On 16 June we were happy to host our bi-annual M&A Event with a panel debate on the question whether private equity can still compete with cash-rich corporations. Our speakers (Koen Dejonckheere – CEO GIMV), Bruno Humblet (CFO Bekaert), Ralph Hamers (Chairman Executive Committee ING Belgium) and Philippe Haspeslagh (Dean Vlerick Management School) had colorful ideas and different visions on the topic which made it a very challenging and interesting debate. Continue reading »
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04Jul
Tags: Private Equity
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25Nov
Selling a business can be the most important deal of an entrepreneur’s career with far-reaching financial and emotional consequences. Most of the time, the seller is in the unique position to prepare and plan well before any information about a potential sale is known in the market. Regardless the size or turnover of the business, there are a number of steps that can be taken to maximise the sales value. In addition to financial performance, there are a couple of other factors that can enhance but also destroy the value of the business.
How to uncover such issues prior to the sale of your company and how to negotiate remaining risks with prospective buyers? How to control and accelerate the process? Will I optimise the sale of the non-core part of my business through a carve-out or through the sale of existing entities?
Find out by downloading the presentation here! M&A_9 November 2010_BLOG
Tags: acquisition, deals, sale, selling
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14Oct
Our fourth season of the M&A Academy took off today, the 14th of October. We started with a session given by Chris Hemmings, Global Head of Corporate Finance who talked about general trends in global M&A and the rising influence of Emerging Markets.
Some key messages we learned during this presentation is that Western companies are proactively seeking access to growth markets; that private equity continues to struggle, yielding opportunities for companies; and that emerging market buyers are seeking market advantage and margin.
Download the presentation General trends in global M&A and the rising influence of Emerging Markets.
More info about the M&A Academy season (programme, subscriptions, etc.).
Tags: emerging markets, M&A, mergers and acquisitions, Private Equity
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03May
The 7th and last session of this year’s M&A Academy cycle took place on 29 April looking at “HR integration after a merger”. Turbulent economic times are making many organisations undertake a transaction, whether a merger, an acquisition, a divestiture, a carve-out or a spin-off. Every transaction creates turmoil, uncertainty and opportunities for people.
Peter De Bley, Partner at PwC Belgium, introduced the subject before handing over to our guest speaker, Wim De Wit, HR Director, retail & private banking Belgium, BNP Paribas Fortis, who presented his views on the strategic added value of HR in times of changes and the future challenges for his company.
Download the presentation: “HR integration after a merger”
More info about the M&A Academy season (programme, subscriptions, etc.).
Tags: HR integration, M&A, mergers & acquisitions
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26Mar
Market studies chave shown that over the last years the total accounting value of all lands and buildings of the 30.000 biggest BelCo’s amounts to EUR 50 billion. When you know that the market value of said assets equals minimum 3 times their accounting value, this represents a dramatic hidden value in the current market environment. Indeed, when companies face difficulties to access the capital market, releasing such potential should be high on their agenda. In a broad sense, this can involve OpCo-PropCo structures either internally or externally financed, straight disposals, or joint-ventures with professional real estate investors.
During the sixth session of our M&A Academy on Thursday, 25 March, we shared with you how to free up cash from real estate, by tackling the corporate tax, VAT and registration duties matters to be taken into account while splitting up real estate from operational structures. We led you through the current environment, pitfalls and opportunities of this developing market.
Download: “How can real estate become a financing means for your company today?”
More info about the M&A Academy season (programme, subscriptions, etc.).
Tags: acquisition, acquisitions, financing, M&A, M&A Academy, mergers, OpCo, PropCo, real estate, Transactions
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25Feb
2008 and 2009 are challenging times for the M&A market due to the lack of available funding. Many investors and international groups are looking for cost-cutting opportunities and cash optimisation.
During the 5th session of our M&A Academy, we tried to evaluate how reshaping your conventional business model towards a more flexible structure can help you in for example the improvement of your business model or the optimisation of your tax credits and/or cash position.
Since business restructurings trigger multiple tax issues, not only transfer pricing aspects, this module also focused on the following aspects:
- the arm’s length risk allocation to restructured group entities;
- the potential ‘exit charges’ and indemnifications upon restructuring;
- the recognition, by tax authorities, of restructuring transactions.
Download “Tax implications of business restructuring”
More info about the M&A Academy season (programme, registrations, etc.)
Tags: acquisition, business restructuring, corporate finance, M&A, merger, mergers & acquisitions, restructuring, Tax, Transactions
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21Jan
Identifying the most important value drivers and estimating values in distressed companies is key for a successful restructuring process, especially in the case of debt for equity swaps. That’s what Michael De Roover, Partner at PwC and Philippe Rasquin, Director at PwC talked about on the fourth session of our M&A Academy.
They shared with our audience their experience in valuing distressed companies and business restructuring, highlighting the key issues and discussing some of the key steps to consider when faced with a restructuring.
Download “Safeguarding value through business restructuring“.
More info about the M&A Academy season (programme, subscriptions, etc.).
Tags: debt, distressed companies, equity swap, M&A, restructuring
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11Dec
The third session of our M&A Academy took place on 10 December looking at all the questions the arrival of the “Chapter 11 Nouveau” (at least its Belgian version) raises. Before getting the protection of the Continuity Act, however, an achievable business plan needs to be in place. Do you have one? How about the reasonability of assumptions and remedial management actions? Have you assessed the quality of future cash flows and headroom to covenants?
Our specialists, Karin Winters (Director in the Corporate & Commercial Law department) and Philippe Fimmers (Senior Manager in the Deals practice ) used their legal and financial expertise to try and answer those questions. They also highlighted the Business Continuity Act and some alternative solutions.
Download “How to anticipate/handle covenant breaches?”
More info about the M&A Academy season (programme, subscriptions, etc.).
Tags: breaches, Chapter 11, continuity act, covenant, M&A, mergers & acquisitions
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25Nov
On 19 November, we hosted the second session of our M&A Academy with a hot and present issue: How to keep the management of private equity backed companies motivated in and after the financial and economic downturn?
Luc Legon, Director Personal Tax at PricewaterhouseCoopers, presented the different solutions available according to the various expectations of management.Download “Dealing with underwater management equity arrangements“.
More info about the M&A Academy season (programme, subscriptions, etc.).
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02Oct
On 24 September, we hosted the first session of our M&A Academy season, which mainly dealt with access to the current debt market and alternative financing methods. Josy Steenwinckel , Financial Services Leader at PwC Belgium, introduced the subject before handing over to our guest speaker, Freddy Van den Spiegel, Chief Economist at BNP Paribas Fortis, who presented his view of the current economic situation and the possible challenges for companies and the banking sector in the coming years.
Download “Access to the current debt market and alternative financing methods“.
More info about the new M&A Academy season (programme, subscriptions, etc.).
Tags: debt, financing methods, M&A
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