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Towards a global LBO market
07/01/2003. Source:Columbia Business School. Andrea Armanno Pappalardo
 Historically, the European and US LBO markets have functioned in very different ways. The US market is more sophisticated and advanced than its European counterpart, which is characterised by small deals. Yet there have been several developments in recent months that have changed the picture considerably, argues Andrea Armanno Pappalardo of Columbia Business School.
The US market has evolved from a ‘deal' business to an ‘investment' business. This has been driven by an increase in the number of competitors, the importance of auctions of subsidiaries and divisions by public companies, and the competition offered by strategic buyers. Europe has experienced an increase in the number of larger deals taking place as financial buyers and capital markets have become more experienced and sophisticated.
Copyright © 2002 Andrea Armanno Pappalardo
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Andrea Armanno Pappalardo has nine years' corporate finance experience with Chase Manhattan, PricewaterhouseCoopers and Value Partners and is currently in the second year of an MBA at Columbia Business School.
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