This class exists in these courses :
• IÉSEG > IESEG Degree - Programme Grande École > Semester 2 > 2,00 ECTS

Prerequisites

Corporate Finance
Valuation

Learning outcomes

At the end of the course, the students should be able to:
- define clearly the players, the drivers, and the recent evolutions of the M&A market;
- understand the acquisition process (from the definition of an acquisition strategy to the execution of the transaction)
- understand how to define a good or a bad target / deal;
- master the main practical tools required for such a process;
- get practical comfort on how to execute an M&A deal and how to put together an ‘’investment committee’’ paper;
- understand the required post-deal workstreams (such as the 100-day plan definition);
- understand the exit options and provide thoughts on future evolutions.

The course will not focus on typical aspects of strategic M&A (valuation fundamentals, synergies analysis, payment methods review, M&A event / market reaction...) but will rather focus on practical perspectives, from professionals of a private equity fund and of an industrial company. This should bring to the students (i) agile know-how from the ground and (ii) practical tools / best practices in M&A for future internships / jobs both in investment banks, corporates, and PE funds.

Course description

This course shall not be a general knowledge conference, but rather a dedicated and practical work on key aspects of M&A by private equity funds and strategic corporates. Pedagogic approach shall require personal implications and intellectual curiosity from students.

The course will be structured as follows:
- Introduction: goals and methods of course, rationale of doing M&A, sourcing
- Appraisal of a target, approach strategies and business modelling
- Deal Execution (1/2): structuration, due diligence
- Deal Execution (2/2): financial, tax and legal aspects of M&A
- Practical tools and best practices regarding work in the M&A sector with emphasis on a private equity fund
- Post-Deal Monitoring and exit strategies

Class type

Class structure

Teaching methods

• Case study
• Interactive class
• Presentation
• Project work

Assessment

Students will be assessed based on their participation to the course, on a short Q&A and on a group project where students will have to prepare an investment paper regarding an acquisition to be submitted to an investment committee.

Recommended reading

• Vernimmen, P. Quiry, Y. Le Fur (all editions) -

• Global Private Equity Report, Bain & Company (latest edition, available online) -

• The Future of Finance, How Private Equity and Venture Capital Will Shape the Global Economy, Wiley Finance, Schwartz D., 2010 -