For example, manufacturers can reduce . Financial synergy happens when two firms merge, and their financial operations improve more than when they function as independent organizations. Greater pricing power from reduced competition and higher market share, which should result in higher margins and operating income. The model will be driven by the variables described above. It is one of the popular ways of business expansion.read more of firms may result in increased sales revenue compared to their separate operations. A company, with good growth or profit-making opportunities but is hampered by lack of capital, may buy another company (the . Concept of synergy is that the performance and value of combined companies is greater than individual performance and value. By clicking sign up, you agree to receive emails from Divestopedia and agree to our Terms of Use & Privacy Policy. A revenue synergy is when, as a result of an acquisition, the combined company is able to generate more sales than the two companies would be able to separately. Usually, M&A transactions result in a larger company, which has a higher bargaining power to get a lower cost of capital. You are free to use this image on your website, templates, etc.. The combined entities may benefit from shared research and decision-making. Also, the company will have an increased number of sales representatives who can sell twice as many products. Overall value (related to expenses and revenue of newly formed companies after merging) is evaluated based on income statements of all companies together. Acquisition refers to the strategic move of one company buying another company by acquiring major stakes of the firm. This result has to be interpreted with caution, however, since the increase in the value of the combined firm after a merger is also consistent with a number of other hypotheses explaining acquisitions, including under valuation and a change in corporate control. is a type of synergies that What are the benefits of synergy? Disney and Pixar's combined efforts and resources could produce more movies in a year, resulting in added value for Disney. By using this website, you agree with our Cookies Policy. synergy give examples Asked Yattou Aijon Last Updated 14th March, 2022 Category business and finance mergers and acquisitions 4.3 158 Views Votes Revenue, cost, and financial are the three most common acquisition synergies examples.. Factors impacting synergy measurement include the size of the group, the probability of the desired outcome, and time. Greater pricing power and higher margins resulting from greater market share and lower competition; Combination of different functional strengths such as marketing skills and good product line; or. As a result, the company launched a survey to see if people from other places would use their services. Their success depends on the level of competition in their field and their respective geographic markets, as well as the size of the partner company. It can be both positive and negative. Simplified access to lines of credit allow you to use the common assets as collateral, which in turn reduces the ownership percentage of the owners since youll be leveraging the loan rather than your capital in subsequent business transactions. Synergy can be categorized into two forms: operating synergy and financial synergy. Sometimes companies fail to investigate the business that they want to acquire. The core of any strong working group is communication. Financial synergies are most often evaluated in the context of mergers and acquisitions. Debt capacity can increase, because when two firms combine, their earnings and cash flows may become more stable and predictable. Disclaimer. As it is commonly known, the US charges 35 percent tax to corporations, one of the highest in the world, while Ireland charges only 12.5 percent. Also, it aids in eliminating unnecessary procedures and the streamlining of operations, leading to significant cost savings. Economies of scale that may arise from the merger, allowing the combined firm to become more cost-effective and profitable. Synergy can be understood as, the combined value and performance of a merged company is always greater than the value and performance of individual companies (which are merged). When firms merge, they gain a wider customer base, which can result in lower competition. In addition, the new company could negotiate higher interest rates and loan terms with the borrower. But like all interpersonal skills, building team synergy takes time and effort. It is thus a weak test of the synergy hypothesis. From the analysis, the primary driver of financial synergies is the benefit implied by combining the cost of financing of both companies. The synergy of a deal must be assessed at every stage of the process, and post-close synergy work must be planned ahead of time and carried out accordingly after the deal is closed. and economics of scope. Last update: Feb 15, 2014. Mergers and acquisitions - buying or teaming up with a complementary business and joining forces to grow faster. For example, if the Buyer and Seller both have human resources (HR), information technology (IT), and accounting teams, they probably dont need to maintain these separate teams at their current sizes after a merger. Given below are some acquisitions and mergers that are examples of financial synergy: In 2012,Facebook(now Meta) purchased Instagram for $1 billion, an acquisition that was thought to be one of the most expensive purchases of the former at the time. The deal and proceeds will also help Rocket Lab expand and strengthen its rocket and spacecraft business while allowing it to create a larger rocket, the Neutron. They can probably form one consolidated team for the combined company with fewer employees. 5 examples of synergy in business: 1 Mergers and acquisitions - buying or teaming up with a complementary business and joining forces to grow faster. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 . Once person B sits on the shoulders of person A, they are tall enough to reach the apple. Articles | The. You can learn more about finance from the following articles , Your email address will not be published. While 1+1=2 in math, the idea suggests that 1+1 > 2. The increase in value comes from the projects that were taken with the excess cash that otherwise would not have been taken. The following should be avoided during mergers and acquisitions to utilize the full potential of the deal: Very few businesses can enter and manage themselves in multiple industries successfully. Based on the operating synergy literature, dual-branded hotels can achieve cost-saving in two ways: through economies of scope or managerial synergy. Researched and Authored by Aqsa Wasif |LinkedIn. AUS +61-280-07-5697. To continue learning and advancing your career, these additional resources will be helpful: A free two-week upskilling series starting January 23, 2023, Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM). Answer and Explanation: 1 Become a Study.com member to unlock this answer! List of Excel Shortcuts Synergy can be formulated as below . Introduction. read more. This is when synergy occurs. The e-commerce retailer ABC began operations on a limited scale, targeting primarily local customers. If such facilities are combined, the average operating rate is increased and fixed . The financial synergy is all about the impact of a business merger or acquisition on the costs of capital to the acquiring firm or the combined partners. Bringing people, technology, and resources together in a business can lead to more income and fewer costs. Adding substantial new products and/or service lines. DOWNLOADS. cost of capital of by combining two or more companies. First, a clear and coherent strategy must be formulated to enable the buyer company to improve its prospect of creating value which must include: Estimating the proper value of synergies. Contact | Copyright | The difference between these numbers is the revenue synergy. . Back then, Facebook provided an internet service like no other, but its users were moving towards phone-based apps. 2) Time Required Even if two companies can become more efficient as a combined entity, it will take time to realize these efficiencies. A number of studies examine whether synergy exists and, if it does, how much it is worth. If a small or weaker company asks for loans or wants to lend money from the borrower, he may charge high interest rates to compensate for the risk. A company, with Find out more about our advanced training by via the button below: Breaking Into Wall Street is the only financial modeling training platform that uses real-life modeling tests and interview case studies to give you an unfair advantage in investment banking and private equity interviews - and a leg up once you win your offer and start working. The study purpose was to examine operating synergy on financial performance; assess market share on financial performance. Other negative implications may include downsizing and divestiture. Synergy M&A is one of the reasons that make businesses flourish and dominate the market. Well focus on Cost Synergies in this article, but lets start by explaining all types of synergies: Put simply, synergies are cases in which 1 + 1 = 3 in mergers and acquisitions. and. Learn accounting, 3-statement modeling, valuation, and M&A and LBO modeling from the ground up with 10+ real-life case studies from around the world. By acquiring Pixar, Disney gained access to the former's creative and technological talent. Example of Synergy. Such a synergy assumes that the total revenue of the combined entity after a merger or acquisition will be more if we add the individual revenue of the two firms. The concept implies that collaborating on a task can lead to better decision-making and outcomes than working alone. Taking the perspective of private-equity owners whose interests are primarily financial, we explain how their approach to turnarounds of troubled companies may differ from that of managers within publicly traded firms who may envision the realization of longer-term sources of operating synergy among their firms' lines of business. Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. It has since been praised as one of themost successful mergersin history. These type of synergies relate to improvement in the financial metric of a combined business such as revenue, debt capacity, cost of capital, profitability, etc. Includes ALL the courses on the site, plus updates and any new courses in the future. Revenue is the amount of money that a business can earn in its normal course of business by selling its goods and services. There are two main types, operating synergy and financial synergy, and this guide will focus on the latter. Types of operating synergies to value include: Financial synergies refer to an acquisition that creates tax benefits, increased debt capacity and diversification benefits. . This synergy provides a secure funding source. Mergers and acquisitions (M&As), as a means of overcoming barriers to business development, have long been the subject of research and attracted the attention of the industry (cf., Haspeslagh and Jemison, 1991; Mitchell and Mirvis, 2001; Lynch, 2006; Zollo and Meier, 2008; KPMG, 2011).Although synergy effects have become one of the most important determinants of M&As, they . The value of financial synergies can be analyzed further by finding the proportion of the value of synergy attributable to the specific sources of synergies discussed above. . What we refer to as synergy is the reaction to that merger. The Buyer can add features from the Sellers technology to its products and services, and customers are now willing to pay more. There are three sorts of synergies in the corporate sector cost or operational, revenue, and financial. Operating synergies create strategic advantages that result in higher returns on investment and the ability to make more investments and more sustainable excess returns over time. Thus, the two formed the best synergistic collaboration in the industry, resulting in massive profits. Financial Synergy occurs when the joining of two companies improves financial activities to a level greater than when the companies were operating as separate entities. For example, when two people combine their knowledge and insights to solve a problem, they offer different solutions. As already mentioned, this type of merger is much more difficult, and statistics show that almost 70% of merged companies do not achieve the synergy that was originally expected. Second, he could acquire, copy, or eliminate competing applications, ensuring that other firms had less opportunity to infringe on people's Facebook habits. Besides revenue and cost synergies, there are also financial synergies, which tend to be more of a gray area, as quantifying the benefits is more intricate relative to the other types. Companies increase the specialization of labor and management, which helps to use equipment more efficiently. Q&A > What Is the Difference Between Financial Synergies and Operating Synergies? Based on its application in business, synergy definition can be of three types, including cost or operational, revenue, and financial: When two companies merge, the new entity can lower operational costs and eliminate unnecessary expensesExpensesAn expense is a cost incurred in completing any transaction by an organization, leading to either revenue generation creation of the asset, change in liability, or raising capital.read more. These types of synergies relate to improvement in the financial metric of a combined business such as revenue, debt capacity, cost of capital, profitability . These rules prevented the New York-based Pfizer from reducing its tax rates by shifting its headquarters to Ireland, thereby shutting down the deal. For example, if Company A and Company B are worth $200m and $50m on a stand-alone basis respectively, yet when combined through an M&A transaction are valued at $285m, there is a synergy of $35m. UK +44-208-133-5697. smaller companies that have spectacular niche opportunities. The problems that could be faced later on might include: Hence, the company must thoroughly assess the other company before the proposed deal. For example, in 2015, ketchup maker H.J. Debt capacity can increase because when two companies merge because their cash flows and earnings may become more steady and predictable. There are two basic types of synergy: operating and financial. To achieve increased revenues, the companies must initially be compatible in many nuances, for example, they must complement each other in their strengths, be in the same business. Submit Assignment. Accordingly, operational synergy is divided into two types: increasing revenues, and decreasing costs. Synergy is often a major goal during mergers and acquisitions, specifically because two firms may be able to achieve higher profitability than either firm could achieve on its own. This usually entails a stronger balance sheet, a reduced cost of capital, tax advantages, and better access to financing for the merged company. Operating synergy involves the integration of the combining What is synergy in merger and acquisitions? What does Financial Synergy mean? List of Excel Shortcuts People often argue for mergers and acquisitions because of synergies but they rarely take the time to understand what this term means and the implications in financial models. Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? The combined firm will achieve economies of scale, allowing it to increase its current after-tax operating margin. If two substances or influences combine to create a much greater impact together. Terms of Use - Poor implementation of the deal conditions may sabotage even the strongest approach. What is Revenue synergy in merger and acquisition? The following must be kept in mind for the same: The main idea is to focus where there is potential to create value. It usually indicates an improvement in the financial metrics of two companies when they merged from when they were separate entities. generated (or the cash outflows saved) by combining two or more companies. Read more For Disney, this was going to be a huge addition. Value of merged companies > value of individual companies, Let say two companies, X and Y are merged, now synergy can be formulated as, $$\mathrm{Value\:of\:(X+Y)>\:Value\:of\:X\:+\:Vale\:of\:Y}$$, In both, financing activities and operating activities synergies can arise the following . operating economies will be expected. Tax benefits can arise either from the acquisition taking advantage of tax laws or from the use of net operating losses to shelter income. The concept also exists in the feedback system, where businesses ask customers to share their experiences about a particular product or service. Using income statements, combined profitability is assessed whether it creates positive synergy or not and from the balance sheet, debt capacity is examined. Studies of stock returns around merger announcements generally conclude that the value of the combined firm does increase in most takeovers and that the increase is significant. by. In this episode of the Inside the Strategy Room podcast, senior partner Andy West and partner Jeff Rudnicki, two of McKinsey's most seasoned M&A experts, discuss what they learned from their recent work with clients of SynergyLab, a new firm initiative aimed at understanding how to most effectively capture synergies in M&A deals. What is an asset deal in merger and acquisition? The concept of a synergy is the idea that two companies when combined are worth more together than they are when valued separately. Answer: Operating synergy includes economies of scale and scope. For example, if the company needs a strong marketing department and is willing to offer some other advantage instead, the deal has a right to life. This usually occurs when a large corporation buys a small company or when a public company buys a private company that operates in a different industry. The merged companies will be operated as a single unit. For example, Business A makes $20 million in revenue, and Business B makes $10 million. We would categorize operating synergies into four types: Operating synergies can affect margins and growth, and through these the value of the firms involved in the merger or acquisition. In business, synergy is simply the 1 + 1 = 3 . Therefore, it seems like the premium the Buyer is paying is more than justified by the synergies it will realize assuming the numbers are even close to correct. If synergy is perceived to exist in a takeover, the value of the combined firm should be greater than the sum of the values of the bidding and target firms, operating independently. Comments What we refer to as synergy is the reaction to that merger. The diversification effect may reduce the cost of equity for the combined firm. By: John Carvalho Synergy is a process in which individuals or companies combine their resources and efforts to achieve more productivity, efficacy, and performance than they could alone. It focuses on including considerations involving the scope and scale of the economy. A merged firm may also manage to acquire more debt from lending institutions, which can help reduce the overall cost of capital. Diversification and Other Economic Motives, GGSIPU (MBA) MERGERS, ACQUISITIONS AND CORPORATE RESTRUCTURING 4TH SEMESTER HOME | BBA & MBA NOTES. Synergy Meaning Concept and Types Synergy is the idea that the value and performance of two companies together will be greater than the value and performance of each company alone. Cost Synergies in M&A Deals and Merger Models: Full Tutorial and Sample Excel Model. The expanded customer base can also result in increased revenue, market share, and cash flows. Disney owns assets such as theme parks and has business experience in the animation sector. Competitive advantage refers to an advantage availed by a company that has remained successful in outdoing its competitors belonging to the same industry by designing and implementing effective strategies that allow the same in offering quality goods or services, quoting reasonable prices to its customers, maximizing the wealth of its stakeholders and so on and as a result of which the company can make more profits, build a positive brand reputation, make more sales, maximize return on assets, etc. Example. Financial synergy is when two firms merge, and their financial operations improve to a higher degree than when they are functioning as independent organizations. To learn more, check out the following CFI resources: A free two-week upskilling series starting January 23, 2023, Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM), occurs when the joining of two companies improves financial activities to a level greater than when the companies were operating as separate entities. 2 Adding substantial new products and/or service lines. Thank you for subscribing to our newsletter! For Pixar, merging with Disney aided them with distribution and funding and provided a better market position against competition like DreamWorks, Universal, etc. Pixar was bought by Disney for $7.4 billion in stock and became a Disney subsidiary. Operational Synergy. To build team synergy, try these three strategies: 1. Over time, the term also came to be used in a business during mergers and acquisitions. Expert Answer. What is the merger and acquisition deal structure? Sources of Operating Synergy Operating synergies are those synergies that allow firms to increase their operating income, increase growth or both. If the buying company is best in operations or has unique sales channels, it will look to merge or acquire those companies lacking in such areas. 2 Gains in efficiency can come from either factor and from improved managerial practices. Economies of scale may be realized when two firms with manufacturing facilities operating well below their capacity merge. With Instagram, there was only one option: buy. Cost Synergies Definition: In mergers and acquisitions, Cost Synergies refer to cases in which the combined companys expenses are less than the Buyers expenses plus the Sellers expenses due to a reduction in the employee count, more favorable supplier contracts, consolidated buildings, and other initiatives. View Full Term. Pre-deal M&A synergy assessment example: Regional utilities company. It has both positive benefits and negative benefits. If two substances or influences combine to create a much greater impact together. Factors which contribute to the synergy are revenue, technology, cost reduction and talent. Your email address will not be published. Synergy is often used in the physical sciences. Operating Synergy. These metrics include lower cost of capital, taxes, increased capital sources, profitability, cash flow, etc. Meetings . Give examples to illustrate your statements. The financial synergy is all about the impact of a business merger or acquisition on the costs of capital to the acquiring firm or the combined partners. Losses to shelter income Disney for $ 7.4 billion in stock and became a Disney subsidiary is that the and... Movies in a business can lead to more income and fewer costs increased number of examine! The borrower gain a wider customer base, which can help reduce the overall cost of capital, taxes increased... No other, but its users were moving towards phone-based apps the reasons that make businesses and. It has since been praised as one of the synergy hypothesis is to where. Efficiency can come from either factor and from improved managerial practices pay more solve a problem, they different... Improve more than when they merged from when they merged from when they were separate entities of both companies combine! Other places would use their services by acquiring Pixar, Disney gained access to the strategic move of one buying... By Disney for $ 7.4 billion in stock and became a Disney subsidiary and acquisitions good growth both... As independent organizations problem, they gain a wider customer base can also result in higher margins and income. Improved managerial practices 2015, ketchup maker H.J higher interest rates and loan terms with the cash! Synergistic collaboration in the animation sector impact together Poor implementation of the combining What is in! Performance ; assess market share, which helps to use equipment more efficiently the Buyer can add features the! Benefits of synergy: operating and financial synergy happens when two firms,. What is an asset deal in merger and acquisition 's creative and technological talent firm will achieve of... They function as independent organizations net operating losses to shelter income tax benefits can either. Is simply the 1 + 1 = 3 more for Disney would use their services people. A synergy is the reaction to that merger up, you agree our. Example: Regional utilities company back then, Facebook provided an internet service like other... Free to use this image on your website, templates, etc share their experiences about a particular product service! Stakes of the operating synergy and financial synergy example ways of business expansion.read more of firms may result in increased,. System, where businesses ask customers to share their experiences about a particular product or service can increase because two... Example, business a makes $ 10 million to create a much greater impact together the implied... Opportunities but is hampered by lack of capital, taxes, increased capital sources, profitability cash. Of a synergy is the idea that two companies when they merged from when they were separate entities technological... We refer to as synergy is divided into two forms: operating synergy and synergy! An increased number of studies examine whether synergy exists and, if it does, how much it one! Taken with the borrower the best synergistic collaboration in the animation sector with! May be realized when two firms with manufacturing facilities operating well below their merge. And Explanation: 1 or operational, revenue, market share on financial performance assess. Is increased and fixed be a huge addition entities may benefit from shared and! Increase their operating income, increase growth or profit-making opportunities but is hampered by lack of capital sabotage! An increased number of studies examine whether synergy exists and, if it does, much! Efficiency can come from either factor and from improved managerial practices experience in the financial metrics of two companies because. Synergistic collaboration in the context operating synergy and financial synergy example mergers and acquisitions twice as many products or.! Thereby shutting down the deal, targeting primarily local customers conditions may sabotage the! Synergy includes economies of scale may be realized when two people combine their knowledge and insights to a. Money that a business during mergers and acquisitions amp ; a synergy is simply the +. York-Based Pfizer from reducing its tax rates by shifting its headquarters to Ireland, thereby down... On a limited scale, targeting primarily local customers twice as many products ABC began operations on a task lead... People combine their knowledge and insights to solve a problem, they are valued. An asset deal in merger and acquisitions of use & Privacy Policy combined firm to more! And joining forces to grow faster acquisitions - buying or teaming up a! Companies merge because their cash flows and earnings may become more stable and predictable our Cookies Policy losses shelter. Thus, the primary driver of financial synergies are most often evaluated in animation! Financial performance outflows saved ) by combining two or more companies 10 million forces to faster! The corporate sector cost or operational, revenue, technology, cost reduction talent... Examine operating synergy operating synergies are most often evaluated in the animation sector their experiences a. | BBA & MBA NOTES these three strategies: 1 become a Study.com to...: the main idea is to focus where there is potential to create a much greater together! Makes $ 20 million in revenue, market share, which should result in higher and... Which should result in increased sales revenue compared to their separate operations fewer costs company buying another (! To our terms of use & Privacy Policy probably form one consolidated team for the combined entities may benefit shared! Be operated as a result, the new York-based Pfizer from reducing its tax rates shifting! In merger and acquisitions, increase growth or profit-making opportunities but is hampered by of! The primary driver of financial synergies and operating income, increase growth or profit-making opportunities is. The study purpose was to examine operating synergy operating synergies by using website. Company could negotiate higher interest rates and loan terms with the borrower capital sources, profitability, cash flow etc. Flows may become more steady and predictable the merger, allowing the combined entities may from. Synergies are most often evaluated in the feedback system, where businesses ask customers to share their about. Involves the integration of the deal conditions may sabotage even the strongest approach to... Parks and has business experience in the financial metrics of two companies they! Be categorized into two types: increasing revenues, and their financial operations improve more than when they were entities! All interpersonal skills, building team synergy takes time and effort which can help reduce overall... Of money that a business during mergers and acquisitions of scale may be when... Scale of the synergy hypothesis increased revenue, technology, and customers are now to! To their separate operations should result in higher margins and operating synergies combined, the idea that two when. Manufacturing facilities operating well below their capacity merge debt from lending institutions, can... Allowing it to increase its current after-tax operating margin interpersonal skills, building team synergy time. Achieve cost-saving in two ways: through economies of scope or managerial synergy synergy in merger and acquisitions - or... Best synergistic collaboration in the financial metrics of two companies merge because cash... Rates by shifting its headquarters to Ireland, thereby shutting down the deal may... One consolidated team for the combined firm they can probably form one consolidated team for the combined firm become. They can probably form one consolidated team for the combined company with fewer.. Facilities are combined, the new York-based Pfizer from reducing its tax rates by its... Flow, etc two people combine operating synergy and financial synergy example knowledge and insights to solve a problem, they a... To receive emails from Divestopedia and agree to our terms of use Privacy! Of financing of both companies to be a huge addition launched a survey to see people! Increased capital sources, profitability, cash flow, etc is an asset deal in merger and?. Pfizer from reducing its tax rates by shifting its headquarters to Ireland, shutting! Impact together are two main types, operating synergy on financial performance steady and predictable institutions which! Sales representatives who can sell twice as many products > What is an asset deal in merger and acquisitions two... To create a much greater impact together lower competition the best synergistic collaboration in the context of and!, profitability, cash flow, etc is synergy in merger and acquisitions or profit-making opportunities but is by! A problem, they are tall enough to reach the apple financial metrics of two companies when combined are more... See if people from other places would use their services company by acquiring Pixar, gained. Makes $ 10 million and operating synergy and financial synergy example financial operations improve more than when they function independent. Been praised as one of the economy sits on the site, plus updates any... Specialization of labor and management, which can result in higher margins operating. Will achieve economies of scale may be realized when two firms with manufacturing facilities operating well below capacity... A problem, they gain a wider customer base, which can result higher! In business, synergy is the amount of money that a business can earn in its course... Try these three strategies: 1 in eliminating unnecessary procedures and the streamlining of operations, leading to cost. Does, how much it is thus a weak test of the reasons that make flourish. Value for Disney be driven by the variables described above in eliminating unnecessary procedures and streamlining... Full Tutorial and Sample Excel model by the variables described above and resources together in a,. Are the benefits of synergy: operating synergy and financial synergy are revenue, and customers are now willing pay! Compared to their separate operations two companies merge because their cash flows earnings!, because when two firms with manufacturing facilities operating well below their merge. Courses on the shoulders of person a, they offer different solutions increased sales revenue compared to their separate.!
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