Elliott Management Mergers and Acquisitions Summary

Asset Manager Profile

In the last 3 years, Elliott Management has acquired 5 companies. It has also invested in 2 others.

Elliott Management’s most common sectors for investment areretail (25%) and financial services (17%) . The Firm’s most common investment types include going private (17%) and secondary buyout (17%). In total, Elliott Management has invested in 6 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2022 when it acquired Nielsen Holdings for $16.0B.

In the last 3 years, Elliott Management has exited 1 company. The Firm’s most common exit type is trade sale (50%).

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M&A Summary

  • M&A Total Activity14
    • M&A Buy Activity12
    • M&A Sell Activity2
  • Total Sectors Invested 9
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 11
  • M&A Advisors 4

Elliott Management Corp.

Phillips Point, East Tower, Suite 1000, 777 South Flagler Drive,
West Palm Beach, Florida 33401
United States
https://www.elliottmgmt.com/what-we-do/private-equity-and-private-credit/

Elliott Management is a diversified investment management firm consisting of private equity, distressed, and hedge funds. The Firm's private equity group looks to acquire majority or minority stakes in private companies. In addition to private equity investing, Elliott looks to acquire positions in public companies, distressed assets, real estate, and commodities. Elliott Management was formed in 1977 and is headquartered in West Palm Beach, Florida.


Investment Criteria

Sectors of Interest: Business Services, Consumer Products, Consumer Services, Distribution, Information Technology, Manufacturing

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Special Situations/Distressed, PIPE, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, United Kingdom, Western Europe

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size - -
Enterprise Value - -

M&A Summary

Buy vs Sell

Year ≤ '18 '19 '20 '21 '22 '23 T
Buy (1.6/yr) # 4 1 2 1 2 2 12
vol $6.9B $683M $16.0B $23.6B
Sell (0.2/yr) # 1 - 1 - - - 2
  14

Most Recent M&A

Company Date Value Type
Western Digital Corp. 2023-01-31 - Stake Purchase
San Jose, California · www.westerndigital.com
Salesforce, Inc. 2023-01-23 - Stake Purchase
San Francisco, California · www.salesforce.com
Nielsen Holdings plc 2022-03-29 16.0B USD Going Private
New York, New York · www.nielsen.com
Enra Group Ltd. 2022-03-21 - Secondary Buyout
Watford, United Kingdom · www.enra.co.uk
Paper Source, Inc. 2021-05-11 - Special Situations/Distressed
Chicago, Illinois · www.paper-source.com
Eliantus Energy SL 2020-07-17 - Add-on Acquisition
Madrid, Spain · www.eliantusenergy.com
Wordery.com Ltd. 2020-05-04 - Divestiture
Norwich, United Kingdom · www.wordery.com
Acosta Sales & Marketing, Inc. 2020-01-02 - Special Situations/Distressed
Jacksonville, Florida · www.acosta.com
Barnes & Noble, Inc. 2019-06-07 683M USD Buyout (LBO, MBO, MBI)
New York, New York · www.barnesandnobleinc.com
Channel Partners Capital LLC 2018-05-30 - Secondary Buyout
Minnetonka, Minnesota · www.channelpartnerscapital.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Acosta Sales & Marketing, Inc. 2020-01-02 Impact Group 2021-06-24 3
Jacksonville, Florida · www.acosta.com Boise, Idaho · impactgrp.com

M&A by Sector

Sector Current # Value All-time # Value
Retail 3 (30%) 683M (4%) 3 (25%) 683M (3%)
Financial Services 2 (20%) - 2 (17%) -
Information Services 1 (10%) 16.0B (96%) 1 (8%) 16.0B (68%)
Software - - 1 (8%) 6.9B (29%)
Internet Software and Services 1 (10%) - 1 (8%) -
Marketing 1 (10%) - 1 (8%) -
Metals/Mining 1 (10%) - 1 (8%) -
Renewable Energy - - 1 (8%) -
Technology Hardware 1 (10%) - 1 (8%) -
Total 10 $16.7B 12 $23.6B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 7 (70%) 16.7B (100%) 8 (67%) 23.6B (100%)
  New York 2 (20%) 16.7B (100%) 2 (17%) 16.7B (71%)
  California 2 (20%) - 2 (17%) -
  Minnesota 1 (10%) - 1 (8%) -
  Illinois 1 (10%) - 1 (8%) -
  Florida 1 (10%) - 1 (8%) -
  Texas - - 1 (8%) 6.9B (29%)
United Kingdom 2 (20%) - 2 (17%) -
Australia 1 (10%) - 1 (8%) -
Spain - - 1 (8%) -
Total 10 $16.7B 12 $23.6B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Going Private 1 (10%) 16.0B (96%) 2 (17%) 22.9B (97%)
Secondary Buyout 2 (20%) - 2 (17%) -
Special Situations/Distressed 2 (20%) - 2 (17%) -
Stake Purchase 2 (20%) - 2 (17%) -
Buyout (LBO, MBO, MBI) 1 (10%) 683M (4%) 1 (8%) 683M (3%)
Divestiture 1 (10%) - 1 (8%) -
Growth Capital - - 1 (8%) -
Joint Venture 1 (10%) - 1 (8%) -
Total 10 $16.7B 12 $23.6B

Exits by Deal Type

Type Total # Value
Secondary Sale 1 (50%) -
Trade Sale 1 (50%) -
Total 2 -

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
 1
Legal Deals
Cadwalader, Wickersham & Taft LLP
 1
Debevoise & Plimpton LLP
 1
Gibson, Dunn & Crutcher LLP
 1

Deal Values

buy # Total
> $1B 2 $22.9B
$100M to $1B 1 $683M
TOTAL $23.6B
Largest Nielsen Holdings plc
$16.0B (2022-03-29)

M&A Connections

Deals
Acquired from
Investor(s)
17%
2 (17%)
Strategic(s)
8%
1 (8%)
Exited to
Investor(s)
50%
1 (50%)
Strategic(s)
50%
1 (50%)

Investor Summary

Investor Type

Asset Manager

Size

Mega

Established

1977

Specialist/Generalist

Generalist

Leadership

Paul Singer

Founder, President, Co-CEO, & Co-CIO

Gordon Singer

Equity Partner & Head of Elliott’s London office

Steve Cohen

Equity Partner & Head Trader

Dave Miller

Equity Partner & Senior Portfolio Manager

Jesse Cohn

Equity Partner & Senior Portfolio Manager

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