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Erudite AfricaCenter of Excellence

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Mergers and Acquisitions (M&A) Strategy and Execution

From strategic rationale and partner screening to valuation, deal documents, approvals and post-merger integration in Ethiopia

Run an Ethiopian M&A deal end to end, from screening merger partners for a bank that missed the ETB 5 billion capital rule to negotiating the exchange ratio and delivering the integration plan.

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What you will be able to do

  • Explain the strategic rationale and types of M&A and why many deals fail
  • Describe the deal process and the documents and approvals involved in Ethiopia
  • Perform accretion and dilution, synergy and purchase price allocation analysis
  • Run a sell-side or buy-side process, including auction design and bidder management
  • Structure consideration, protections and governance in an SPA and shareholder agreement
  • Plan post-merger integration and measure synergy delivery
For
Investment banking analysts and associates, corporate development and strategy staff, bank M&A teams, deal leads, and legal and finance managers who work on acquisitions, mergers, strategic stakes and privatisations in Ethiopia. Completion of Financial Modelling and Valuation Level 1 or equivalent experience is expected.
Study time
About 6 hours online, in 5 modules (48 hours in the classroom version)
Each module
Short lessons, animated visuals, Ethiopian examples, decisions to make, the laws and directives that apply and worked calculations, then a quiz
Assessment
A 20-question final exam; pass mark 70%
Certificate
Erudite Africa Center of Excellence certificate of completion
Access
Module 1 free for registered users; the full course, exam and certificate for subscribers

The 5 modules

  1. Module 01Free previewWhy companies merge and the Ethiopian deal landscapeSeparate deals that create value from deals that only create size, then map where Ethiopian M&A is happening now: bank consolidation, foreign entry, privatisation and family successions.6 lessons · 60 min · quiz
  2. Module 02The deal process, approvals and basic deal mathsRun a deal from screening to closing, line up the Ethiopian approvals in the right order, and test a merger with synergy, accretion and dilution, and purchase price allocation.6 lessons · 70 min · quiz
  3. Module 03Running the process and valuing the dealDesign a buy-side or sell-side process, manage bidders and data rooms, and value a target with control premium, synergy value, a merger model and a share-for-share exchange ratio.5 lessons · 65 min · quiz
  4. Module 04Structuring the deal and the legal documentsChoose between asset and share deals, cash and shares, earn-outs, escrow and locked box or completion accounts, then turn the deal into a term sheet, SPA and shareholder agreement that protect each side.6 lessons · 65 min · quiz
  5. Module 05Bank mergers in Ethiopia, integration and the merger simulationTake the Bank A and Bank D merger through regulatory and shareholder approval, test capital, exposures and governance after the merger, plan the first 100 days and track synergy delivery.7 lessons · 70 min · quiz
  6. Officer simulationA month as M&A associate at Bank A CapitalWork as m&a associate: 11 real-life items, decisions with consequences and a hand-over note. Pass with 70% to qualify for the certificate.
  7. Final examFinal exam and certificate20 applied questions across all 5 modules. Pass with 70% to download your certificate.

Built on

  • Erudite Africa course specification 3.c: Mergers and Acquisitions (M&A) Strategy and Execution, Levels 1 and 2 (October 2026)
  • Erudite Africa Training Module: Ethiopian Context, programme overview and regulatory register (October 2026)
  • NBE directives as listed in the lessons: SBB/78/2021 (reported), SBB/87/2024, SBB/88/2024, SBB/89/2024, SBB/91/2024, SBB/92/2024, SBB/94/2025, SBB/95/2025, MFI/36/2023, FXD/01/2024 and FXD/04/2026
  • Banking Business Proclamation No. 1360/2025; Investment Proclamation No. 1180/2020 and Investment Board Directive No. 1082/2025; Income Tax Proclamation No. 979/2016 as amended by No. 1395/2025; Capital Market Proclamation No. 1248/2021 and ECMA Directive No. 980/2024
  • Commercial Code Proclamation No. 1243/2021 and the Trade Competition and Consumers Protection Proclamation No. 813/2013, as cited in the course specification (texts to be checked)
  • General M&A market practice on process, valuation, SPA terms and integration; all companies and people in examples are fictional

Examples and companies are fictional. Bank practices are shown as typical Ethiopian practice, not as any one bank's policy. Always apply your own institution's approved policy and the current NBE directives.