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Mergers & Acquisitions 2010 (2)

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RankingHighly commended
InnovationAssured Guaranty's acquisition of Financial Security Assurance
Originality7
Rationale7
Impact6
Total20
DescriptionBuying Financial Security Assurance was complicated by inseparable toxic liabilities and guarantees of uncertain value from the seller, Dexia, the Belgian and French government-supported bank. The firm devised a market-value swap in place of traditional seller’s indemnities to provide a positive story for derivatives coming out of the financial crisis

Mergers & Acquisitions 2010

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InnovationProposed privatisation of Chicago's Midway Airport
Originality8
Rationale8
Impact4
Total20
DescriptionSymbiotic relationships between the firm and city government were critical to obtaining consent from more than 65 per cent of the airlines with landing slots at Chicago’s second-largest airport. In spite of privatisation being delayed by the financial crisis, this deal provides the template for the first wave of airport privatisations in the US, likely to begin with the firm’s involvement in Puerto Rico's San Juan International