As we aim to help demystify the capital markets landscape, one of our main goal remains to bring the industry together and to have experts share knowledge, provide insights, ideas and solutions to some of the complex challenges that our clients face today. That is why we launched our capital catalyst circle*, our market connect series where we bring the industry together.
Embera Partners will host market connect sessions throughout the year, in our offices, around events and conferences as well as sometimes virtually, to talk about pressing issues for our stakeholders.
For each of the market-connect sessions, we aim to bring together a diverse group of experts, sometimes with opposite views or opposite perspectives, in order to get a fuller picture of the problem, and corresponding solutions
Embera Partners will summarise the sessions and publish insights around the key topics. Feel free to also suggest topics or expert representatives that are of interest to you and the wider capital market stakeholders. If you like to participate in the market connect meetings, please also let us know under marketconnect@emberaparteners.com
Embera Partners served as shareholder intelligence, engagement advisor, information agent and tender solicitor in the successful voluntary public cash takeover of SNP by The Carlyle Group. Working alongside the bidder and deal team, our contributions included forensic shareholder identification and analytics, cost-base and hedge fund segmentation, targeting of institutional and retail investors, and development of engagement strategies aligned with campaign messaging. Embera helped shape campaign timing, communication materials, and risk mitigation measures—ensuring consistent and unified engagement across investor cohorts. This data‑driven, integrated approach enabled effective coordination between campaign execution and capital market dynamics. The transaction closed in April 2025, after requisite regulatory approvals, and led to SNP’s delisting from the stock exchange
Embera Partners was mandated as strategic shareholder and activist defense advisor, focused on shareholder risk intelligence and capital markets engagement in SES’s defence against activist proposals by Appaloosa LP and Atlas Infrastructure Partners concerning capital returns, governance, and board structure.
We delivered real‑time shareholder analytics and segmentation, mapping institutional vs. retail voting blocs, and assessed investor risk profiles to support campaign targeting and messaging strategy. Installed as tactical liaison to both bidder and board teams, Embera advised on shareholder risks, communications, framing of talking points, and sequencing of public engagements to neutralise Appaloosa’s non‑binding resolutions on capital returns. Enabled constructive dialogue with Atlas on their agenda item supporting capital return policy alignment, with Embera’s insights informing SES’s decision to endorse Atlas’ proposal and secure shareholder support .
Outcome:
The SES Board recommended shareholders vote against Appaloosa’s resolution, citing risks to investment-grade metrics and flexibility, while endorsing Atlas’ resolution on disciplined capital return policy . SES reaffirmed capital return of approximately €1.2 billion since 2021 (~100% of adjusted free cash flow), a progressive dividend policy linked to net leverage reduction targets, and a commitment to board refreshment by 2026 to add capital markets expertise. Embera’s integrated, data‑driven engagement counsel was instrumental in aligning stakeholder expectations, mitigating activist campaign risks, and reinforcing governance continuity—all within a compressed timeline ahead of SES’s AGM.
Embera Partners supported TA Associates and its Neptune BidCo as shareholder intelligence and engagement advisor in the successful public takeover of Nexus AG. Our mandate included real-time shareholder identification and analytics, Tier I/II Relief assessment, institutional and retail investor activation and strategic communication advisory. Acting as information agent and tender solicitor, Embera provided actionable insights to shape the engagement and messaging strategy, coordinated direct investor outreach, and supported bidder readiness across all phases of the campaign.
The offer achieved a final acceptance rate exceeding 94%, enabling the successful completion of the transaction and paving the way for a full delisting. Embera’s integrated approach was instrumental in aligning stakeholder expectations, mitigating execution risks, and driving a high-conversion outcome within a compressed timeline.