Credits: 6

Schedule: 29.10.2019 - 09.12.2019

Teacher in charge (valid 01.08.2018-31.07.2020): 

Assoc. Prof. Sami Torstila

Contact information for the course (applies in this implementation):,

For matters relating to course admission and registration: Sanna Pesonen

Teaching Period (valid 01.08.2018-31.07.2020): 

II (fall 2018) Töölö campus

II (fall 2019) Otaniemi campus

Learning Outcomes (valid 01.08.2018-31.07.2020): 

By the end of the course students will be able to work with mergers and acquisitions in a way that utilizes both academic research findings and corporate best practice.

Content (valid 01.08.2018-31.07.2020): 

The course includes up-to-date information on academic research, corporate practice, and financial modelling relating to mergers and acquisitions. Having completed a valuation course is a prerequisite for this course, and allows us to spend more time on other aspects of financial modeling, such as LBO models. The focus is on financial aspects of mergers and acquisitions, but strategic, legal, and other considerations are covered in specific lectures. The course is planned to be of help to students interested in investment banking or management consulting careers.

Details on the course content (applies in this implementation): 

Please see detailed syllabus.

Assessment Methods and Criteria (valid 01.08.2018-31.07.2020): 

1. Lectures, Assoc. Prof. Sami Torstila.
2. Cases and exercises (50%).
3. Final exam (50%), based on the material distributed in lectures.

Elaboration of the evaluation criteria and methods, and acquainting students with the evaluation (applies in this implementation): 

Please see detailed rubric.

Workload (valid 01.08.2018-31.07.2020): 

Classroom hours 21 h
Class preparation, 24 h
Case preparation 75 h
Exam preparation, 40 h
Exam, 3 h

Study Material (valid 01.08.2018-31.07.2020): 

Reading list distributed in lectures.

Substitutes for Courses (valid 01.08.2018-31.07.2020): 

M.Sc. students in Finance have the possibility to replace Capstone: M&A with 57E00700 Capstone DigitalISM Challenge.


Course Homepage (valid 01.08.2018-31.07.2020): 

MyCourses 28E33000 Capstone: Mergers and Acquisitions for Finance

Prerequisites (valid 01.08.2018-31.07.2020): 

The course is an advanced level M.Sc. course. It is intended for MSc students in Finance (from Aalto or other universities) who have previously taken the BSc Valuation class or its equivalent.

Other students should take the course 28E35300 Mergers and Acquisitions, which has no prerequisites and treats valuation from first principles.

Grading Scale (valid 01.08.2018-31.07.2020): 


Registration for Courses (valid 01.08.2018-31.07.2020): 

Via WebOodi. See the registration time in WebOodi.

For any registration related matter, please contact the department study coordinator.

Further Information (valid 01.08.2018-31.07.2020): 

A maximum of 70 students can be accepted to the course.

- Students at Aalto Finance M.Sc. programme (i.e. who have graduated as B.Sc.) will be guaranteed a seat on Finance M.Sc. courses. Finance M.Sc. students re-taking the course (grade already registered in WebOodi) will not be prioritized and can participate only if there are places remaining.

Remaining seats are prioritized as follows, in the order of registration in WebOodi within one category:

1. Aalto Finance B.Sc. students with a finished B.Sc. thesis (registered in transcript of records)
2. Finance M.Sc. exchange students from other universities, who have previously taken the BSc Valuation class or its equivalent.

Please follow carefully the registration deadlines of the courses and exams! Missing registration deadline automatically foregoes a guaranteed seat for Finance M.Sc. courses and puts prospective student at the bottom of the prioritization list.

Students may be required to confirm their registration by signing the participation list circulated during the first lecture.

For any registration related matter, please contact the department study coordinator.


Registration and further information