Mergers & acquisitions

• Strategic M&A

Corporate strategy - assistance in the strategy definition through:

	-	valuation of various business units;
	-	analysis of the existing and potential synergies;
	-	simulation of company value through acquisitions or divestment of business units.

Business unit strategy - assistance in the definition of the strategic objectives of the business unit through:

	-	analysis of the sector;
	-	competitive analysis of the business unit;
	-	economic-financial simulations under expansion hypothesis through acquisitions and disposals.

Acquisition/sale strategy - assistance in defining the criteria of the acquisition or divestment of business units.

• Acquisitions

Acquisition strategy - definition of the criteria and best acquisition methodology
Target search - search and identification of the target, particularly overseas, by taking advantage of the international PwC network
Target approach - contacting the targets selected by the client
Preliminary analysis - desk valuation of the targets, either in a stand-alone or a post-merger scenario, in order to identify a range of values that may impact the price to be indicated in a non-binding offer
Non-binding offer - predisposition of a non-binding offer (price, forms of payment, guarantees, etc.)
Structuring - assistance in corporate, financial and fiscal structuring of the operation
Due-diligence - coordination of economic, fiscal, legal and environmental due-diligence
Valuation - economic valuation of the target in order to define a price to be offered to the counterparty
Negotiation - assistance in negotiating with the counterparty, in particular supporting clients’ legal advisors in preparing a binding offer and/or a sales contract
Project management - coordination of the process through the coordination of the involved consultants (fiscal, legal, etc.)

• Divestment and search for partner and capital

Divestment strategy - definition of best approaches for divestment and search of possible partners or capital investments
Identification of possible partner (strategic/financial)
Valuation - economic valuation of the business being divested
Search for potential acquirers/partners - search for potential acquirers/partners, particularly abroad by taking advantage of PwC's international network
Marketing - preparation of necessary documentation in order to present the investment opportunity (information memorandum, blind profile, etc.) and contacting the potential acquirers/partners
Data-room - management of information to be provided to counterparties by coordinating carried out due diligences
Negotiations - assistance in the negotiation process with counterparties
Valuation of the offers - quality valuation if the received binding offers (price, forms of payment, etc.)
Project management - coordination of the process through coordination of the involved consultants (fiscal, legal, etc.)

• Stock exchange listing in the regulated Italian and foreign markets

Listing - assessment of listing possibilities, assistance in defining the goals, the structure and timing of an IPO, assistance in searching the most appropriate actors for the IPO (sponsors, global coordinator, underwriting syndicate, etc.)
Preliminary activities - economic valuation of a company, preparation of business plan, assistance in the corporate-fiscal restructuring and in defining the optimal amount for a public offering
Documentation - assistance in the preparation of the documentation necessary for the listing (QMAT, business plan for the stock exchange, information memorandum, etc.)
Placing - assistance in the phase of stock exchange placement (road show, book making, etc.)
Project management - coordination of the entire quotation process