In this article, the authors comment on the deductibility of acquisition costs and management fees, which is even more important in the case of private equity funds taking over huge listed companies. Regarding acquisition costs, the Danish legislation includes a specific provision, the scope of which has been and is still being tested before the courts. The deductibility of management fees (as distinguished from shareholder costs) is a transfer pricing issue, and depends on the usefulness of the services for the receiving group company.