Mike Evans, partner in charge of equity capital markets at Goldman Sachs in London, is not the sort of person you’d expect to sound off about the failings of recent privatization deals. Goldman has, after all, arranged more of them in the last decade than any other firm.
But Evans can hardly contain his anger. “Privatization as a sector of investment has become less and less attractive,” he complains. Hardly pausing for breath, he outlines the reasons: “There’s a crushing weight of supply but not an equally expanding base of investment … Performance has been mixed.
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