Complex divestment of global assets
M&A support to in-house M&A team
Deloitte provided support to the client's in-house M&A team on the disposal of seven separate assets. The team provided corporate finance advisory and transaction advice and acted as a sounding board for key decisions.
The client successfully exited all seven assets, which had been identified as non-core.
Background
The client, a global FTSE100 company, had taken the strategic decision to divest certain non-core operations. The client’s in-house M&A team needed support in preparing the carve-out financials and in running the subsequent sales processes. These were complex, primarily due to the number (seven), size (combined EBITDA of c. US$100m), and scale (spanning Europe and Africa) of the businesses, and the differing transaction parameters.
Approach
Deloitte helped prepare a cash flow model enabling the client to assess the hold value, sales targets and pricing expectations.
Deloitte supported the client throughout the resultant sales processes, providing advice on sales strategy, buyer identification and shortlisting, producing sales documentation and management presentations, and preparing financial information and analysis (including carved out financials for each business).
Deloitte also helped manage the virtual data rooms, the Q&A process, and advised on separation planning and the tax implications of the deals.
Outcome
The client successfully exited all of the non-core businesses, exceeding value expectations and validating the decision to run complex and multi-jurisdiction processes contemporaneously.
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