Establishment
Language of instruction
English
Teaching content
FINANCE
This course occurs in the following program(s)
IESEG Degree - Programme Grande École
- Crédits ECTS: 2.00
Training officer(s)
J.LEFEBVRE
Stakeholder(s)
MARCUS Antonin / RUINET Vincent
Présentation
Prerequisite
Corporate Finance
Valuation
Valuation
Goal
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.
- 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.
Presentation
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
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
Modalités
Organization
Type | Amount of time | Comment | |
---|---|---|---|
Présentiel | |||
Cours interactif | 16,00 | 6 sessions of 2h40 | |
Autoformation | |||
Recherche | 8,50 | Students can read some material before coming to class. Volunteers will make a brief presentation. | |
Travail personnel | |||
Group Project | 17,00 | Students should work on an ‘’Investment Committee’’ paper. | |
Charge de travail personnel indicative | 8,50 | Student should review set of material given during courses | |
Overall student workload | 49,00 |
Evaluation
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.
Control type | Duration | Amount | Weighting |
---|---|---|---|
Contrôle continu | |||
Participation | 0,00 | 0 | 25,00 |
Examen (final) | |||
QCM | 0,50 | 1 | 25,00 |
Autres | |||
Projet Collectif | 0,00 | 1 | 50,00 |
TOTAL | 100,00 |
Ressources
Bibliography
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 -
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 -