Master thesis : "An M&A case study : Spirit AeroSystems - ASCO industries deal".

Abstract

The goal of this work is to highlight the theoretical concepts introduced within Open Border MBA program and to use them in a practical context related to Mergers and Acquisition (M&A). First, we will quickly describe the general context and issues at stake: - About aircraft and airspace industry, to understand the particular structure of this industry, mainly to understand the key concepts, constraints and risks inherent to this industry; - About M&A, to understand the general concept related to mergers and acquisitions, how to evaluate the value of company, to finance the deal and which defense mechanism could be used by the target. It will wrap-up concepts of valuation studied during the MBA program; - About general risk management, to be able to identify the risks related to such M&A operations, how to evaluate them and to better modelized the deal. We will then use this bibliographic review on a practical case of M&A in the aerostructure industry: deal between Spirit AeroSystems on Asco industries.