Course 2025-2026 a.y.

The course covers the main financial, strategic, and operational aspects of mergers and acquisitions (M&A) within an international context. Topics include growth strategies and the rationale behind M&A decisions, distinguishing between organic and external growth options. Students will explore different types of M&A transactions—horizontal, vertical, and conglomerate—and analyze the dynamics of friendly and hostile takeovers.

A central focus is placed on the valuation of target companies, using methods such as Discounted Cash Flow (DCF), trading multiples, and transaction multiples. Particular attention is given to how to value synergies and control premiums, and how these elements affect the overall deal value.

The course also addresses common mistakes in M&A valuation and execution, the role of deal structuring (including payment methods and financing), and the behavioral factors that influence M&A outcomes. Case studies and empirical evidence will support the discussion on why some acquisitions succeed while others fail, emphasizing the importance of strategic coherence, execution discipline, and realistic integration planning.

By the end of the course, students will be able to:

1. Understand the strategic and financial rationale behind mergers and acquisitions in a global context.

2. Apply valuation techniques and deal structuring methods to real-world M&A transactions.

3. Analyze the impact of capital structure decisions on the success and sustainability of M&A deals.

4. Assess the role of investment banks in advising, financing, and executing M&A operations.

5. Evaluate post-merger integration challenges and value creation potential from both corporate and financial perspectives.

By the end of the course, students will be able to:

• Apply core valuation methods to assess M&A opportunities.

• Compare alternative deal structures and their financial and legal implications.

• Interpret key contractual terms commonly used in M&A transactions.

• Analyze the roles and incentives of different stakeholders in the M&A process.

• Critically evaluate real-world M&A cases, including cross-border transactions.

• Lectures
• Guest speaker's talks (in class or in distance)
• Practical Exercises
• Collaborative Works / Assignments

The learning experience of this course is primarily based on face-to-face lectures. Each of the three modules outlined in Section 1 is complemented by case discussions and guest speaker presentations.

The use of real-world cases and external speakers is intended to bridge the gap between academic content and practical application, with a focus on complex investment banking and M&A transactions. Interaction during case discussions and guest sessions enables students to grasp how professionals approach, structure, and manage deals—from origination through to execution.

The evaluation is entirely based on a group assignment challenge focused on a real-world M&A case and class participation.

Students will be required to analyze the transaction from multiple perspectives—strategic, financial, legal, and organizational—and present a structured recommendation. The assignment will assess students’ ability to apply valuation techniques, structure the deal, evaluate stakeholder interests, and interpret key contractual elements. The goal is to replicate a professional advisory process, testing both analytical rigor and presentation skills in a team setting.

• Slides and ad hoc readings available in the Bboard Platform.
• Text of case studies available in the Bboard Platform via Bocconi Library’s Course Reserves.
• Softwares and exercizes available in the Bboard Platfor.
• Textbook: Caselli S., Gimede G., Tortoroglio A., "Corporate and Investment Banking. A Hands-On Approach", Egea, Milan, 2021.