Multi-stakeholder consortia, which do not have a single main sponsor, often find control more fluid under a structure called the Shifting Alliance. As a result, no party has the opportunity to direct a particular case or veto, with only a very small number of critical issues – such as the prize – subject to a super-majority or unanimous vote. There are also corporate consortia, for-profit, but they are less widespread. One of the best-known for-profit consortia is the airline manufacturer Airbus Industrie GIE. European aerospace manufacturers collaborate within the consortium to produce and sell commercial aircraft. The diversity and combination of parties that come together in consortia is no longer limited to traditional club agreements, strategic joint ventures or passive co-investment paradigms. Financial investors are increasingly willing to take on a wide range of roles ranging from lead investor to co-sponsor, sub-author or passive co-investor, depending on the nature of the transaction, its own resources and expertise and the orientation of interests with other members of the group. The recent £4.8 billion acquisition of Merlin Entertainment has been seen by Kirkbi, a family-owned strategic investment firm, as a full partner with Blackstone and the Canada Pension Plan Investment Board. Consortia are often found in the non-profit field, for example among educational institutions. Teaching consortia often bring together resources such as libraries, research activities, and faculty and share them with group members to benefit their students.
Several groups of North American colleges and universities work as consortia. Similarly, the £2.6 billion take-private of British satellite operator Inmarsat attracted the attention of a number of clients before being taken over by a consortium of Apax, Warburg Pincus and two Canadian pension funds, the Canada Pension Plan Investment Board and the Ontario Teachers` Pension Plan Board. Depending on the date of the transaction, including the expected pre-closing period and the time available for pre-signing negotiations, more detailed terms of the consortium relationship may be defined in an investor relationship entered into at the time of signing the transaction. Otherwise, these will be included in a long-term consortium governance agreement that will be concluded at closing. . . .