Steadfast spent thirty years rolling up brokers. Its buyers just unrolled it.
A 52 per cent premium, a unanimous board, and a company divided between its buyers before the ink dried. The roll-up worked. It just isn't arriving intact.
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History's largest buyout closed five weeks ago. Its owner is already rearranging it.
PIF took EA private on 4 August for $55 billion, the largest leveraged buyout ever completed. Five weeks later it is weighing whether EA should be folded into the gaming platform it already owned.
The pay gap narrows after a buyout. The expensive people leave.
A Journal of Finance paper finds buyouts narrow pay gaps inside the firm, raise profitability and raise employment. The compression comes from replacing expensive managers with cheaper ones.
The CEO replacement rate is not a talent problem.
