Leveraged and Management buy-outs in Europe

This paper describes the evolution of the buy-out markets in the UK and Continental Europe over the past two decades. Particular attention is paid to public-to-private transactions, the exit routes for investors, the performance and the refinancing. The motives to undertake a leverage buy-out and the potential sources of value as derived from the theoretical literature are discussed. As usual the role of the controller appears to be all important.

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