The Case Study Of Financing Strategy Of Apex Mergering Lexmark

As the process of global economic integration continues to accelerate,participating in global competition,overseas allocation of resources has become an important way for Chinese enterprises to gain competitive advantages and expand market scale.At the same time,with china' s economy entering the new normal,overseas mergers and acquisitions have become an important means for the global economic layout of china.Overseas mergers and acquisitions by Chinese enterprises have achieved rapid growth year after year in both volume and amount,and reached the highest level in history in 2016.Financing arrangements,as a key factor affecting the smooth progress of merger and acquisition activities,determine the success or failure of mergers and acquisitions.It is of great practical significance to study the overseas financing of merger and acquisition in China.Although the financing environment for overseas merger and acquisition of Chinese enterprises has continued to improve in recent years,and the financing channels and methods have continued to be enriched and developed,there are still large gaps compared with developed countries in Europe and America.The problem such as narrow financing channels,limited financing methods,and insufficient financing innovations still exist.This article selects Apex mergering Lexmark as case study which has a reputation for model transactions in 2016.Follow the research ideas of “introduce problem-analysis problem-solve problem” and comprehensively use case studies,induction,and other research methods,it tries to provide a useful reference for Chinese enterprises to arrange financing,broaden financing channels,choose appropriate financing methods,and make financial decisions scientifically in the process of overseas mergers and acquisitions financing by studying their diversified financing method portfolio.This article analyzes the highlights of this transaction in the financing arrangements.In the selection of funding sources,it actively uses innovative financial instruments,and has issued the largest privately traded exchangeable bonds in China so far through major shareholders,which makes full use of the internal Capital market financing channels.At the same time,the Apex introduces private equity institutions as coinvestors,co-financing overseas mergers and acquisitions,broadening the source of mergers and acquisitions from the horizontal dimension.In the selection of financing methods,the leveraged financing method was adopted,and overseas mergers and acquisitions were successfully implemented using a combination of various financing methods such as syndicated loans.Finally,it summarizes the successful experience of case financing and puts forward the relevant inspiration for future overseas mergers and acquisitions financing activities of Chinese enterprises.