Due diligence for assets that are changing underneath the deal
Why commercial, operational and technology diligence must increasingly test future scenarios rather than validate historical performance.
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M&A strategy
Shape M&A strategy from portfolio rationale and target priorities through diligence, value creation and integration.
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Articles
M&A strategy when the obvious targets are gone
How companies can build a stronger acquisition radar by connecting portfolio logic, target intelligence and strategic fit before competition intensifies.
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Operational diligence tests whether the target can deliver the economics being bought
It examines processes, capacity, cost, supply, systems and execution constraints behind the financial and commercial case.
Target screening should begin with acquisition criteria, not company databases
A useful radar translates strategic priorities into observable characteristics that distinguish relevant targets from merely available ones.
Strategic challenges
What must be disentangled before the business can stand on its own?
The challenge is separating shared dependencies without disrupting operations or creating an unsustainable standalone cost structure.
Which assumptions could cause the deal thesis to fail?
The challenge is identifying where downside comes from before valuation, momentum and confirmation bias narrow the decision.
POV
A carve-out is not complete when ownership changes; it is complete when dependency ends
Separation should be judged by operational independence, not by the legal date on which the transaction closes.
The target should be understood before the seller explains why it is attractive
Independent intelligence reduces the risk that the buyer adopts the transaction narrative before forming its own view.
Strategic impact
Independent target intelligence strengthens early acquisition judgment
External evidence on positioning, capabilities and exposure helps buyers decide where deeper diligence is warranted.
Portfolio-led M&A makes acquisition priorities more selective and coherent
Clear strategic gaps and timing criteria help leadership pursue transactions that reinforce portfolio direction rather than distract from it.
What we observe
Deal teams often catalogue risks without identifying how the transaction actually fails
Long risk registers create limited insight when the few assumptions capable of destroying value are not isolated and tested.
Technology diligence often inventories systems without testing strategic consequence
A long application list adds little unless technical weaknesses are linked to growth, integration, cost or operational risk.