The equity market is dull and M&A patchy but private equity is on fire. Barely a week goes by without a landmark deal. What is especially striking is the amounts private-equity houses have been able to pay for their targets. And that is a function of how much they have been able to borrow.
A consortium of private-equity houses has just paid e3.7 billion for French retail group Pinault-Printemps-Redoute’s Rexel subsidiary, equivalent to 11 times its ebitda.
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