Compra de acciones Agreements (SPAs) are essential documents that govern the private sale and purchase of shares in a company. Increasingly, these agreements include earn-out mechanisms, which, while valuable, often lead to disputes regarding their interpretation and enforcement.
¿Qué son los "earn-outs" en los acuerdos de compra de acciones?
Earn-out provisions are frequently included in SPAs to align the interests of buyers and sellers, especially in cases where the selling shareholder remains as a director and continues working for the company post-sale.
Por lo general, una estructura de "earn-out" implica que el comprador paga una cantidad fija inicial en el momento de la finalización, con pagos adicionales condicionados a que la empresa objetivo alcance hitos predefinidos. Estos hitos suelen estar relacionados con objetivos de ingresos, umbrales EBITA u otros indicadores clave de rendimiento (KPI).
La inclusión de una cláusula de earn-out puede beneficiar a ambas partes:
(a) devolver valor al vendedor si la empresa objetivo supera sus objetivos, y
(b) incentivising seller stakeholders to remain involved and committed to the performance of the business even after the completion of the sale.
Causas comunes de los litigios sobre el "Earn-out
Los litigios sobre los derechos de cobro suelen deberse a varios factores comunes:
Ambigüedad en la redacción: Vague or poorly defined terms can lead to disagreements over whether the conditions of the earn-out provision have been met. For instance, disputes frequently arise over the definition of key financial metrics, the accounting standards to be used, and the specific methodology for calculating the earn-out.
Control operativo posterior a la finalización: Disputes may also arise concerning how the company is managed after the acquisition. Sellers may argue that the buyer has taken—or failed to take—actions that undermine the achievement of earn-out targets, either deliberately or negligently. On the other hand, buyers may assert that their management decisions, even if they negatively impact the earn-out, are within their rights and in the best interest of the business. For example, a significant change in the company’s business strategy could impact performance metrics.
Desacuerdos sobre la información financiera: Dado que los pagos de earn-out suelen estar vinculados a los resultados financieros, es inevitable que surjan disputas sobre la información financiera. Esto incluye cuestiones como el reconocimiento de ingresos, la asignación de costes y los ajustes por partidas extraordinarias. Los argumentos suelen girar en torno a si se adoptaron principios contables inadecuados, falseando así los resultados de la empresa.
Momento oportuno of Earn-out Payments: The timing of earn-out calculations and payments is another area of contention. Disputes can arise over when the earn-out period begins, how long it lasts, and when payments are due.
Cómo evitar disputas sobre el Earn-out
Para mitigar el riesgo de disputas sobre los earn-out, considere los siguientes pasos:
Redacción clara y precisa: Ensure that the SPA contains clear and detailed drafting. All key terms, including financial metrics, calculation methods, accounting standards, and timelines, should be clearly defined. Where possible, include illustrative examples to show how the earn-out will be calculated.
Revisión y auditoría por terceros: To avoid disputes over financial calculations, the SPA could prescribe an independent third-party auditor to review the company’s financial statements used to calculate the earn-out. Independent verification often provides both parties with greater confidence in the accuracy of the calculations.
Abordar el control posterior a la finalización: El acuerdo de compraventa debe abordar cómo se gestionará la empresa tras la conclusión, especialmente si el vendedor sigue implicado. Establecer directrices claras sobre la autoridad de toma de decisiones y el control operativo puede ayudar a evitar disputas sobre acciones que puedan afectar a las ganancias.
Establecimiento de mecanismos de gobernanza: Including specific governance mechanisms in the SPA, such as an earn-out committee to oversee the achievement of earn-out targets, can foster transparency and communication, helping to mitigate potential disputes.
Resolución de litigios Mechanisms: Incorporate specific dispute resolution mechanisms within the SPA, such as mandatory mediation, arbitraje, or the involvement of experts. These measures can provide a more efficient and cost-effective way to resolve earn-out disputes.
Litigios sobre contratos de compraventa de acciones: Contáctenos
If you need advice or assistance with navigating disputes related to share purchase agreements, including those concerning earn-out provisions, please contact Socio Jonathan Chan en j.chan@rfblegal.co.uk.
Jonathan Chan
Socio de Litigios
