• Breaking Down the Tax Cuts and Jobs Act: The Challenges for M&A

    Congress recently passed the Tax Cuts and Jobs Act which had many people wondering what will this mean for the industry. Overall, William Blair believes a lot of positives will come out of this, but that doesn’t mean we won’t face some hurdles. From 2018 through 2021, company’s deductions for interest income are limited to 30% of EBITDA and after that point the limit becomes more restrictive, applying to 30% of EBIT. The limited is expected to have an impact on financial sponsors’ after-tax cost of capital in high-leverage and high-multiple transactions. We could see this factoring buyers decisions on financing structures. The value of any net operating losses (NOLs)…

  • Breaking Down the Tax Cuts and Jobs Act: The Opportunities for M&A

    The U.S. Congress passed the Tax Cuts and Jobs Act in mid-December, 2017. As people try to figure out what this means, William Blair believes the overall impact will be positive. The reduction in corporate tax and a lower tax rate for repatriated foreign income are two exciting aspects of the tax reform that will impact dealmaking. The corporate tax rate has been reduced from 35% to 21% and the corporate alternative minimum, that ensures corporations pay at least some tax on their income, was eliminated. With lower rates, companies are expected to have higher cash flows and higher equity valuations. This means we can expect to see more companies…

  • Congratulations to Chicago Booth School of Business Alum John Salvino

    John Salvino, a financial advisor that is part of the William Blair team’s Private Client Advisors Group, was named to the 2018 Top 40 Advisors Under 40 list by On Wall Street magazine. Impressively, this is John’s second time making the list, and he was also honored in 2016. John Salvino studied at the University of Notre Dame where he earned his bachelor’s degree cum laude. His MBA in finance was later earned from the University of Chicago Booth School of Business. William Blair boasts a few Chicago Booth School of Business Alumni including Mark Brady, William Blair’s Global Head of M&A. Brady, similar to Salvino, has been greatly influenced…