& Case Studies

November 2008

$61.2 billion

Sale to InBev
Financial advisor to Anheuser-Busch on its $61.2 billion sale to InBev SA

On November 18, 2008, InBev SA (“InBev,” ENXTBR: INB), an independent brewer with operations in 30 countries, acquired Anheuser-Busch Companies (“Anheuser-Busch,” NYSE: BUD), a premier producer and distributor of beer in the United States and internationally, representing the largest all cash deal in history. On June 11, 2008, InBev made an unsolicited takeover offer of $65.00 per share for Anheuser-Busch and Anheuser-Busch’s board formally rejected InBev’s proposal, claiming it substantially undervalued the U.S. beer maker. InBev later raised its all cash offer for Anheuser-Busch to $70.00 per share. Anheuser-Busch agreed to the revised proposal on
July 13, 2008 and entered into a definitive merger agreement with InBev. The successful completion of the acquisition of Anheuser-Busch created the global leader in beer and one of the world’s top five consumer products companies. Moelis & Company acted as financial advisor to Anheuser-Busch.

November 2008

$6.7 billion

Acquisition of Applied Biosystems
Financial advisor to Invitrogen Corporation on its $6.7 billion acquisition of Applied Biosystems

On November 21, 2008, Invitrogen Corporation (“Invitrogen,” NASD: IVGN), a premier provider of essential life science technologies for disease research, drug discovery and commercial bioproduction, acquired Applera Corporation’s Applied Biosystems Group (“Applied Biosystems,” NYSE: ABI), a leader in developing and marketing instrument-based systems, consumables, software and services for the life sciences industry. Applied Biosystems shareholders received $38.00 per share in the form of cash and stock, a premium of 17% to Applied Biosystem’s closing price on the last trading day prior to announcement. The transaction created Life Technologies, a global biotechnology tools company dedicated to improving the human condition. Moelis & Company acted as financial advisor to Invitrogen, negotiated with numerous financing sources on behalf of Invitrogen to secure the best possible terms in a difficult market environment and designed a unique collar structure for the transaction consideration.

October 2007

$26.5 billion

Sale to Blackstone
Financial advisor to Hilton Hotels on its $26.5 billion sale to Blackstone

On October 24, 2007, the real estate and corporate private equity funds of The Blackstone Group (“Blackstone,” NYSE: BX), a leading global alternative asset manager and provider of financial advisory services, acquired Hilton Hotels Corp. (“Hilton,” NYSE: HLT), the leading global hospitality company with more than 2,800 hotels and 480,000 rooms in 76 countries and territories, in the largest deal ever in the hotel sector. The acquisition was made at $47.50 per share in cash, representing a 40% premium to Hilton’s share price on the day prior to announcement. The acquisition brought together a leading global hospitality company with Blackstone’s extensive portfolio of hotels and resorts and is ranked among the top 10 largest U.S. leveraged buyouts ever. Moelis & Company acted as financial advisor to Hilton.