Finance Simulation: Leveraged Buyouts and Private Equity

Blackstone/Celanese



$150 / seat

Simulation Overview

In late summer 2003, The Blackstone Group LP was contemplating whether to launch a tender offer for Celanese AG’s common shares as part of a friendly takeover. The transaction, if successful, would constitute the largest European public-to-private transaction in history.

The Story

In this multiplayer synchronous simulation, learners play the role of either Celanese or Blackstone and conduct due diligence, establish deal terms, and respond to bids and counter-bids, all while balancing interests of other stakeholders.

Learning Focus

  • Explore different valuation methods (capital cash flow, equity cash flow) and valuation models (leveraged buyouts)
  • Investigate how to structure and finance private equity deals
  • Understand the importance of due diligence and deal negotiations

Topics Covered

  • Leveraged Buyouts
  • Mergers and Acquisitions
  • Negotiations
  • Financial Valuation
  • Due Diligence

See How the Simulation is Played

This simulation comes with a Teaching Guidebook for the facilitator along with 1:1 training sessions, free trials, videos and more.


This simulation is by Nabil N. El-Hage, Timothy A. Luehrman, Harvard Business School Publishing, and Forio

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+1 (415) 440.7500