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M&A - During which phases are consultants part of?

Anonymous A asked on Mar 17, 2018 - 3 answers

Dear community

I would like to know in which phases of an M&A deal consultants are involved in:

  1. M&A Strategy
  2. Target Screening
  3. Due Dilligence
  4. Execution
  5. PMI

And if they are involved in all, I would appreciate 2-3 activities in each step mangement consultants do, as I assume they will not do all the stuff for all phases.

Thx a lot!

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replied on Mar 22, 2018
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I agree with everything that has been written: consultants mainly intervene on due diligences, PMI and M&A strategy.

From a different point of view, when looking at M&A service offering, consulting firms generally offer the following:

  • Acquirer and Vendor Due Diligence: focus on market, competitors, target company, synergies assessment (for info, VDD are usually longer as more emphasis is given to business model and market analysis)
  • PMI (pre and post merger integration): focusing on merger management, value capture, merger enablement
  • Post-deal diagnosis: can focus on i) assessment of opportunities ii) first XXX days plan iii) business case and implementation roadmap
  • Divestiture management: (e.g. separation strategy, operational planning & realignment,...)

Hope this helps,


replied on Mar 17, 2018
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The most common are:

  1. Due Diligence (Assessing the market, competitors and the company. Doing the valuation)
  2. M&A Strategy (Calculating synergies, setting the objectives for different departments)
  3. PMI (usually on a higher level like implementation strategy and PMO. Long implementation initiatives are usually executed by cheaper consultancies)

They don't perform the deal execution and rarely they do target screening.


Anonymous replied on Mar 17, 2018


Consultants can do projects across all, except for your point 4: we don’t take part in the actual negotiations/the deal itself, that’s only a task for the companies and often to the investment banks.



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