Brookfield's opening bid for Reliance was the 2018 rights issue price, to the cent.
Four bids, five months, A$4.75. Reliance spent eight years and A$1.22 billion becoming the company Brookfield now buys for the 2018 rights price plus 14%.
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The 'Private Equity Practice': 12 Marketing Agencies Now Sell a PE Vertical. Here's What's Actually on the Page (2026)
Fifteen agencies, twelve PE vertical pages, two products under one label, and zero pages that say who owns the ad accounts at the end.
The Overlooked Portfolio-Wide Margin Lever Hiding in Indirect Services
Chelsea's owners put in £2.9 billion. The exit values it at £3.7 billion.
Boehly and Walter leave Chelsea at roughly a gilt yield, and the only buyer permitted to pay was the one already holding 61.5%. The record deal of 2022 has become the record price of 2026.
Baldwin's 88% premium is mostly a measure of how far it fell.
Sequence Holdings and Michael Dell's family office are paying $32.50 a share, 20 times adjusted EBITDA, for a broker growing 2% organically. The premium looks big because the fall was bigger.