On The Operation Model Of "listed Companies + PE" Mergers And Acquisitions Funds

In 2011,for the first time in the domestic M&A market,listed companies and private equity funds jointly established a new type of M&A funds – “listed company+ PE” M&A funds.In the following years,the M&A market in China has risen gradually and developed rapidly.This kind of M&A funds is an innovative mode of traditional M&A funds.This paper selects the typical case of China Tianying's cross-border acquisition of Urbaser as the research object,and studies the operation mode of “listed company +PE” M&A funds in the cross-border market.The main contents of the study are as follows:First of all,this paper researches on the organizational structure,fundraising,investment management and exit methods of “listed company + PE” M&A funds,and summarizes the operation process of “listed company + PE” M&A funds.Secondly,taking the case of China Tianying's cross-border acquisition of Urbaser as the research object,it analyzes the basic situation of the transaction participants,the transaction motivation and the transaction process.Last but not least,this paper analyzes the reasons for the establishment of funds,the choice of funds structure,the adjustment of funds financing structure in the cross-border M&A transactions,and the role of “listed company + PE” M&A funds in cross-border M&A transactions.Through the typical case study of the acquisition of Urbaser by China Tianying,this paper refers to the advantageous organizational structure model of the “listed company + PE” M&A funds in this case,which is the current “listed company + PE”M&A funds in the cross-border M&A market.This paper provides development suggestions for “listed company + PE” M&A funds organizational in the current cross-border M&A market and optimizes the design of "listed company + PE" M&A fund from three aspects: domestic structure,overseas structure and domestic and overseas double-layer structure.Hopefully this article can provide reference value for the development of “listed company + PE” M&A funds in the future.