Private M&A Comparative Guide

1 Deal structure

1.1 How are private M&A transactions typically structured in your jurisdiction?

Private M&A transactions are typically structured as:

• an acquisition of the target's equity interests, in which the buyer acquires the target's equity interests directly from the selling equity owner(s);
• an acquisition of the target's assets, in which the buyer acquires some or all of the assets – and often the associated liabilities – from the target as seller; or
• a merger with the target, whereby the target and the buyer or a subsidiary of the buyer combine into one legal entity.

Private transactions are normally conducted in one of two ways:

• a proprietary (confidential) process between the seller and a specific buyer; or