Claiming Back Your VAT

All attendees of a London based course incur VAT as a part of the cost of attendance.

Euromoney Learning have partnered with VAT IT to allow you the unique opportunity to recoup the VAT incurred.

Using VAT IT's extensive experience and simple sign-up and refund process, every invoice can be turned into cash for your business.


Claim the VAT that's rightfully yours in four simple steps:

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3. VAT IT processes your claim

4. Receive your refund




Why choose VAT IT 

VAT IT have spent two decades identifying, researching and perfecting the foreign VAT Reclaim process and built the best back end technology in the industry. By partnering with Euromoney Learning, we can provide you with a fast and effective way to reclaim your VAT which helps reduce the cost of your training.

VAT IT will charge a percentage of the VAT refund if/when it is successful. 


Can I claim back the VAT myself?

You can claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form. 
For European clients, please refer to form VAT 65
All other clients, please refer to form VAT 65A.

 

You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.

Course details

Dates are currently being finalised. Get in touch to find out more
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Mergers & Acquisitions

Explore the M&A processes, multiple tradings & much more in this course
  • This programme has been designed to develop the participants’ understanding of Mergers & Acquisitions (“M&A”).

    At the end of this programme, the participants will be able to:

    • Differentiate 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;
    • Detail the main documents present in an M&A transaction
    • Explain where synergies are derived from
    • Based on annual reports and forecasts, perform all the key valuation methodologies: DCF, trading multiples and LBO
    • Understand the different forms of consideration and financing available
    • Analyse the key metrics looked at by an acquirer: accretion/dilution, pro forma balance sheet, synergies paid away, etc.
    • Differentiate between the different divestitures alternatives and understand their key impacts

    Methodology


    This programme is a mix of lecture, class discussions, exercises and in-depth case studies.


    Audience


    This programme assumes a basic knowledge of finance and understanding of financial statements. 
  • Day 1: M&A Overview

    Corporate Growth


    Overview of growth strategies

    • Greenfield/organic
    • Joint ventures
    • Acquisitions

    Case study: Review of the growth strategies for Heineken in Egypt

    Advisers and their roles

    • Types and remuneration

    Case study: Structuring and pricing of a sell-side mandate

    Private Transactions
    • Type of transactions : auction, competitive process, bilateral negotiation
    • Timetable and process

    Public Takeovers

    • Public takeovers vs. private transactions
    • General principles of the takeover code
    • Mandatory offer
    • Squeeze-out mechanism
    • Offer price
    • Counter-offers
    • Timetables
    • Bidder’s strategy and tactics
    • Target’s defense strategy and tactics

    Case study: Review of strategies used in Sanofi’s bid for Aventis and in Mittal’s takeover of Arcelor

    Key M&A Documents

    • Definition
    • Non Disclosure Agreement (NDA), Information Memorandum
    • Sales and Purchase Agreement (SPA), shareholders agreement, management agreement

    Case study: Analysis of several key M&A documents including NDA, offer letter and SPA

    Due Diligence

    • Definition
    • Private vs. public transactions
    • Timing
    • Key areas covered

    Case study: Analyse the key elements of the due diligence for a UK company manufacturing wound products

    Synergies

    • Types of transactions
    • Types of synergies: operational, financial and tax
    • Achieving synergies

    Case study: Indentify the synergies for the Air France-KLM merger and Barilla-Kamps transaction


    Day 2: Valuation Methodologies

    Asset vs. Share Purchase

    • Key considerations and structuring for an asset purchase
    • Review of a share purchase

    Valuation Methodologies

    • Review of key valuation methodologies and when to use them

    Case study: Matching various valuation methodologies with different scenarios


    Discounted Cash Flows (DCF)

    • Rationale for DCF valuation
    • Methodology
    • Choice of Forecast Period
    • Calculation of Free Cash Flows (FCF)
    • Terminal Value
    • From Enterprise Value to Equity Value

    Case study: First, calculate sub-parts of a DCF (FCF from EBIT, WACC, terminal value) and then perform an entire DCF on a listed entity


    Trading and Transaction Multiples

    • Valuing minority stakes or controlling transactions
    • Enterprise value vs. equity multiples
    • Historical, current or prospective ratios
    • Applicability of EV/Sales, EV/EBITDA, EV/EBIT, P/E, P/B

    Case study: Perform the relative valuation of a UK supermarket and a water utility company based on its peer group


    Other Valuation Methodologies

    • LBOS
    • Net Asset Value
    • Dividend Yield and Dividend Discounting
    • Sum-of-the-Parts

    Valuing Synergies

    • Phasing of synergies
    • Restructuring costs
    • NPV of synergies

    Case study: Perform the NPV of synergies for the acquisition of a bank by Barclays based on assumed cost, revenue synergies and restructuring charges


    Bridging Valuation Gap

    • Earn-outs
    • Deferred consideration

    Day 3 : Deal Impact - Acquisition and Divestitures

    Consideration and Financing for an Acquisition

    • Key considerations and structuring for an acquisition
    • What financing are available for an acquirer?

    Case study: Compare bids received by Normandy Mining

    Deal Impact

    • Review of key impact of a transaction: EPS, RoI, leverage, ownership dilution, premium paid vs. synergies
    • Examples for EPS and premium paid vs. synergies

    Case study: Perform an in-depth case study of the impact of Danone purchase of Campbell


    Corporate Restructuring Alternatives

    • Key goals of a corporate restructuring
    • Motivation, structure, balance sheet impact, EPS accretion/dilution analysis performed for each of the following types of corporate restructuring
    - IPO
    - Spin-off/split-up:
    - Split-off
    - Equity carve-out

    Case study: Analyse and compare the impact of various business restructuring

    Course summary and close

     

  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
    • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
This course can be run as an In-house or Tailored Learning programme

Instructor

  • Serge Vidal

    • Having succesfully completed M&A and capital market transactions in excess of EUR 30 billion across multiple geographes, my courses are designed to elevate the participants' understanding of all aspects of M&A and reinforce learning with relevant, real-life case studies.

    Biography

    Serge is an experienced Corporate Finance professional with over 20 years’ experience in M&A and capital market transactions. He has successfully completed in excess of EUR 30 billion across multiple geographies (US, Europe, MENA).He began his career as a Credit Analyst at Banque Continentale in Luxembourg, before moving to the Investment Banking division at Citigroup (ex-Salomon Smith Barney) in London and New York where he worked on variety of M&A, LBO and debt offerings, mainly for financial services clients. He became Vice-President in the internal M&A department of Barclays Bank in London before moving on to a Directorship role at the Investment Banking division of Commercial International Bank (CIB), Egypt. Whilst there, he successfully completed several transactions including two sell-side M&A, one follow-on equity offering and a delisting. He worked extensively with leading sovereign wealth funds, private equity firms and prominent families in the Middle East.

Venue

London

The course will take place at a Central London hotel.

The map attached details some of our most frequently used venues

If you need help booking accommodation for your visit, please contact accommodation@euromoney.com and one of our partners will help you get the best rate possible.