Firm Provides "Pockets of Brilliance" in Difficult Year
The editors and reporters of Investment Dealer's Digest (IDD) recently announced their awards for the best deals of 2002, a year the magazine noted as being one of the most challenging since the Great Depression.
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The editors and reporters of Investment Dealer's Digest (IDD) recently announced their awards
for the best deals of 2002, a year the magazine noted as being one of the most challenging
since the Great Depression. IDD noted that despite the bleak financial environment, "Â…there
were pockets of brilliance in the dealmaking world."
From the world of M&A, IBM's US$3.5bn acquisition of PricewaterhouseCoopers (PwC)
Consulting was "nothing if not a sign of the times," according to IDD . Morgan Stanley
represented PwCC in the transaction.
Even though PwC Consulting had been planning an IPO, IBM showed interest in the group
given the clear strategic rationale of the combination. Given the issues around independence,
PwC recognized the need to separate the consulting business. Both the auditors and the
consultants were committed to an IPO until IBM stepped up just as the IPO was going to be
launched.
"Not only was the M&A value offered more attractive than the value that would have been
achieved in an IPO but PwC recognized that the combination would create the clear industry
leader in IT services," said Seth Bergstein, Managing Director and Head of the Computer and
Business Services effort. "It was a great team effort on all fronts with leadership from senior
bankers including Joe Perella, Bob Scully and Brad Evans and tireless commitment from Ken
Pott, Dan Simkowitz, Jim Head and Gary Traynor."
Morgan Stanley also received an IDD nod for Burberry's US$400mn IPO. The magazine
named the transaction Retail Breakthrough Deal. The Firm's team successfully placed the
shares with a majority of Tier One and Tier Two investors amid the corporate accounting
maelstrom eroding consumer confidence. Quality brand, solid positioning and responsible
valuation attracted several large, high-quality luxury goods investors to the book.
"We were pleased to be able to serve our client successfully, even in the wake of five prior
European IPOs folding. The environment was tough, but in the end, both Burberry and its
parent company, GUS, were happy," said John Crompton, Managing Director. "And we were
thrilled," Crompton added.
In addition, IDD recognized the following deals in which Morgan Stanley played supporting
roles:
- Restructuring of NTL Inc., Overall Breakthrough Deal of the Year
- Royal Dutch Shell's Acquisition of Enterprise Oil Plc., Energy Breakthrough Deal
- Time Warner Entertainment's restructuring with AT&T Comcast cable systems,
Media/Entertainment Breakthrough Deal
"2002 was a demanding year, making our ability to provide clients with unique solutions more
critical than ever. Our bankers went into a difficult market and made a significant impact.
Being recognized by IDD confirms this accomplishment — designing and executing
cutting-edge transactions that serve our clients' needs while surpassing their expectations,"
said Terry Meguid, Head of Worldwide Investment Banking.
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