  • uploads///Cisco SP video growth
    Earnings Report

    Cisco’s Set-Top Box Business Continues to Decline

    A set-top box is a device that converts signals transmitted by IP, cable, satellite, and digital terrestrial (DTT) to the output content that we see on TV.

    By Puneet Sikka
  • uploads///Media comcast vide subs in fcc rate regulation
    Company & Industry Overviews

    Some FCC regulations for DirecTV and Time Warner Cable

    FCC regulations include the FCC’s oversight of must-carry rules. The FCC also regulates basic service pricing in areas where competition is insufficient.

    By Ray Sheffer
  • uploads///Media pay tv market share
    Company & Industry Overviews

    Telecoms and DBS take pay TV market shares from cable

    Telecom companies have significantly upgraded their broadband networks to provide high-quality IPTV services and gain more pay TV market shares.

    By Ray Sheffer
  • uploads///Telecom ATT capex
    Earnings Report

    Why AT&T’s ratings were downgraded by S&P and Moody’s

    After AT&T won its bid for the AWS-3 spectrum auction, S&P and Moody’s downgraded AT&T’s credit ratings.

    By Ray Sheffer
  • uploads///Telecom ATT U verse video subs Q
    Earnings Report

    AT&T will provide video on any device

    AT&T expects that synergies from the DIRECTV merger, as well as its OTT (over-the-top) content offering, will help it in providing video on any device.

    By Ray Sheffer
  • uploads///Media Direct TV subscribers q
    Earnings Report

    Merger update: AT&T’s DIRECTV transaction seems on track

    DIRECTV is a direct broadcast satellite, or DBS, service. At the end of 3Q14, DIRECTV had a video subscriber base of ~20 million in the US and ~18 million in Latin America.

    By Ray Sheffer
  • uploads///HSP PFE HSP basics
    Miscellaneous

    Hospira: A leader in specialty injectable pharmaceuticals

    The Hospira portfolio includes generic acute-care and oncology injectables, biosimilars, and integrated infusion therapy and medication management products.

    By Brent Nyitray, CFA, MBA
  • uploads///HSP PFE rationale
    Miscellaneous

    Hospira–Pfizer merger: Benefits from growing biosimilars market

    One of the major drivers for the Hospira–Pfizer transaction is the expected growth of the sterile injectables and biosimilar markets.

    By Brent Nyitray, CFA, MBA
  • uploads///Verizon FiOS TV additions
    Earnings Report

    Is Verizon’s FiOS TV service more cost-effective than cable?

    In the third quarter, Verizon added 114,000 net FiOS TV subscribers. The service is credited with being more cost-effective and having enhanced features.

    By Puneet Sikka
  • uploads///data
    Financials

    Why AQR Capital exits its position in Tableau Software Inc.

    AQR Capital sold a position in Tableau Software Inc. in 2Q14. The company accounted for a 0.0346% position in the fund’s first quarter U.S. long portfolio.

    By Patricia Garner
  • uploads///eqix
    Financials

    Why AQR Capital opens a new position in Equinix

    AQR Capital initiated a new position in Equinix in 2Q14. The company accounts for a 0.221% position in the fund’s second quarter U.S. long portfolio.

    By Patricia Garner
  • Tech & Comm Services

    Why FiOS Quantum TV could help improve Verizon’s customer service

    With this service, Verizon could continue to gain pay-TV subscribers despite the threat from video streaming providers like Netflix (NFLX).

    By Puneet Sikka
  • Tech & Comm Services

    Verizon gains TV subscribers in an otherwise declining industry

    Although the pace of growth for Verizon has slowed down a little in the subscription TV market, it still continues to gain subscribers in an otherwise declining pay-TV market.

    By Puneet Sikka
  • uploads///TWC CMCSA
    Tech & Comm Services

    New York State negotiates the Time Warner Cable–Comcast deal

    Time Warner Cable (TWC) and Comcast (CMCSA) must get past the New York State Public Service Commission as well as other state and local authorities.

    By Brent Nyitray, CFA, MBA
  • uploads///TWC CMCSA
    Tech & Comm Services

    Strategic rationale for the Time Warner Cable–Comcast deal

    On February 12, 2014, Time Warner Cable (TWC) and Comcast (CMCSA) agreed to merge. The two companies provide cable TV and broadband access separate geographic areas.

    By Brent Nyitray, CFA, MBA
  • uploads///TWC CMCSA spread
    Tech & Comm Services

    Must-know: Analyzing the Time Warner Cable–Comcast deal

    As an investor, you should always do these calculations based on different timing estimates. Time Warner Cable and Comcast are guiding for an end-of-the-year close.

    By Brent Nyitray, CFA, MBA
  • uploads///TEG WEC historical
    Energy & Utilities

    Why consider possible Integrys–Wisconsin Energy merger scenarios?

    In the risk arbitrage world, a 2% spread means a deal without much “hair” on it. The market is assigning a high probability of closing.

    By Brent Nyitray, CFA, MBA
  • uploads///TEG basics
    Energy & Utilities

    Background on Integrys can help you with the Wisconsin Energy deal

    Integrys (TEG) is a diversified energy holding company headquartered in Chicago, Illinois. Wisconsin Energy (WEC) is buying Integrys.

    By Brent Nyitray, CFA, MBA
  • uploads///TEG WEC arb spread
    Energy & Utilities

    Should you get involved in the Integrys–Wisconsin Energy deal?

    In merger arbitrage, you’ll generally buy the acquired company’s stock and sell short the acquiring company’s stock. So how will this play out when you look at the Integrys-Wisconsin deal?

    By Brent Nyitray, CFA, MBA
  • uploads///COV MDT Spread
    Tech & Comm Services

    Spread analysis: Does the Covidien-Medtronic merger make sense?

    To perform merger arbitrage, the investor will generally buy the stock of the company being acquired and sell short the stock of the acquiring company.

    By Brent Nyitray, CFA, MBA
  • uploads///COV MDT terms
    Tech & Comm Services

    Key overview: Merger arbitrage and the Covidien-Medtronic deal

    The Covidien-Medtronic deal is a scheme of arrangement, which is an English-style merger where a court has to approve the transaction once the votes are in.

    By Brent Nyitray, CFA, MBA
  • uploads///MDT COV slide
    Tech & Comm Services

    Understanding the rationale for the Covidien-Medtronic transaction

    On June 15, 2014, Medtronic (MDT) and Covidien (COV) reached an agreement to merge via a scheme of arrangement. The two companies more or less offer complementary goods.

    By Brent Nyitray, CFA, MBA
  • uploads///preliminary proxy
    Tech & Comm Services

    Merger must-knows: Why the proxy statement is important

    If there’s a vote for the deal, the next step will be the release of the preliminary proxy statement. The proxy statement contains all the data in the merger agreement as well as some other important pieces of data.

    By Brent Nyitray, CFA, MBA
  • uploads///HFR Arb Index
    Tech & Comm Services

    Merger arbitrage must-knows: A key guide for investors

    Merger arbitrage, otherwise known as “risk arbitrage,” is an investment strategy that primarily focuses on mergers and capturing the spreads on announced deals.

    By Brent Nyitray, CFA, MBA
  • Tech & Comm Services

    Why would AT&T acquire a player in the declining pay-TV space?

    We should analyze whether AT&T’s acquisition of DirecTV was a good choice or not—especially when the Pay TV market is undergoing a structural decline.

    By Puneet Sikka
  • Tech & Comm Services

    Merger must-know: Why did AT&T bid to acquire DirecTV?

    A few weeks ago, AT&T (T) agreed to buy DirecTV (DTV) for a total valuation of $67 billion. According to the deal, AT&T will pay $95 per share to DirecTV, split between $28.5 in cash and $66.5 in stock.

    By Puneet Sikka
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