About the Instructor
David Petroni has over 13 years of executive experience in hi-tech M&A including 20+ completed transactions valued at over $4 billion. Mr. Petroni has served senior corporate development and/or finance roles at Activant Solutions, PeopleSoft, Vignette/OnDisplay and General Electric Company. At PeoleSoft, Mr. Petroni led the $1.8 billion merger with JD Edwards and helped in the hostile defense against Oracle.
Structure, Assignments and Projects
This course is being offered for the fifth time. Based on student feedback from the inaugural sessions, the course will focus on lectures, in-class exercises, and topical speakers (where available). In addition, there will be a number of individual and team based assignments:
Case Write-Ups (2) As noted below, the course will include detailed discussions on several actual transactions. For certain deals we will be using case studies. Each student will be asked to prepare his/her own 1-2 page (single
spaced, normal font) analysis of each case.
These write-ups will typically be in response to instructor
provided questions provided two weeks in advance of the case discussion in class.
All assignments must
be delivered in soft copy to the instructor via email prior to the start of class on the date the case is to be
Class Participation – Individual This course will be highly interactive.
Your attendance is a baseline requirement.
In addition, each
student is responsible to prepare for and participate in each class session.
Indicative reading assignments
can be found in the syllabus and will be updated from time to time. Students will also be randomly called on (the dreaded “cold call”) to ensure that materials have been read or to facilitate class discussion.
Please notify the instructor of any planned absences in advance of their occurrence.
*** Students will be asked to form teams of 3-5 individuals prior to the start of the second session of the class.
The best way to learn M&A is to do M&A. Accordingly, each team will be given a sub-segment of the
hi-tech industry (software, routers, media, bio-tech, semiconductors, etc, etc).
From there, teams will
pick a specific company in each vertical and understand either a past transaction or identify a new consolidation/growth strategy for the firm.
Team deliverables will include:
A: Target Valuation and Industry Comparable Analysis
Based upon the sector in which the chosen company competes each team will research and compute key market multiples and comps. Teams will research key public transactions in the sector over the past 5 years. Using publicly available market data each team will prepare market comparable valuation metrics for each sector (including price/earnings, EV/sales, price/EBITDA, etc)