Global High-Tech M&A Activity Accelerates Oct 11
Standard & Poors, October 2011
Abstract
The pace of mergers and acquisitions (M&A) has picked up across the global high-tech sector over the past year, among investment-grade and speculative-grade companies alike. But the reasons for entering into these transactions--and the credit impact of the deals--have differed. Investment-grade firms have generally made larger, more strategic purchases that had little to no impact on their credit quality. Their speculative-grade counterparts, on the other hand, have undergone a mix of smaller strategic and financially driven deals, which have tended to have more negative credit implications. Standard & Poor's Ratings Services believes three key factors are contributing to the faster pace of high-tech M&A: The stabilization of industry conditions and capital markets; The strong liquidity profiles and debt capacity of...
Companies mentioned in this report are: Intel Corp.,Motorola Solutions Inc.,NCR Corp.,Hewlett-Packard Co.,National Semiconductor Corp.,SunGard Data Systems Inc.,Microsoft Corp.,SMART Modular Technologies (WWH) Inc.,Blackboard Inc.,Skype Global S.a.r.l.,Google Inc.,Flexera Software Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Intel Corp.,Motorola Solutions Inc.,NCR Corp.,Hewlett-Packard Co.,National Semiconductor Corp.,SunGard Data Systems Inc.,Microsoft Corp.,SMART Modular Technologies (WWH) Inc.,Blackboard Inc.,Skype Global S.a.r.l.,Google Inc.,Flexera Software Inc.
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