Stephen Lacey is US Editor for International Financing Review, helping to oversee editorial content across the region. He has particular expertise in coverage of the equity capital markets – IPOs, follow-on stock sales, and equity-linked securities – spanning the entire corporate life cycle, from venture and private equity to entry and maturation in the public markets.
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Investment bankers have struggled to shrug off the derogatory moniker of casino bankers, but Red Rock Resorts is a case in which the label was deserved. In this case Deutsche Bank was both lead underwriter and, thanks to an earlier bankruptcy, owner.
As M&A activity involving corporations and financial sponsors cools, special-purpose acquisition companies, or SPACs, are gaining renewed focus as an alternative source of acquisition funding. At the same time, investment banks are working on the next generation of vehicles that could accelerate SPACs’ renaissance.
TransCanada, a pipeline operator reputed for conservatism, has made a bold play on natural gas recovery with the agreement to acquire Columbia Pipeline Group in a US$10.2bn all-cash transaction. The tie-up would create one of the largest reg