{"id":3017,"date":"2019-06-28T15:29:57","date_gmt":"2019-06-28T13:29:57","guid":{"rendered":"https:\/\/www.mbacapital.com\/?p=3017"},"modified":"2022-05-18T12:42:00","modified_gmt":"2022-05-18T10:42:00","slug":"financement-operations-crossborder","status":"publish","type":"post","link":"https:\/\/mbacapital.com\/en\/financement-operations-crossborder\/","title":{"rendered":"Le financement des op\u00e9rations crossborder"},"content":{"rendered":"<p style=\"text-align: center;\" ><em>Les op\u00e9rations transfrontali\u00e8res r\u00e9pondent \u00e0 des objectifs vari\u00e9s (entr\u00e9e sur un march\u00e9, acquisition de capacit\u00e9s compl\u00e9mentaires pour adresser sa propre demande etc.) et interviennent dans un contexte g\u00e9n\u00e9ralement plus complexe\u00a0: r\u00e9glementation (change, n\u00e9cessit\u00e9 d\u2019avoir un partenaire local&#8230;), droit, fiscalit\u00e9 mais \u00e9galement mode de financement auquel une attention particuli\u00e8re doit \u00eatre port\u00e9e en amont, en particulier lorsque la cible se trouve dans un pays \u00e9mergent.<\/em><\/p>\n<p>Avec plus de 300 collaborateurs r\u00e9partis dans 45 pays, M&amp;A Worldwide a pour mission d\u2019accompagner nos clients dans leurs projets au-del\u00e0 de nos fronti\u00e8res. La confrontation d\u2019id\u00e9es sur des cibles et des acqu\u00e9reurs, le partage d\u2019exp\u00e9riences sur des secteurs sp\u00e9cifiques et la constitution d\u2019\u00e9quipes multi-pays \/ multiculturelles contribuent quotidiennement \u00e0 cette ambition.<\/p>\n<h2><strong>Emprunter en devises locales dans les pays \u00e9mergents lors des transactions, une strat\u00e9gie pertinente\u00a0? <\/strong><\/h2>\n<p>Dans un contexte g\u00e9n\u00e9ralis\u00e9 de liquidit\u00e9s et de taux d\u2019int\u00e9r\u00eats historiquement bas dans les pays d\u00e9velopp\u00e9s, il est contre-intuitif d\u2019emprunter en devises \u00e9mergentes, souvent ch\u00e8res et peu disponibles au-del\u00e0 de 2-3 ans.<\/p>\n<p>Cela peut toutefois s\u2019av\u00e9rer int\u00e9ressant dans la gestion\u00a0:<\/p>\n<ul>\n<li>du risque de change\u00a0: les flux g\u00e9n\u00e9r\u00e9s par la cible en monnaie locale peuvent venir en remboursement d\u2019une tranche de cr\u00e9dit d\u2019acquisition dans la m\u00eame monnaie, ce qui constitue donc un \u00ab\u00a0hedging naturel\u00a0\u00bb\u00a0;<\/li>\n<li>du risque politique\u00a0: au-del\u00e0 des impacts op\u00e9rationnels tr\u00e8s directs, le risque politique peut se traduire par l\u2019incapacit\u00e9 \u00e0 rapatrier des fonds (contr\u00f4le des changes et absence de liquidit\u00e9s bancaires comme actuellement en \u00c9gypte ou en 2017 en Chine)\u00a0; la tranche locale \u00e9tant directement adoss\u00e9e aux flux de la cible, le risque de non transfert est contenu\u00a0;<\/li>\n<li>de l\u2019implication de l\u2019acqu\u00e9reur dans le cr\u00e9dit, qui peut faire porter tout ou partie du financement \u00ab\u00a0sur les m\u00e9rites propres\u00a0\u00bb de la cible\u00a0; le support de l\u2019acqu\u00e9reur sur la tranche locale sera \u00e0 d\u00e9terminer en fonction de son apport en fonds propres et pourra avoir diff\u00e9rents degr\u00e9s (co-emprunteur, garantie bancaire, garantie maison m\u00e8re, lettre de confort etc.).<\/li>\n<\/ul>\n<h2><strong>M&amp;A Worldwide, un partenaire s\u00e9curisant pour la structuration des op\u00e9rations cross-border<\/strong><\/h2>\n<p>Le surco\u00fbt associ\u00e9 \u00e0 l\u2019emprunt en monnaie locale a des b\u00e9n\u00e9fices non n\u00e9gligeables qu\u2019il faut garder \u00e0 l\u2019esprit dans la structuration du financement \u00e0 mener en parall\u00e8le de tout offre.<\/p>\n<p>De m\u00eame, la recherche et l\u2019implication d\u2019un partenaire local peut \u00eatre porteuse de valeur ajout\u00e9e dans le cadre de la gestion du risque politique, mais \u00e9galement afin de limiter l\u2019implication de l\u2019acqu\u00e9reur (r\u00e9duction de l\u2019apport en fonds propres, recours limit\u00e9 etc.).<\/p>\n<p>Avec de nombreuses op\u00e9rations men\u00e9es dans ce type de contexte, M&amp;A Worldwide est en mesure d\u2019apporter une aide \u00e0 la structuration des op\u00e9rations, y compris dans la recherche de partenaires locaux et de financements. Un soutient qui permet de solutionner les probl\u00e9matiques sp\u00e9cifiques aux op\u00e9rations transfronti\u00e8res.<\/p>","protected":false},"excerpt":{"rendered":"<p>Les op\u00e9rations transfrontali\u00e8res r\u00e9pondent \u00e0 des objectifs vari\u00e9s (entr\u00e9e sur un march\u00e9, acquisition de capacit\u00e9s compl\u00e9mentaires pour adresser sa propre&#8230;<\/p>","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"bureaux":[],"type_realisation":[],"expertises":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Le financement des op\u00e9rations crossborder | MBA Capital<\/title>\n<meta name=\"description\"  content=\"Les op\u00e9rations transfrontali\u00e8res r\u00e9pondent \u00e0 des objectifs vari\u00e9s dans des contextes complexes. 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