매디슨 에어 솔루션스, 54억 달러 인수 발표 후 주가 급락
Why Madison Air Solutions Stock Was Getting Mashed This Week
대규모 인수가로 인해 레버리지 및 희석 우려가 즉각적으로 불거지면서 단기적으로 하락 압력이 강해 보입니다.
핵심 요약
MAIR 주가는 54억 달러 인수를 발표한 후 16% 하락했으며, 이는 재무 레버리지 증가와 희석 우려가 투자자들의 주요 매도 요인이 되었습니다.
(분석 완료)
Original Article
Why Madison Air Solutions Stock Was Getting Mashed This Week
Madison Air Solutions ( MAIR -6.45% ) , a recent arrival to the stock exchange, wasn't having one of the best weeks in its existence as a publicly traded company.
After the cooling solutions specialist announced a splashy acquisition, investors actively and eagerly traded out of its equity. As of Friday morning before market open, Madison's shares were down by 16% week to date, according to data compiled by S&P Global Market Intelligence .
That slide started early on Monday, when Madison Air announced it had signed a definitive agreement to become the new owner of a Germany-based peer, ebm-papst. The enterprise value of the deal is $5.4 billion, Madison said, or $5 billion when accounting for anticipated future tax savings.
ebm-papst is a company over 60 years old that has grown into an international supplier of airflow solutions. According to its owner-to-be, more than 250 million of its fans are installed worldwide.
The American company quoted CEO Jill Wyatt as saying that "By combining ebm-papst's differentiated technology with Madison Air's application expertise, trusted customer relationships and proven operating model, we will help more customers improve uptime, efficiency, compliance and productivity in mission-critical environments."
Madison Air expects the acquisition to close by the end of this year.
Madison Air added that it would fund the acquisition with a mix of cash on hand and debt/equity financing. It did not get more specific. It did write that it was provided a debt commitment letter from several lenders, notably the large American bank Wells Fargo .
The company raised over $2.2 billion in its April IPO. Regardless, its admission that the deal would dramatically increase its leverage -- plus create potential dilution from a secondary stock issue -- sent investors heading for the exits. I'd say that's understandable, as those concerns are warranted. I'd be careful with this stock.