Session 6: Acquisition financing | Antitrust law and investment control

Financing the purchase price through equity and debt capital is another key element of corporate acquisitions. The availability of debt capital and the flexibility of the players in structuring the financing often determine the success or failure of a transaction. This unit will first present various acquisition financing structures for corporate acquisitions by private equity sponsors and strategists. The speaker then explains the typical structural elements of acquisition financing. Finally, he will provide an overview of the timing of an acquisition financing, the individual components of the financing documentation and typical risk distribution and protection mechanisms in favor of borrowers and lenders.

Subsequently, the antitrust and investment control requirements for M&A transactions are explained. The central topics here are the determination of the obligation to notify, the prohibition of enforcement, procedures and prohibition risks, and related pitfalls in practice. This also includes special features of the evaluation of joint ventures under antitrust law are also briefly presented. Finally, there is an overview of particularly practice-relevant requirements for transaction structuring (due diligence; company purchase agreement, integration planning).