Market Maker

How does a billion-dollar M&A deal actually happen? From winning the mandate to negotiating the final sale, what really goes on behind the scenes at investment banks like Goldman Sachs, Morgan Stanley and J.P. Morgan?

In this episode, Anthony Cheung and Stephen Barnett break down the entire mergers and acquisitions (M&A) process, drawing on Stephen's experience in investment banking to explain how deals are pitched, structured, negotiated and ultimately completed.

We explore how investment banks compete for lucrative advisory mandates, the difference between buy-side and sell-side transactions, and how companies are valued and marketed to potential buyers. Along the way, we unpack the jargon of M&A, from beauty parades and confidential information memorandums (CIMs) to due diligence, letters of intent and sale and purchase agreements.

Using Schneider Electric's $22.6 billion acquisition of PTC as a real-world example, we reveal the roles of bankers, lawyers and private equity firms throughout the dealmaking process, offering a practical guide for anyone looking to break into investment banking or better understand how major corporate transactions work.

00:00 Introduction to M&A Deals
06:26 How Banks Win M&A Mandates
12:59 Investment Banking Bake-Offs
15:29 Why Banks Share M&A Deals
20:23 How M&A Advisory Fees Work
23:24 Conflicts of Interest & Compliance
28:31 Preparing a Company for Sale
33:20 Teasers & Confidentiality Agreements
36:30 The Role Of Lawyers
38:25 Inside the M&A Data Room
40:35 Bidding Wars & Due Diligence
45:11 Choosing the Winning Bid
46:04 Final Negotiations & Closing
49:06 Deal Toys & Banking Traditions

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M&A Jargon Explained

M&A (Mergers & Acquisitions): The process of companies buying, selling or combining businesses.

Buy-Side Mandate: When an investment bank advises a company looking to make an acquisition.

Sell-Side Mandate: When an investment bank advises a company looking to sell.

Beauty Parade / Bake-Off: A competitive pitching process where investment banks compete to win an advisory mandate.

Teaser: A short, anonymous summary of a business being marketed for sale.

NDA (Non-Disclosure Agreement): A legal agreement protecting confidential information shared during a deal.

CIM (Confidential Information Memorandum): A detailed document outlining a company's operations, financials and growth prospects for potential buyers.

Data Room: A secure online platform containing confidential documents for prospective buyers.

IOI (Indication of Interest): An initial, typically non-binding expression of interest in acquiring a business.

Due Diligence: The detailed investigation of a company's finances, operations, legal obligations and risks before acquisition.

LOI (Letter of Intent): A document outlining a prospective buyer's proposed terms for an acquisition.

Pre-emptive Bid: An early offer designed to secure a deal before the competitive bidding process finishes.

Exclusivity Period: A period when the seller agrees to negotiate with one preferred buyer.

SPA (Sale and Purchase Agreement): The legally binding contract setting out the terms of an acquisition.

Deal Tombstone: A commemorative desk ornament celebrating a completed transaction.

France is facing mounting pressure. Government debt has climbed above €3.5 trillion, borrowing costs are surging, and political uncertainty ahead of the 2027 presidential election is making investors increasingly nervous.

In this episode, Anthony Cheung and Piers Curran break down why French bond yields are rising, how decades of persistent budget deficits have created a growing debt problem, and why some major French companies can now borrow more cheaply than their own government.

We look at Marine Le Pen’s economic plans, France’s huge pension burden, the risk of capital leaving French markets and what could happen if bond yields continue to climb. Could the ECB eventually be forced to intervene, and would that bring the kind of painful fiscal reforms seen during the Eurozone debt crisis?

Finally, we ask whether France could be heading towards its own “Liz Truss moment” and what a French debt crisis could mean for the euro, European markets and the wider global economy.

00:00 Is France About to Fail?
01:09 France’s Bond Market Warning
07:07 The Debt Problem Explained
12:06 France’s €85bn Interest Bill
15:56 Why Italy Is Doing Better
22:10 Protests & Political Pressure
29:25 Will the ECB Bail Out France?
36:55 Lessons From Greece
40:47 Could France Default?
44:28 The Trade on France
47:03 What Happens Next?

Could UBS really leave Switzerland? In this episode, Anthony Cheung and Stephen Barnett break down the growing dispute between Switzerland’s biggest bank and the government over new capital requirements and why tougher regulation could have major consequences for UBS and its shareholders.

We explain how banks actually work, why Common Equity Tier 1 (CET1) capital matters, what changed after the collapse of Credit Suisse and why forcing banks to hold more capital can make them safer but potentially less competitive.

We also look at the battle between traditional banks and fintech challengers, as Monzo considers its next move following takeover interest from Nubank. With Revolut racing ahead and Monzo looking for fresh capital, we explore why some challenger banks have succeeded while others have struggled to scale and what could happen next.

00:00 The Ultimate Banking Mistake
04:10 How Banks Really Work
06:41 What Is CET1?
12:44 Why Banks Are Too Big to Fail
20:18 UBS vs Switzerland
27:54 Why UBS Is Fighting Back
32:23 How UBS Compares
38:35 What’s Happening at Monzo?
46:51 How Challenger Banks Work
49:05 Revolut vs Monzo
52:30 What Happens Next?

What does it actually take to build a successful career in financial markets?

In this episode, Anthony Cheung sits down with Jamie Philip, who began his career trading at a hedge fund before spending nearly 19 years at J.P. Morgan, ultimately becoming Managing Director and Head of EMEA Futures and Options Execution Sales.

Jamie shares what senior bankers really look for when hiring graduates, why being teachable can matter more than appearing impressive, and the mistakes young professionals often make once they land their first job in finance.

We also discuss the importance of consistency, trust and reputation, why comparing yourself to others can derail your career, and the lessons Jamie learned from nearly two decades inside one of the world’s biggest investment banks.

For anyone trying to break into investment banking, sales and trading or financial markets, this is an inside look at what it takes not just to get the job, but to build a career that lasts.

00:00 Breaking Into Finance
02:58 Buy Side to Sell Side
10:13 A Non-Linear Path
17:18 What MDs Look for in Graduates
20:24 How to Stand Out
22:28 Why Consistency Matters
27:11 Handling Mistakes Under Pressure
29:43 The Early Career Trap
32:46 Money, Success & Perspective
37:08 Finding Work-Life Balance
43:49 Jamie’s Advice for Graduates

In this episode, Anthony Cheung and Stephen Barnett explore how geopolitics and soaring energy prices are reshaping some of the biggest deals in global markets.

We look at Nigeria’s $1.6 billion Dangote Petroleum IPO and its ambition to build the world’s largest oil refinery, before unpacking Carlyle’s attempt to acquire Lukoil’s $20 billion portfolio of international assets amid Russian sanctions.

We also break down why Trafigura is launching a new supertanker business as spot shipping rates surge towards $1 million a day, and how disruption in the Strait of Hormuz is transforming the economics of moving oil around the world.

Finally, we examine KKR’s acquisition of DCC Energy and explain why private equity sees an opportunity in one of Europe’s biggest energy distributors.

00:00 The Global Energy Shake-Up
02:08 Nigeria’s $1.6BN IPO
04:17 Inside the Dangote Refinery
07:10 How Do You Value African Companies?
12:12 Nigeria’s Energy Revolution
17:45 Lukoil’s $20BN Sale
24:29 Inside Trafigura
28:56 The Supertanker IPO
31:53 Why Shipping Rates Are Surging
37:24 KKR’s Acquisition of DCC Energy
40:23 How Private Equity Creates Value
43:04 The Deal Gets Approved