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February 2008

Deals of the year 2007: GCA reaches out to buy US peer


M&A boutique GCA’s acquisition of US peer Savvian was a bold cross-border deal that belied the notion that Japanese securities houses lack ambition.


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Deal size: approx ¥90 billion ($780 million); Deal type: share-swap merger (aka triangular merger)
Parties: GCA Holdings (of Japan) and Savvian LLC (US)
GCA Holdings (of Japan) and Savvian LLC (US)

Nobuo Sayama: leading GCA’s rocket-powered ascent since 2004

In a year of troubled big bank mergers in Japan, the announcement of one small M&A boutique’s acquisition of a US peer attracted little attention. The deal hasn’t been completed yet. It is worth comparatively little: $780 million in a year of multi-billion dollar transactions. It involves an M&A-only company that came into existence just three years ago. So why should anyone care?

It’s because this upstart boutique had an...


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