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In early 2006, the CEO of a French IT services startup faces the challenge of buying out the firm''s founder and majority partner. The case describes the company and its business model, the structuring of the buyout, and the terms of the deal. The transaction featured a substantial amount of leverage (about 50% of the price), and a holding company structure eligible for tax integration. Students are asked to evaluate the price, check the debt capacity of the target, and value the tax benefits of debt utilisation. The case also exposes students to the difficulties and risks involved in this kind of deal.