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:

1. Register your interest

2. Sign a few simple documents

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
Download course brochure

Mergers & Acquisitions

Explore the M&A processes, multiple tradings and much more in this course
  • This propramme 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

    1st Session: Corporate Growth

    Overview of growth strategies


    • Greenfield/organic
    • Joint ventures
    • Acquisitions
    Casestudy : 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

    2nd Session: Private Transactions
    • Type of transactions : auction, competitive process, bilateral negotiation
    • Timetable and process
    3rd Session : 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

    4th Session : 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

    5th Session: 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

    6th Session: 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


    2nd Day: Valuation Methodologies

    1st session: Asset vs. Share Purchase
    • Key considerations and structuring for an asset purchase
    • Review of a share purchase
    2nd session: Valuation Methodologies
    • Review of key valuation methodologies and when to use them
    Case study : Matching various valuation methodologies with different scenarios

    3rd session: 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

    4th session: 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

    5th session: Other Valuation Methodologies

    • LBOS
    • Net Asset Value
    • Dividend Yield and Dividend Discounting
    • Sum-of-the-Parts
    6th session: 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

    7th session: Bridging Valuation Gap
    • Earn-outs
    • Deferred consideration

    3rd Day : Deal Impact - Acquisition and Divestitures

    1st session: 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

    2nd session: 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

    3rd session: 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

Venue

Paris

"This programme takes place on a non-residential basis at a hotel in central Paris. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

You can take a look at some of our recommended hotels on this map. If you need help booking accommodation for your visit to our training courses, please contact accommodation@euromoneylearningsolutions.com and one of our partners will help you get the best rate possible."