billion in London, is the character of lenders changing in various geographies?
No, banks are the same everywhere. It is not as if there are 200 global banks; there are 10-15 major lenders, such as JPMorgan, Deutsche Bank and UBS. You know who they are. So whether you go to them for a deal in the US, the UK or India, the norms are the same. (Only), they are much more risk-averse and much less leveraged, which is good in a way. What is the big change that you see in the acquisition space since the financial crisis? Private equity firms were frequent acquirers before the financial crisis. They were acquiring companies and leveraging them heavily. If you were buying a billion-dollar company, $800 million of that was debt and the rest equity. Now, after the crisis, it is the turn of genuine buyers, who acquire for strategic needs. Highly leveraged buyouts are gone. Debt-equity ratios of 4:1 or 5:1 are over. Forty to fifty per cent of the funding is through equity, at a ratio of nearly 1:1. Essentially, lenders have become more conservative. How are business houses rea
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