Acquisition Finance, Second Edition
In this new edition of Acquisition Finance, Tom Speechley again aims to provide detailed guidance on the financing of corporate acquisitions and buy-outs in the UK and internationally, including a thorough analysis of current practice and techniques.
The guidance provided covers various types of financing instruments used from plain equity to subordinated debt as well as hybrid instruments. It considers commercial drivers, the practical aspects of deal doing as well as the detailed legal framework required to effect the transaction and includes a detailed analysis of public to private transactions.
Acquisition Finance has been written as a reference guide for professionals involved in the financing of acquisitions, including corporate acquisitions, public-to-privates and buy-outs. It should appeal equally to corporate financiers, private equity professionals, bankers, lawyers and accountants.
It starts with a high level overview of the acquisition finance landscape in the UK, before dedicated chapters provide deep insights into the various financial instruments used to finance acquisitions in the UK and internationally, including forms of equity, public and private debt and hybrid instruments.
It describes in detail how the various layers of finance interact with each other including the theory and practice behind inter-creditor agreements.
There is a detailed practical guide to the UK public-to-private arena, including the applicable laws, regulations, rules and tactics. It also includes dedicated sections on structuring corporate acquisitions and private equity transactions and buy-outs, including for tax purposes, on due diligence to be carried out and the appropriate legal documentation. It has further chapters providing guidance on deal execution, transaction management and issues arising in cross-border transactions.
Acquisition Finance is aimed at the private equity industry as well as the corporate finance world more generally.
Key features of Acquisition Finance include:
- History and evolution of the private equity and acquisition finance industries in the UK
- The nature and form of the equity, debt and hybrid instruments used to finance corporate acquisitions, public-to-privates and buy-outs
- Structuring solutions for corporate acquisitions and private equity transactions and buy-outs, including relevant tax considerations
- The legal framework for executing acquisitions and buy-outs
- Due diligence requirements for acquisitions and private equity deals
- Typical private equity structures and equity instruments
- Current market practice for senior, second lien, mezzanine, high yield and PIK note instruments
- The financial covenants used in leveraged deals
- Detailed analysis of the public-to-private arena in the UK including the up to date take-over rules and procedures
- Practical guide to executing and managing transactions, including checklists of documents needed
- Detailed analysis of the theory and practice of inter-creditor arrangements
- Guidance on issues that arise in cross-border acquisitions and buy-outs
This edition captures changes in the private equity, corporate acquisition and leveraged finance industries over the last 6 years and brings the reader up to date with the latest techniques, market developments and legal and regulatory changes in these industries.
Acquisition Finance is a single source reference to every critical aspect of a corporate acquisition or private equity transaction that is financed through equity, debt or any hybrid instrument.
Tom Speechley is a Partner at The Abraaj Group and Head of Global Markets, responsible for stakeholder engagement, fundraising and investor relations. He is a member of the Firm’s Management Executive Committee. Mr. Speechley is based in New York, where he is the Chief Executive Officer of Abraaj North America, LLC.
Mr. Speechley joined the Firm in 2006 as an Investment Director and since then has been responsible for several investments in a number of countries across growth markets. In addition to overseeing various parts of the Firm’s investment activities, Mr. Speechley has previously held membership on the main Board of Abraaj and its Investment Committee. Mr. Speechley has also been responsible for overseeing the creation of new Funds and has led the expansion of Abraaj into several new growth markets.
In 2012, as Chief Executive of Aureos Capital, Mr. Speechley co‐led the integration of Aureos into The Abraaj Group. In 2013, Mr. Speechley moved to the US to establish and lead the Group’s activities in North America, from where he oversees the Firm’s institutional investor program.
Mr. Speechley is a member of the Board of Directors of the Emerging Markets Private Equity Association (EMPEA), a Board member of JA Worldwide, a global organization which invests in young people to help them develop essential workplace skills and an advisor to Endeavor, a global organization dedicated to supporting high impact entrepreneurs across Africa, Asia, the Middle East, Europe and the Americas. Mr. Speechley is also a Fellow of the Royal Society of Arts in the United Kingdom, a global network of people committed to enriching society through ideas and action.
Mr. Speechley has a First Class Honours degree in Law from the University of Sheffield, UK, where he was a Falconer Prizeman.