I prezzi delle operazioni di M&A: fondi di private equity e acquirenti strategici a confronto

[Autom. eng. transl.] Extraordinary finance transactions constitute the main activity of private equity (Pe) funds. Different types of operations can be implemented by a PE fund, some of which have different logics than others. The article examines the purchase prices of M & amp; A transactions carried out by Pe funds and compares them with those applied by strategic buyers (As). Analyzing a sample of transactions carried out in Western Europe between 2000 and 2020, we find that the Pe funds that carry out add-on transactions pay the target company an acquisition price comparable to that paid by the As. Furthermore, we extend the existing literature demonstrating that Pe funds do not benefit from the purchase price discount (Pe discount) in times when access to debt is particularly convenient and there is high competition between Pe funds.