Anatomy of a Leveraged Buyout - NYU Stern School of Business
Anatomy of a Leveraged Buyout - NYU Stern School of Business
Anatomy of a Leveraged Buyout - NYU Stern School of Business
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One Example: The Harman Deal<br />
Pre-deal<br />
Harman<br />
Debt (mostly<br />
leases)<br />
$274<br />
Publlicly<br />
traded<br />
equity<br />
$ 5.5 billion<br />
KKR & Goldman would<br />
buy out existing equity<br />
investors<br />
Firm will become a<br />
quasi-private<br />
company with 75%<br />
<strong>of</strong> the equity held by<br />
KKR, Goldman and<br />
managers.<br />
Post-deal<br />
Harman<br />
Debt<br />
$ 4 billion<br />
KKR,<br />
Goldman &<br />
Managers<br />
$3 billion<br />
Public<br />
$ 1 billion<br />
Aswath Damodaran 3
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