PERGUNTAS E RESPOSTAS: Comprar e vender uma empresa

A comprehensive legal resource for business owners, directors and investors 

Mergers, Acquisitions and Business Sales — what every buyer and seller needs to know 

Q. Qual é a diferença entre uma venda de acções e uma venda de activos? 

This is one of the most fundamental questions in any business acquisition and the answer has significant tax, legal and comercial consequences for both parties. 

In a share sale, the buyer acquires the shares in the target company. The company itself — with all its assets, liabilities, contracts, employees and history — continues to exist under new ownership. The buyer steps into the seller’s shoes as shareholder. Because the company is unchanged, all existing contracts, licences, leases and regulamentar approvals typically transfer automatically. 

In an asset sale, the buyer acquires specific assets of the business — its goodwill, equipment, stock, intellectual property, customer contracts and so on — but does not buy the company itself. The buyer creates a clean break, taking only what it wants and leaving behind unwanted liabilities. However, contracts, licences and leases must each be individually novated or assigned, and employees transfer under TUPE (the Transfer of Undertakings (Protection of Employment) Regulations 2006). 

As principais diferenças na prática: 

• Os vendedores preferem geralmente uma venda de acções - é mais simples, as taxas de imposto sobre as mais-valias podem ser mais baixas e pode aplicar-se a isenção para empresários (atualmente, isenção para a alienação de activos empresariais). 

• Buyers often prefer an asset sale — they can cherry-pick assets and leave historic liabilities (such as tax disputes or employment claims) behind. 

• Third-party consents are generally not required in a share sale but may be needed in an asset sale where contracts conter change of control or assignment restrictions. 

• SDLT (Stamp Duty Land Tax) applies on land transfers in an asset sale; stamp duty at 0.5% applies on shares in a share sale. 

Q. Qual é o processo típico de venda de uma empresa em Inglaterra e no País de Gales? 

The sale of a private company in England and Wales typically follows a broadly consistent process, though the timeline and complexity vontade vary significantly depending on the size of the business, the number of parties involved and whether the deal is a negotiated sale or a competitive auction. 

As principais fases são: 

• Preparation: The seller prepares the business for sale — organising financial information, instructing solicitors and (usually) a corporate finanças adviser or broker, and preparing an information memorandum for prospective buyers. 

• Marketing and buyer identification: The business is presented to prospective buyers, either through a targeted approach or a wider auction process. Non-disclosure agreements are signed before detailed information is shared. 

• Heads of terms: Once a preferred buyer is identified, the parties agree a set of heads of terms — a non-binding summary of the key commercial parameters of the deal (price, structure, timetable, exclusivity). 

• Due diligence: The buyer investigates the target company thoroughly — reviewing financials, contracts, employment arrangements, propriedade, IP, tax position, regulatory compliance e litigation history. Due diligence typically takes four to eight weeks for a mid-market transaction. 

• Negotiation and documentation: While due diligence is ongoing, solicitors draft and negotiate the share purchase agreement, disclosure letter, and any ancillary documents (tax covenant, board minutes, service agreements, restrictive covenant deeds). 

• Exchange and completion: The SPA is signed and, simultaneously or on a later date, the shares are transferred and the consideration is paid. Post-completion adjustments (such as completion accounts or working capital adjustments) may follow. 

Uma transação simples demora normalmente entre três e seis meses, desde o estabelecimento das condições até à conclusão. As transacções complexas com várias partes ou as que exigem aprovações regulamentares podem demorar consideravelmente mais tempo. 

Q. O que é a diligência devida e porque é que é importante? 

A diligência devida é o processo pelo qual um comprador investiga a empresa-alvo antes de se comprometer com uma compra. É a principal oportunidade do comprador para compreender o que está a adquirir - e para identificar riscos, responsabilidades e questões que possam afetar o preço ou a estrutura da transação. 

A devida diligência jurídica abrange normalmente: 

• Estrutura empresarial - análise dos documentos constitutivos da empresa, registo de acções e estrutura do grupo. 

• Contracts — examining material customer, supplier and third-party contracts for change of control provisions, termination rights and unusual obligations. 

• Employment — reviewing contratos de trabalho, bonus schemes, pension arrangements and any employment disputes ou tribunal claims. 

• Property — examining leases, freehold titles, and any planning or environmental issues. 

• Propriedade intelectual - verificação da propriedade de PI, marcas registadas, nomes de domínio e licenças de software essenciais. 

• Fiscalidade - análise do historial fiscal da empresa, do registo de conformidade e de quaisquer inquéritos em aberto junto do HMRC. 

• Litígio - identificação de quaisquer processos judiciais actuais ou ameaçados. 

Due diligence findings inform the warranty and indemnity negotiations in the SPA. Matters that are identified and disclosed by the seller may qualify the warranties, meaning the buyer accepts the risk of those matters. Issues that are not disclosed but later come to light may give rise to a warranty claim. 

Um processo minucioso de due diligence é essencial para os compradores. A falta de diligência - especialmente num processo competitivo - pode resultar na aquisição de responsabilidades que não estavam previstas e que o comprador não tem qualquer recurso contratual para recuperar. 

Q. O que são Termos de Referência e são juridicamente vinculativos? 

Heads of terms (also called a letter of intent or memorandum of understanding) are a written summary of the key commercial terms that the parties have agreed in principle before the formal legal documentation is drafted. They typically cover the price, payment structure, the identity of the seller and buyer, any deferred or contingent consideration, conditions to completion, and the proposed timetable. 

In English law, heads of terms are generally not legally binding as to the principal commercial deal — they are a record of where the parties have got to, not a contract of sale. However, specific provisions within the heads of terms are often expressed to be legally binding, including: 

• Exclusividade - o acordo do vendedor de não abordar outros compradores durante um período definido. 

• Confidencialidade - obrigações mútuas de manter a confidencialidade dos termos da transação proposta. 

• Custos - um acordo segundo o qual cada parte suporta os seus próprios custos (ou, nalguns casos, o comprador paga uma taxa de interrupção se desistir). 

O facto de os protocolos serem em grande parte não vinculativos não significa que não tenham importância. Na prática, é muito difícil reabrir as condições comerciais acordadas na fase dos "heads of terms" durante o processo judicial sem um custo significativo em termos de boa vontade. Por conseguinte, é essencial que ambas as partes recorram a aconselhamento jurídico antes e não depois da assinatura dos protocolos. 

Q. O que é um Earn-out e quando é utilizado? 

An earn-out is a deferred consideration mechanism by which part of the purchase price for a business is contingent on the future financial performance of the acquired company after completion. Rather than paying the full price on day one, the buyer agrees to pay adicional consideration if agreed revenue, profit or other performance targets are met over a defined period (typically one to three years post-completion). 

Os Earn-outs são normalmente utilizados quando: 

• There is a valuation gap — the seller values the business at a higher level than the buyer is willing to pay on day one, and the earn-out bridges the difference. 

• A empresa está a crescer rapidamente - um "earn-out" permite ao vendedor beneficiar das vantagens que previu mas que o comprador não estava disposto a pagar à partida. 

• Key person risk is high — if the business value depends heavily on the founding management team, an earn-out incentivises them to remain and perform post-completion. 

Earn-outs can be a source of significant dispute post-completion. Common areas of conflict include how the earn-out metrics are calculated, whether the buyer has operated the business in a way that artificially suppressed performance, and what accounting policies apply. Careful, detailed drafting of the earn-out mechanics — and specific protections for the seller regarding how the business is managed during the earn-out period — is essential.