Mergers and Acquisitions
This course from City Training has been designed to develop the participants’ understanding of Mergers and Acquisitions (M&A). During the course, delivered in the form of lectures and case studies, the participants will cover a number of key topics, including:
- Differentiating between a public and a private M&A process
- Understand the timing and key elements of a tender offer
- Analyse the key steps for the different private M&A processes
- Identify the main documents present in an M&A transaction
- Explain where synergies are derived from
- Understanding the different forms of consideration and financing available
- Differentiate between the different divestitures alternatives and understand their key impacts
- Analyse key metrics looked at by an acquirer: accretion/dilution, pro forma balance sheet, synergies paid away.
About the trainer:
Paul has 8 years of experience in investment banking at bulge-bracket firms. He began his career in Investment Banking at Morgan Stanley in London where he worked on a variety of M&A transaction mainly for media and telecommunication clients. Paul then worked as a Vice-President at UBS in London in the Telecommunications team where he completed more than £25 billion of transactions. Paul is now a partner in an M&A boutique focused on Technology in Paris. He also delivers courses for global financial institutions in the City of London and around the world, in the areas of Corporate Finance, Valuation and M&A.
Paul graduated from HEC in Paris and has an MBA from Harvard Business School.
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Suitability - Who should attend?
This course is designed for participants who are:
- Financial analysts in investment banks
- Associates in investment banks
- Strategy and Corporate Development professionals
- Finance, legal professionals involved in M&A
- Equity Research
- All other interested Finance professionals
Training Course Content
The content of this course is split into 8 sessions:
Session 1 Corporate Growth
- Overview of growth strategies
- Joint ventures
- Advisers and their roles
- Types and remuneration
Session 2 Private Transactions
- Type of transactions : auction, competitive process, bilateral negotiation
- Timetable and process
Session 3 Public Takeovers
- Public takeovers vs. private transactions
- General principles of the takeover code
- Mandatory offer
- Squeeze-out mechanism
- Offer price
- Bidder’s strategy and tactics
- Target’s defense strategy and tactics
Session 4 Key M&A Documents
- Non Disclosure Agreement, Information Memorandum
- Sales and Purchase Agreement, shareholders agreement, management agreement
Session 5 Due Diligence
- Private vs. public transactions
- Key areas covered
Session 6 Synergies
- Types of transactions
- Types of synergies: operational, financial and tax
- Phasing of synergies
- Restructuring costs
- NPV of synergies
Session 7 Asset vs. Share Purchase
- Key considerations and structuring for an asset purchase
- Review of a share purchase
Session 8 Consideration and Financing for an Acquisition
- Key considerations and structuring for an acquisition
- What financing are available for an acquirer?
- Review of key impact of a transaction: EPS, RoI, leverage, ownership dilution, premium paid vs. synergies
- Examples for EPS and premium paid vs. synergies
Why choose City Training UK
100% specialised on Corporate Finance with more than 20 different topics
Hundreds of participants trained from heads of departments to recent graduates
10 specialised trainers at minimum VP-level in leading financial institutions
City Training is a highly-distinguished supplier of premium public courses, in-house training, and courses for universities and schools. The company focuses solely on financial training and covers the areas of financial accounting, corporate finance, valuation, credit analysis, regulatory capital, mergers and...
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