Description

This internship will allow you to master the issues related to high balance sheet operations in order to understand the strategies of private equity arrangements and to familiarize yourself with the legal, financial and tax techniques of leveraged operations.

Who is this training for ?

For whom ?

Responsibility center leaders, Business Unit managers, managers who feel the need to understand the environment and mechanisms of Investment Capital.

Prerequisites

Training objectives

Master financial calculations relating to equity transactions

Identify the characteristics of the main private equity transactions

Understand the legal and financial rules of equity transactions

Master LBOs and their variants

Training program

• Basic principles of corporate finance
  • Reminder of the notions of financial, economic and investment profitability.
  • Advantages and disadvantages of different sources of bank financing.
  • Dynamic value creation strategy.
  • Principle of financial leverage.
  • Exercise: Series of technical exercises to master the concepts covered.
• Understanding the different private equity operations
  • Definitions: venture capital, development capital, transmission capital.
  • Methods for evaluating target companies.
  • Relations with institutional investors: structure, profile and fund management.
  • Valuation and T.
  • R.
  • I.
  • expected from investment funds.
  • Specific sources of bank financing: convertible bonds, securitization.
  • Exercise: Comparison of different projects and calculation of TIR.
• Key principles and mechanisms of LBOs
  • Three virtuous leverage effects of the LBO: fiscal, financial and legal.
  • LBO variants: MBI, OBO, BIMBO, secondary LBO.
  • Role of the Holding and impact of tax integration.
  • Typologies of debt: hybrid debt, mezzanines.
  • Different typologies of situations: eligible targets.
  • Impact of capital- transmission to managers.
  • Case study Project to take over a target company through LBO.
• Legal-financial arrangements
  • Pact between investors and non-managerial shareholders.
  • Clauses relating to capital: covenants, exit clauses, safeguard clauses.
  • Functioning of the management and management bodies control.
  • Governance rules and monitoring of participation.
  • Financing arrangement and legal documentation.
  • Release of suspensive conditions and closing.
  • Exercise: QCM: checking knowledge and deepening.
• The investor's exit
  • Transfer of the entire capital: specificities, role of participants, transfer process.
  • Resale or repurchase of participations: different modalities.
  • Advantages and disadvantages of the IPO.
  • Case study After LBO.
  • Exchange and reflection.