CREATE VALUE THROUGH M&A: PRACTICAL PERSPECTIVES

Code Cours
2324-IÉSEG-M1S2-FIN-MA-EE110E
Language of instruction
English
Teaching content
FINANCE
This course occurs in the following program(s)
Training officer(s)
J.LEFEBVRE
Stakeholder(s)
MARCUS Antonin / RUINET Vincent
Level
Master
Program year
Period

Présentation

Prerequisite
Corporate Finance
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.
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

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 -