| Abstract [eng] |
58 pages, 33 tables, 10 pictures, 49 references The main purpose of this paper is to perform literature review and evaluate TEO LT AB and Omnitel AB M&A transaction and to estimate its synergy. The thesis consists of four parts: introduction, concepts of mergers and acquisitions and business valuation literature review, methodology, research and conclusions. In the first section of the thesis the concepts, motives and causes of the mergers and acquisitions failures introduced and the waves of mergers and acquisitions presented. Based on literature review three main groups of business valuation methods in thesis presented: asset based approach, income based approach and market multiplier approach. In the methodology detailed plan for further research and a detailed analysis of the discounted cash flow valuation method presented. After the literature and methodology review, in order to determine the value of the selected company and to determine the value of the M&A transaction synergy, thesis author provided an overview of the global, European and Lithuanian telecommunications sector and analysed sector forecasts. Secondly, author analysed the macroeconomic environment and assesses the impact of external factors on the company being evaluated. Thirdly, author deals with the company's performance and financial analysis. In order to determine the synergies value of the M&A deal, the fourth part is an assessment of the synergy of Telia Lietuva AB. The valuation of the individual companies TEO LT AB and Omnitel AB and the newly established company Telia Lietuva AB is carried out by applying the discounted cash flow method. Based on the calculations made, the synergy of the transaction is assessed. In conclusion the results of the research presented and main concepts of the research summarized. |
