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Liquidity Management

Leading Media and Internet Company

Multi-entity, multi-currency notional pool creates long-term and stable liquidity structure


About

IAC/Interactive (NASDAQ: IAC) is a leading media and Internet company comprised of widely known consumer brands such as Match, Tinder, PlentyOfFish and OkCupid, which are part of Match Group's online dating portfolio, HomeAdvisor and Angie's List, operated by ANGI Homeservices, as well as Vimeo, Dotdash, Dictionary.com, The Daily Beast and Investopedia.
 

The Challenge

In preparation for a large and complex transaction, wherein IAC combined its HomeAdvisor business with Angie’s List by way of a merger-exchange to create a new publicly traded company (ANGI Homeservices), the company established several critical cash management objectives for one of its key business units in EMEA. Prior to the transaction, it was necessary to repay/refinance certain cross-segment indebtedness between HomeAdvisor and IAC subsidiaries, as well as minimize cash balances in order to reduce leakage to the parent company’s shareholders. In addition, the treasury team had to find a way to manage liquidity more efficiently without the need for frequent distributions, contributions and/or intercompany loans, while reducing foreign exchange (FX) exposure and cost. To accomplish its goals, IAC needed to consolidate disparate banking relationships into a single banking provider to gain greater visibility and control.

The overall mission was to increase treasury efficiency and improve the ability to fund growing operations and expansion plans within EMEA. All of this had to be accomplished within an exceedingly short timeframe, increasing the challenge for the team.
 

The J.P. Morgan Solution

  • To meet critical business objectives, IAC worked with banking partner J.P. Morgan to implement a unique multi-entity, multi-currency notional pooling structure in Luxembourg. The pool was linked to in-country operating accounts in the UK, France, and the Netherlands on a single-bank platform
  • Completed in less than three months, this new structure functions across eight different entities and management teams, and 16 accounts
  • This ambitious initiative delivers real-time visibility into cash positions, as well as increased control and critically important cost efficiencies

The Impact

  • Since implementing the multi-entity, multi-currency notional pool, the company has minimized the amount of cash sent offshore and maximized the value of all operating cash
  • IAC has eliminated the need for day-to-day management of fragmented currency balances and achieved efficient cash management via a single currency without the need to create FX
  • The team now has real-time visibility and control of all European cash through a single bank platform
  • Hosting the cash pool with J.P. Morgan Luxembourg enabled the company to establish a long-term and stable liquidity structure within the European Union, which was critically important in light of the evolving market situation

 

J.P. Morgan is the marketing name for the Treasury Services business of JPMorgan Chase Bank, N.A. and its affiliates worldwide.

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