We empirically examine under what conditions lead financiers decide to finance a buyout through a syndicate of multiple investors and how these syndicates are structured, using a unique dataset of 865 European buyouts during 1999-2009. We rely on a theoretical framework that integrates the...

Relying on a unique dataset covering 366 buyout syndicates in Europe over the period 1999–2009, we empirically investigate the partnering decisions of lead financiers. We find that lead financiers select investors with whom they developed a prior relationship, either directly or indirectly....

Using a unique dataset of 859 leveraged buyouts in Europe during the period 1999–2009, the authors’ recent study reports that buyout financiers syndicate their transactions to other buyers to achieve benefits that include diversification of different types of target risk, the combination of...