2013年交易今年：巴西的OI和葡萄牙电信连接

两位疾病的全国电话公司可以结合起来一个繁荣的国际吗？这是巴西的股东在巴西的股东和葡萄牙电信的希望当事人同意在10月份欧洲旗帜下合并。oi，一艘固定线路运营商从旧垄断者巴西电信旋转，在其国家的蜂窝业务中运行了令人沮丧的第四个。到11月，股票在今年减少了60％的价值，自2011年5月以10.16美元的价格为10.16美元以上的人数超过80％。PT受到其小型房屋市场的麻烦，在过去的三个人中超过50％以上年。

But better days are ahead, claims Marco Gonçalves, head of M&A at BTG Pactual, the São Paulo–based investment bank that was lone adviser to Oi on the $15.7 billion deal. The merger will raise Rio de Janeiro–based Oi’s top line by some 40 percent, to about $17 billion annually, and add an international footprint in Portugal and a few long-range growth markets like Angola and Mozambique. But the real value lies elsewhere, Gonçalves says: cleaning up a forbiddingly complex shareholder structure at Oi and providing for a hefty 14 billion-real ($6 billion) capital increase to reduce debt and fund a catch-up drive in cellular.

2013 Deals of the Year Jim Renwick & Team Barclays Antonio Weiss & Team 拉扎尔 Christian Lesueur & Team UBS James ("Jimmy") Lee Jr. & Team JPMorgan Chase & Co. Marco Gonçalves & Team BTG PACTUAL. Marisa Drew & Team 信用瑞士集团 Geoffrey Austin＆Team Moelis & Co. 安东尼·诺托&团队 Goldman Sachs Group Adam Taetle & Team Barclays Kenneth Hirsch & Team Goldman Sachs Group

The two companies are already intertwined, but in a cumbersome way. Lisbon-based PT owns 12.1 percent of a holding company called TmarPart that in turn owns 50.1 percent of Oi’s common shares. PT also controls 19.4 percent of nonvoting Oi stock, and its ex-CEO, Zeinal Bava, moved across the Atlantic last June to run the Brazilian carrier. The new company will have just one class of stock, with PT taking 38 percent.

最艰难的交易的一部分so far has been persuading the rest of TmarPart’s shareholders to go along, says Gonçalves, 40, who joined BTG Pactual in 2009 after heading M&A for Brazil at Credit Suisse Group. A consortium of Brazilian institutions that have regarded Oi as a dividend play, they looked skeptically at being diluted to a minority in a company whose focus will shift to growth.

The next hurdle is the proposed capital infusion, slated for early in 2014. The big dose of new equity will serve two purposes, Gonçalves explains: reducing Oi’s debt from close to 3.4 times earnings before interest, taxes, depreciation and amortization to less than 3 and providing fuel for mobile phone expansion within Brazil. Oi is getting whipped in its home mobile market by outsiders from Italy (Telecom Italia), Mexico (América Móvil) and Spain (Telefónica).

With the deal expected to close in the first quarter of 2014, BTG Pactual is putting some money where its mouth is on Oi’s capital increase, guaranteeing to raise at least 2 billion reais toward the share issue. BTG’s private equity division also bought a bunch of undersea cable assets from Oi in July for 1.7 billion reais. Gonçalves counts it a success that the telecom’s shares have held steady since the merger announcement despite the pending dilution; its New York stock closed at $1.58 on November 29. “This deal will change Oi from a dividend company into a growth company,” he promises.

Rank	交易	Estimated 费用 （$百万美元）*
1	U.K. bankBarclaysfollows a £5.8 billion ($9.1 billion) rights issue with a $2 billion hybrid bond offering.	$1832
2	Warren Buffett’sBerkshire Hathaway和Brazilian investment firm3G Capitalpay $27.4 billion to take ketchup makerH.J. Heinz Co.私人的。	$97–107
3	U.S. Telecom.Verizon Communications.同意向英国承运人的45％股权提供1300亿美元的沃达丰Verizon Wireless.	$93–103
4	FounderMichael Dell和Silver Lake Partnersprivatize U.S. computer maker戴尔for $24.9 billion.1	$82–92
5	巴西电话公司oi.和Portugal Telecom在前名的名字下同意157亿美元的捆绑。	$70–90
6	Cable giantLiberty Global买了U.K.的Virgin Media255亿美元。	$882
7	Advertising firmsomn​​yom集团和Publicis Groupe.同意350亿美元的Franco-American Merger的平等。	50-70美元
8	社交媒体公司推特launches a $2.1 billion initial public offering on the New York Stock Exchange.	68美元2
9	China’sShuanghui International Holdingscloses a $7 billion buyout of U.S. pork producerSmithfield Foods.	$ 51-61
10	iPhone制造商苹果issues $17 billion worth of bonds.	53美元2
* Estimates unless otherwise noted. M&A totals only include advisory fees; debt and equity totals only include underwriting fees. 1戴尔提供的交易价值。 2 Publicly disclosed.
Source: Thomson Reuters/Freeman Consulting Services.