The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
This Practice Note provides a basic introduction to the key parties and documents involved in an acquisition finance transaction together with links for more detailed information.
For a more general introductory guide to acquisition finance, see Practice Note: Acquisition finance—introductory guide. For a glossary of acquisition finance terms and jargon, see the Glossary of acquisition finance terms and jargon.
For a description of the way a buy-out might typically be structured, see Practice Note: Structure of a buy-out.
Detailed information on the parties and documentation can also be found in Chapter 1 of Tom Speechley: Acquisition finance.
The parties to an acquisition finance transaction will depend on the nature and structure of the transaction and how it is funded. This Practice Note provides information on:
the buyer, ie the private equity house (sponsor) and special purpose vehicles (SPV) through which it makes the purchase
debt providers, and
the target and its subsidiaries
The sponsor is the private equity firm that provides the equity portion of the funding needed for the purchase.
The sponsor may be captive, ie part of a large institution such as a bank. Alternatively, it can be independent, ie owned and managed by senior officers in the firm. The sponsor will not normally invest its own money. Instead, it will invest money on behalf of funds that it manages or,
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