Mergers, Acquisitions, Corporate Restructuring

Master 2025/2026

ID 965381

Category 'Best Course for Career Development'

Category 'Best Course for Broadening Horizons and Diversity of Knowledge and Skills'

Category 'Best Course for New Knowledge and Skills'

Type: Elective course (Finance)

Delivered by: Department of Finance

Where: St Petersburg School of Economics and Management

When: 2 year, 2 module

Open to: students of all HSE University campuses

Instructors: Vladislav Afanasev

Language: English

ECTS credits: 3

Contact hours: 28

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Abstract

The course examines the main motives of M&A, the effectiveness of transactions for the transfer of corporate control, mechanisms for implementing M&A transactions, issues of company growth and development strategy in the context of M&A, methods of structuring M&A transactions, legal, tax and accounting aspects of M&A transactions, features of international mergers and acquisitions, alternatives to M&A transactions.

Learning Objectives

The aim of this course is to equip students with the knowledge and skills necessary to understand, evaluate, and execute M&A deals, with a focus on financial domain of M&A

Expected Learning Outcomes

Knows basic terms and classification
Knows current trends
Able to analyze transaction information at a basic level
Able to calculate key financial indicators and analyze them
Can apply the main approaches to business valuation, understands their strengths and weaknesses
Can justify the application of this or that approach to business valuation
Able to model various forms of financing transactions
Able to present a potential target to decision-makers on buy-side
Able to value business and estimate the synergy effect
Able to analyse firms' activity and find potential synergies

Course Contents

General characteristics of M&A
Preparing for the deal and the art of due-dilligence
Valuation in M&A deals. Valuing a merger
Financing the deal
Structuring the deal
Hostile takovers and how to defend the business
Pitching a deal

Assessment Elements

Test
5 problems to solve
Homework
Students prepare presentation of a hostile takeover deal in groups of 2 people
Project
The students take a company from the Russian market and do an analysis of a potential target for it (a smaller company from the Russian market) Calculate the potential synergy effect Make a short financial summary (simplified due-diligence) Make the valuation of the target using different methods for different scenarios (equity, LBO). Make a judgement whether it is a good target or not. Format: excel + presentation

Interim Assessment

2025/2026 2nd module
0.5 * Project + 0.25 * Homework + 0.25 * Test

Bibliography

Recommended Core Bibliography

DePamphilis, D. M. (2012). Mergers, Acquisitions, and Other Restructuring Activities : An Integrated Approach to Process, Tools, Cases, and Solutions (Vol. 6th ed). San Diego, CA: Academic Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=387257
Faulkner, D., Teerikangas, S., & Joseph, R. J. (2012). The Handbook of Mergers and Acquisitions (Vol. First edition). Oxford: OUP Oxford. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=2245641
The art of M&A structuring : techniques for mitigating financial, tax, and legal risk, Lajoux, A. R., 2004

Recommended Additional Bibliography

DePamphilis, D. (2015). Mergers, Acquisitions, and Other Restructuring Activities. Elsevier. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.eee.monogr.9780128013908
H. Kent Baker. (2011). The Art of Capital Restructuring : Creating Shareholder Value Through Mergers and Acquisitions. [N.p.]: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=391383

Authors

AFANASEV VLADISLAV VIKTOROVICH
Soloveva Ekaterina Evgenevna

Course Syllabus