GHL » Topics » Advisory Revenues

This excerpt taken from the GHL 10-Q filed Oct 31, 2008.
Advisory Revenues
 
Advisory revenues primarily consist of financial advisory and transaction related fees earned in connection with advising companies in mergers, acquisitions, restructurings or similar transactions. We earned $37.0 million in advisory revenues in the third quarter of 2008 compared to $116.5 million in the third quarter of 2007, which represents a decrease of 68%. For the nine months ended September 30, 2008, advisory revenues were $156.3 million compared to $279.7 million for the comparable period in 2007, representing a decrease of 44%. The decrease in our advisory revenues in the three and nine months ended September 30, 2008 as compared to the same periods in the prior year reflected smaller scale and fewer completed assignments than historically have been completed in past periods by our advisory business.
 
Completed assignments in the third quarter of 2008 included:
 
  •   the sale of the Akzo Nobel NV’s Crown Paints business in the United Kingdom and Ireland to Endless LLP;
 
  •   the sale of the Akzo Nobel NV’s selected Belgian paints brands to Rieu Investissements S.A.;
 
  •   the acquisition by Capvis General Partner III Ltd of the BARTEC Group from Allianz Capital Partners;
 
  •   the sale of Energy East Corporation to Iberdrola SA;
 
  •   the acquisition by Greenfield Partners of Clayton Holdings; and
 
  •   the sale of the Philadelphia Stock Exchange, Inc. to the NASDAQ Stock Market, Inc.
 
This excerpt taken from the GHL 10-Q filed Aug 8, 2008.
Advisory Revenues
 
Advisory revenues primarily consist of financial advisory and transaction related fees earned in connection with advising companies in mergers, acquisitions, restructurings or similar transactions. We earned $49.9 million in advisory revenues in the second quarter of 2008 compared to $127.0 million in the second quarter of 2007, which represents a decrease of 61%. For the six months ended June 30, 2008, advisory revenues were $119.3 million compared to $163.3 million for the comparable period in 2007, representing a decrease of 27%. The decrease in our advisory revenues in the three and six months ended June 30, 2008 as compared to the same periods in the prior year reflected fewer completed assignments that were smaller in scale which is consistent with the decline in completed global M&A transactions.


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Completed assignments in the second quarter of 2008 included:
 
  •   the representation of the board of directors of Applera Corporation on the merger of its Applied Biosystems business with Invitrogen Corporation;
 
  •   the sale of American Financial Realty Trust to Gramercy Capital Corp;
 
  •   the acquisition by G4S plc of ArmorGroup International plc;
 
  •   the acquisition by G4S plc of Global Solutions Limited;
 
  •   the acquisition by Hancock Timber Resource Group of TimberStar Southwest; and
 
  •   the representation of the special committee of the board of directors of Wendy’s International, Inc. on its merger with Triarc Companies, Inc.
 
We also benefited in the second quarter of 2008 from retainers and other advisory fees unrelated to transaction completions.
 

EXCERPTS ON THIS PAGE:

10-Q
Oct 31, 2008
10-Q
Aug 8, 2008
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