This comprehensive article is the third and last in a series of three articles by an established and acknowledged Belgian tax professional that have thoroughly reviewed financial buy-outs in Belgian practice, namely acquisitions of mature companies initiated by financial buyers. The scope of the analysis has included leveraged buy-out and management buy-out deals. The series has specifically covered the aspects of sweet equity structuring (part 1), managers' participation (part 2) and fund structuring (part 3) in Belgian practice. The above topics have been addressed systematically, focusing on the legal, financial and tax challenges that investors, fund managers, bankers and entrepreneurs face in a Belgian buy-out deal. A great deal of relevance has been given to the practical perspective, based on a case study inspired by an actual buy-out carried out on the Belgian market.