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FINANCE MAGAZINE Deals of the Year 2008
Smurfit, Depfa & Airtricity deals feature in 2008 FINANCE Awards
The largest IPO in Irish Stock Exchange history, and the fourth largest in the EMEA area last year, Ireland's largest ever deal, the Depfa-Hypo Finance deal, the sale of Airtricity, the sale of FM 104 and four other radio stations to Denis O'Brien's Communicorp, and other ground breaking deals, in the project finance PPP, and finance sectors are among the nine category winners in the The FINANCE Magazine Capital Markets Deals of The Year 2008, published in the June issue of Finance.
Equity Linked Deal of the Year: Smurfit Kappa
The Smurfit Kappa IPO won 'Equity Linked Deal of the Year'. It was the largest IPO in Ireland to date and also the 3rd largest IPO in EMEA in 2007 making it an IPO of global significance. It beat off competition from a strong second - SVG Diamond Private Equity III plc, notable as it combined the new Irish qualifying investor fund regime and the Irish section 110 regime by interposing a securitisation vehicle in a fund structure. Further details of the SVG Diamond deal can be read on www.finance-magazine.com - where all the nominations are profiled.
Best Mid-Market Deal: Communicorp
Communicorp's acquisition of five radio stations from EMAP, including Today FM, FM104 and Highland Radio was notable in that it involved the sale of five separate businesses, and in that it saw a hectic and complex bidding process prior to the deal, involving a long list of final underbidders. The deal, valued at €200 million represented an attractive price for the vendor, but the acquirer, Communicorp, has subsequently also been able to demonstrate value, judging by prices achieved in the sale of parts of the package.
Capital Issues Deal of the Year: Ulster Bank's Mortgage Backed Promissory Notes Scheme
An example of the responsiveness of the capital markets to the credit crisis was the use of new liquidity rules introduced by the Financial Regulator permitting residential mortgages to be treated as liquid assets if they are pledged under the Central Bank and Financial Services Authority of Ireland (CBFSAI) Mortgages Backed Promissory Note Scheme. This deal was quite urgent, the Regulator was responsive and the parties to the deal got the job done on time.
Private Placement Deal of the Year: OpenHydro
OpenHydro's €40 million fundraising from a combination of existing shareholders and Davy clients leaves the company funded for the next two to three years in a pre-Revenue deal to develop turbine technology.
The FINANCE MAGAZINE Deals of the Year 2008 awards recognise the deal making expertise of Ireland's corporate and capital markets advisers
From private placements, to equity placings, from take-privates to securitisations, this year's FINANCE MAGAZINE Deals of the Year 2008 awards recognise the strength and depth of Ireland's capital and corporate finance markets.
Corporate Finance Deal of the Year: Airtricity
The Sale of Airtricity to Scottish and Southern Energy is the winner of this year's overall Corporate Finance Deal of the Year. The Airtricity deal showed benefits of the deal for both the acquirer and the target with an impressive return on equity in a deal that took place during a difficult market environment. The deal demanded strong project management expertise and legal expertise and commercial acumen across a range of legal issues including corporate, property, banking and employment.
Best Loans & Funding Deal: Conference Centre Dublin
The first PPP project for Ireland's Office of Public Works has a number of innovative features including a mechanism to ensure that the facility delivers on its promise of attracting international visitors to Dublin, and a sharing of third party revenue risk.
Most Innovative Deal: Hypo/Depfa
The acquisition of Depfa Bank plc by Hypo Real Estate Holding AG at a value of €5.7billion, was the largest ever merger in Ireland. The Hypo/Depfa deal is awarded this year's most innovative deal given the great complexity of the deal. The success of the deal was dependent on integrating the requirements of German law as to shareholder rights and capital increases with the timing requirements of the Irish High Court. For a transaction of its size and complexity, the timetable of the transaction was very short, with substantive work on the acquisition only beginning at the end of June 2007.
Capital Issues Deal of the Year: Bank of Ireland Value in Force Securitisation
An example of the reaction of the Irish capital markets to the credit crisis was the innovative Bank of Ireland Value in Force Securitisation last October which was a regulatory capital transaction conducted within the parameters of boosting regulatory capital, while employing a securitisation to do so, and one in the complex area of life assurance, requiring the tailoring of the deal to regulatory requirements regarding the treatment of embedded life assurance value.
Project Finance Deal of the Year: The Dublin Waste to Energy PPP Project
The first PPP project of its type in Ireland for a large waste to energy facility by European standards wins the Project Finance Award. It brought new operators into the Irish market, and, being closed against the background of a series of new corporate arrangements, the transaction was complex and challenging.
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