Matthews South

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March 1, 2022
$7bn ASR
Size: $7 billion
Structure: Uncollared
Financial Advisor: Matthews South
Counterparties: Citi / Goldman Sachs / Mizuho

$7bn Accelerated Share Repurchase

Overview

  • Matthews South advised S&P Global on their $7 billion ASR
  • This ASR kicked off the company’s plan to repurchase $12 billion shares after the closing of its $140 billion merger with IHS Markit on Monday, February 28, 2022

Pricing, Structuring, & Execution Advice in a Volatile Market

  • This was the second ASR on which we advised S&P Global
  • We assisted the company in structuring the transaction to optimize for the large size, the company’s full capital return objectives, and possible changes to share repurchase regulations
  • We coordinated pricing and execution with the bank group
  • Additionally, we provided documentation and accounting analysis to support equity treatment of the ASR
  • In particular, we helped the company evaluate commercial impact of contractual provisions to unlock additional value and assess the optimal number of counterparties

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