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Gerard Baynham is a Senior Managing Director at Ankura with over 15 years of experience in management consulting and deal making. Gerard has worked across a wide range of transaction types, including M&A, minority equity investments, joint ventures, alliances, partnerships, and divestitures.
Gerard joined Ankura as part of the firm’s 2020 acquisition of Water Street Partners.
He has advised clients in structuring and negotiating more than 25 major transactions, including over $50 billion in deal value. He has helped clients launch their ventures, develop and update company strategy and scope, and define operating and governance models.
Prior to joining Ankura and Water Street Partners, Gerard worked at Booz & Company, where he advised clients on a variety of M&A due diligence, corporate strategy and transformation, and market assessment engagements. He also worked at Accenture, where he focused on process and organizational design and implementation.
Gerard has been published/quoted in Harvard Business Review, The Hill, Chief Executive Magazine, Corporate Board Member, Financier Worldwide, and other publications. He has been a guest speaker at MBA programs and industry conferences.
Gerard’s professional experience includes:
- Major U.S. retail company and one of the world’s largest technology companies: Companies signed term sheet to form joint venture bringing technology company’s AI smart assistant to retail company’s wearables. Initial investment $50-$150 million with a projected enterprise value of more than $1 billion in five years. Negotiated with counterparty on client’s behalf. Endorsed deal to client’s board and finance committee. Drafted key elements of term sheet. Ultimately, deal took the form of a technology acquisition.
- Secure collaboration company: Diagnosed current situation and helped facilitate refinement and selection of strategic growth options, including organic vs. M&A. Company has since made an acquisition and brought in a financial investor.
- Two major diversified miners: Companies formed a joint venture to bring company’s revolutionary clean smelting technology to partner’s aluminum smelters and eventually to third party smelters. Major technology company is participating in the deal as a major user of aluminum (e.g. in its mobile phones and other devices) and is committed to a green supply chain. Partners and governments of Canada and Quebec will collectively invest a total of $144 million to fund further research and development into the technology. Developed and worked deal options on behalf of and with the client and drafted initial term sheet
- Canadian oil sands company: Joint venture formed between multiple oil and gas companies from around the world. Performed diagnostic on company’s operating and governance system and made recommendations targeted at saving the company billions of dollars. Company is the process of implementing the recommended changes.
- Major, diversified mining company; sovereign wealth fund; local aluminum smelter; and exploration company: Companies were at an impasse and looking to restructure their bauxite and alumina joint venture. Ultimately, two of the companies bought the others out of the project to remove objections to proceeding with the final investment decision. Project is roughly $5 billion. Facilitated negotiations, clarifying interests and concerns, shaping deal options, proposing deal option evaluation criteria, and driving alignment around the chosen option
- Global aerospace and defense company and Middle East defense systems company: Companies enacted a teaming agreement to address the growing Middle East market for unmanned aircraft systems. More than $500 million topline opportunity in first five years. Aggregated inputs, performed interviews, conducted deal options workshop, and wrote draft term sheet
- Global nuclear power company and China nuclear power company: Companies formed a partnership to license global nuclear power company’s small modular reactor (SMR) design. More than $6 billion topline opportunity for the first wave of reactor sales. Conducted deal options workshop focused on building alignment on key negotiating positions for Westinghouse as they related to ownership, economics, and control
- Merger between major U.S. utilities: Merger of major publicly traded utilities, culminating in the largest utility in the U.S. Roughly $65 billion in enterprise value and roughly $37 billion in market capitalization. Estimated synergies and helped build the case for regulatory approval
- Mail services company: Performed major cost transformation aimed at cutting projected expenditures by over 30%. Number was communicated to investors and achieved.
- U.S. utility divestiture of dam asset: U.S. utility seeking to divest dam to avoid pending capital investment requirements. Roughly $300 million electric utility divestiture. Proposed divestiture options, including acquisition by asset manager; merger with regional electric utility; acquisition by local cooperative; and spinout as an independent cooperative. Utility entered into a definitive agreement to sell 100% of the equity in the dam.