Bermuda Public Companies Update - November 2015

In our latest edition we recap significant transactions involving Bermuda public companies over the period of Q2 through Q3 2015.

Q2 and Q3 of 2015 presented an unsettled period for global markets, with fears of a China-led global slowdown and concerns over U.S. interest rates shaking confidence. Despite positive signs of growth in Q2, IPO activity flattened in Q3 with 42 initial public offerings in U.S. markets, representing a decrease of 33% from the same period in 2014. The total amount raised in Q3 was US$6.7 billion, well below the US$36.7 billion raised in the same period last year. The volatility in equity markets saw a number of IPOs listing at a discount and led to Digicel Group Limited, the Bermuda-based telecommunications group, deciding in early October not to proceed with its planned IPO on the NYSE at that time. Conversely, global markets have seen record M&A activity, with US$3.2 trillion in transactions to date in 2015. This represents a 32% increase