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Selected Case

published: 27 Mar 2012

Abstract:
A consortium of private equity firms (KKR and Silver Lake Partners) is in the process of acquiring the semi-conductor division of Agilent. To prepare for the signing of the acquisition agreement and the subsequent transfer of ownership, the deal team is revisiting their investment thesis with respect to upsides and risks.

Pedagogical Objectives:
To develop a high-level understanding of the workings of leveraged buy-outs. To discuss the risk- return relationship in PE and the interplay of financial and operational risks in the deal structuring process. To understand the trade-offs involved in different debt instruments and financing structures.

Keywords:
Private Equity, Buy-Out, Kkr, Silver Lake Partners, Semiconductors, Financing, Risk, Avago Technologies, Corporate Governance, Auditing, Risk Control and Performance, Gpei, Gpei-Case

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