Business Insights Kevin Moran among partners, M & A tax Lars Mahler Senior Manager, M & A tax KPMG AG Wirtschaftsprufungsgesellschaft KPMG the so-called “big four” currently the world’s four largest accounting firms. The company employs about 140,000 people in Europe alone at locations in 150 countries KPMG has about 31,000 employees, including about 8,500 in Germany. “Cutting through complexity” is the central guiding principle in the society and manifests itself with the initiation of mergers & acquisitions (M & A), in the following functional areas must usually are affected: transaction services, M & A, tax, corporate finance, M & A legal. It put together a team from different areas provided the customer to the page during the order. Mr. Moran and Mr Mahler sketched the transaction cycle, which runs in the range of the M & A tax to the better understanding of the listener: so, existing tax risks are clarified during the due diligence for example; in the modelling is the construction and validation of the control model; in the area of structuring structural recommendations and reports on structural circumstances; There is also a consultation for the sales and purchase agreement (SPA) and the so-called post deal services, which consist of various phases from the initial of the final offer to the completion of the deal. In addition, Mr. Moran and Mr Mahler explained typical clients of the M & A services: as private equity funds and the strategic differentiates between the investors.
Both clients differentiate themselves such as in their targets, or time horizons. Private equity funds would the internal return on investment (ROI), so the return on capital employed, among other things, increase and have a generally cut horizon of 3-6 years. Strategic investors such as increasingly are interested in increasing business profitability and focus a longer time horizon to achieve the given objectives. To the audience the relevance of practice to illustrate the theme, the typical steps of an acquisition, and in particular the tax issues were presented on the basis of a case study. So were entered on different tax risks, repatriation of profits and tax-optimized financing. As a final Council Mr. Moran and Mr Mahler gave the following students on the way: you should do this whenever possible, do what brings a personal fun and thus his “hobby profession”. While a broad Foundation is an essential basis for professional success very helpful and according to Mr Moran especially a fluent in English.