01.04 · Mergers & Acquisitions
Carve-outs
Separation and sale of a division, subsidiary or business unit.
A carve-out is a transaction and a separation project at once. We define the perimeter, build stand-alone financials, and identify the services, contracts and staff that must be transferred or replicated.
Buyers price uncertainty, so the separation plan is prepared before the process starts rather than negotiated afterwards in transitional service agreements.
Scope of the mandate
Perimeter definition and carve-out financials
Stand-alone cost base and dis-synergies
Transitional service arrangements
Buyer process and negotiation
Typical situation
A group decides a division is no longer core and needs it separated cleanly enough to sell without disrupting the remaining business.
Responsible
Related sub-services
Holding structuresAcquisition financeListing readinessAsset & portfolio deals