In corporate finance, a transaction refers to any operation involving a transfer of value between parties — company acquisition, stake disposal, fundraising, merger, asset contribution, or financial instrument issuance. In M&A, the term covers the entire process — from initial valuation through due diligence, SPA negotiation and closing. Transaction value is expressed as enterprise value (EV) and equity value, bridged by net debt. In valuation, recent comparable transactions provide market reference multiples reflecting actual prices paid — including control premiums — rather than minority trading prices.

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Example: the acquisition of a Swiss industrial group at CHF 35.0 million enterprise value comprises: equity consideration CHF 27.0 million (paid to shareholders) + assumed net debt CHF 8.0 million (bank debt CHF 6.0 million + IFRS 16 CHF 1.2 million + shareholder CCA CHF 0.8 million). The total economic cost to the acquiring group is CHF 35.0 million — the enterprise value — regardless of how the price is split between equity and assumed debt.

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Hectelion advises on the full transaction cycle — valuation, due diligence, structuring and closing — for buyers and sellers across France and Switzerland.