“M&A is hard – you don’t test the edges very often,” muses Robert Kindler, global head of M&A at Morgan Stanley. Verizon’s acquisition of Vodafone’s stake in its wireless business was in essence a straightforward concept: it was buying 45% of a business it already had a 55% stake in and knew everything about. But the scale of the undertaking meant that this deal very much tested the edges. “Some transactions will come out of this as a result,” Kindler tells Euromoney.
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