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Case study

Telecom giant doubles its size with an acquisition

Client: Global communications equipment company

Our Role: Execute a complex carve-out while minimizing employee and customer disruption

Industry: Technology, Media and Telecommunications

Services: Acquisitions, Workforce Transformation,

Client Challenge:

A global communications equipment company doubled its size with the acquisition of a carve-out in order to improve margins and accelerate innovation. With limited deal experience, our client needed help to:

  • Separate the business from the Seller with asset purchases of 80 legal entities across 52 countries.
  • Improve the ability to serve customers with no disruption during the transition and beyond.
  • Fully integrate the carve-out into the existing business while retaining key employees and capturing synergies

“This was one of the most complex acquisitions I’ve been involved with. The tight partnership and commitment to capturing value helped us achieve impressive results.”

Michael Fiore, PwC Deals Principal


We helped our client manage the integration from due diligence to Day One to Transition Service Agreement (TSA) exits and synergy capture.

  • Develop the TSA to establish how the Seller and our client would support and operate the business in the interim period.
  • Plan and prepare for Day One while keeping employees on both sides of the deal engaged and excited.
  • Integrate the acquisition quickly by prioritizing synergies and TSA exits to transition the transferring employees and processes into our client’s platform.


An aggressive value capture plan exceeded expectations by increasing the overall value realized in only 18 months.

  • Captured 45% more in synergies than expected through strategic sourcing and reducing headcount and facilities.
  • Experienced no customer disruption by orchestrating TSA exits and timely integrations.
  • Retained key employees with an open and consistent communication and change management plan.

Contact us

Michael Fiore

Deals Principal, PwC US

Gregg Nahass

US and Global M&A Integration Leader, PwC US

Shungu Chigariro

Deals Principal, PwC US