M&A transformation

We help clients transform their business through deals that realize strategic goals, capture value, and deliver growth.

 

Growing stronger through mergers, acquisitions, divestitures, and alliances

Deals present unparalleled opportunities for faster growth, stronger capabilities, and dramatic transformation. At PwC’s Strategy&, we offer integrated consulting and transaction advisory services from strategy through execution and value capture — bringing the most relevant capabilities, perspectives, and insights to your biggest M&A transformations. Our global network of deals professionals is over 15,000 strong, and teams seamlessly with our clients across their entire M&A agenda, blending the capabilities of a strategy, transaction advisory, and management consulting firm. Together, we help clients along the deals journey to capture value and sustain profitable growth.

Growing stronger through mergers, acquisitions, divestitures, and alliances

How we can help you

Acquisitions

Our integrated teams draw from strategy, operations, valuation, diligence, IT, transformation, tax, and capital markets to help clients enter into the right deal, and close with speed and certainty, while unlocking hidden value from a merger or acquisition. Working with the broader PwC network, we help clients navigate the many opportunities and interdependencies associated with complex, large, and cross-border M&A deals.

Service offerings include:

  • Screening, evaluating, and accessing acquisition targets, including capabilities fit
  • Determining the appropriate price for the target
  • Closing the deal
  • Developing the future strategy and operating model of the combined entity
  • Integrating both organizations
  • Realizing post-deal value creation
  • Managing people aspects and supporting cultural integration

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Divestitures

Divestitures play — or should play — a key role in many companies’ growth strategy. With the rise in shareholder activism and focus on portfolio realignment, more and more companies are divesting assets to move toward stronger positions in the future. Divestitures can be a primary lever to better align your company’s portfolio with your value proposition and distinctive capabilities system.

While divestitures can be more complex than typical acquisitions, they provide opportunities to increase the overall value of your remaining business portfolio. We help clients with rigorous diligence and clear strategic vision so they can determine the right assets to divest, the right transaction structure, and the right timing to make a move.

Service offerings include:

  • Determining the business to be divested and the best structure
  • Identifying buyers that would benefit from the business to be divested, given their capabilities fit with the target
  • Understanding tax implications and advantages
  • Addressing stranded costs
  • Negotiating the price and conditions for the deal
  • Preparations for closing and keeping the business running
  • Closing the deal
  • Managing post-deal service agreements

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Alliances

Alliances have become pervasive in the very fabric of how business is conducted, and they will continue to grow in size, power, and influence. Indeed, borrowing capabilities via an alliance instead of building or buying them through acquisitions has become a proven way to strengthen a company’s set of capabilities. We help clients select the right partner or structure and develop a rigorous approach to manage alliances, creating real collaboration with a string of interconnected relationships that allow them to outperform the competition.

Service offerings include:

  • Defining the vision and developing an explicit alliance strategy
  • Identifying the critical capabilities that need to be strengthened via the acquisition
  • Formulating the alliances, by screening and evaluating priority partners
  • Negotiating and implementing alliances
  • Setting the governance for the alliance and institutionalizing alliance capabilities
  • Renewing the alliance portfolio

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Deals strategy

Seizing opportunity depends not only on developing the right strategic vision, but also moving it forward with agility and speed. Working closely with PwC Corporate Finance LLC,* we help you do both, integrating strategic perspective and execution insights throughout a deal. From assessing the potential impact of changes in your industry landscape, to helping you navigate complexity, we uncover opportunities for you to capture more value while keeping you on track to achieve your strategic goals.

Service offerings include:

  • Creating deal strategy
  • Assessing industry dynamics
  • Optimizing the portfolio
  • Serving as lead advisor
  • Providing independent advice on valuation
  • Developing capital structure and financing options
  • Accelerating corporate goals, with end-to-end value optimization
  • Helping clients fluidly navigate tax and accounting complexity
  • Advancing private equity portfolio performance

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Capital markets

A deep knowledge of capital raising and regulatory processes and a global network of professionals enables us to work with clients in the US and in principal capital markets around the world. We help you identify new ways to access capital or focus investment where it matters most. Our independent professionals equip you with the objective, unbiased guidance that you need so that you can make decisions for growing your business.

Service offerings include:

  • Equity offerings, with initial public offerings and secondary offerings in the equity capital markets including reverse merger, master limited partnership, and REIT structures
  • Debt offerings, with registered and exempt debt offerings including both investment-grade and high-yield
  • Spinoff transactions, with separation and registration of public shares for a pro rata distribution to shareholders
  • Capital structure, capital raising, and capital alternatives
  • Financial structuring
  • Strategic planning
  • Complex accounting and reporting issues
  • Independent view on investment bank and equity research analyst selection, pricing, valuation, and equity raising process

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Private equity

With the ability to both formulate an acquisition strategy and translate it seamlessly into detailed value improvement levers and initiatives, we help clients in the private equity space with their deals and operations improvement needs. We deliver integrated insights and effect change with the speed that private equity needs, from pre-deal analysis, through post-acquisition restructuring strategies, to advising on the right exit strategy to maximize value capture.

Service offerings include:

  • Commercial due diligence
  • Restructuring and turnarounds
  • Exit strategy

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Crisis and restructuring

Your business is unlike anyone else’s. That’s why our cross-functional professionals help create a unique, holistic, and strategic view of your organization and its path forward, no matter the issue at hand. From bankruptcy to liquidity constraints to underperforming businesses, our coordinated perspectives evaluate strategic and financial alternatives to get you building value for the future with speed and confidence.

We help clients find the right runway to a speedy recovery with solutions for a range of needs, from turnaround and restructuring plans to optimized exit strategies.

Service offerings include:

  • Corporate reorganizations
  • Evaluation of liquidity positions
  • Advice on operating efficiency and margin enhancement

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The Capabilities Premium in M&A: Deals that Win

What distinguishes the companies with a track record of M&A success? Successful acquirers make M&A deals that either leverage their distinctive capabilities systems, enhance those capabilities systems, or do both.

These companies have been rewarded with deals that average 14 percentage points more in annualized total shareholder return than M&A deals with limited capabilities fit.

Find out more

The Capabilities Premium in M&A: Deals that Win

Insights

Deals That Win
Twelve years of data shows that mergers and acquisitions that apply or enhance capabilities produce superior returns.
Let’s Megadeal
Seven strategies for managing the unique challenges of large technology acquisitions.
Dodging the bankruptcy bullet
When facing a challenging outlook, companies that consider potential problems early can avoid drastic decisions later.
Mergercast by Strategy&
Mergercast by Strategy& is a podcast exploring the world of mergers, acquisitions and restructurings.

Case studies

  • Consumer goods
  • Retail
  • Industrial products
  • Financial services
Consumer goods

Transformative merger and divestiture redefines industry structure

Strategy& assisted with the strategic assessment, pre-close planning, and post-close execution of one of the largest consumer goods deals in history, helping the client plan a simultaneous acquisition and asset sale involving two other companies. This included the establishment of complex contract manufacturing relationships, preparation for critical Day 1 transitions of field-sales execution and information management, and alignment of strategic priorities behind two brands. Our work positioned the client as number two in the industry and ensured the stand-up of a third-party competitor that was essential to clear antitrust.

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Retail

Digital acquisition accelerates omni-channel strategy

Strategy& helped a leading U.S. retailer in the due diligence, pre-close planning, and post-close execution of an online, pure play e-retailer to accelerate the client’s position in omni-channel retailing. This included evaluation of complex demand drivers such as the impact of creating tax nexus for the online player, multiple revenue synergy plays, as well as supply chain and back office integration opportunities. The successful execution of the acquisition enabled the client to first maintain a multi-website model, with a pure-play extended assortment and shop your local store formats, before ultimately bringing the entire digital model together into one of the strongest offerings in its category.

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Industrial products

Simultaneous global merger, operating model redefinition, and REIT conversion creates massive shareholder value

Strategy& assisted a leading B2B information services provider in the largest global acquisition in its history, while simultaneously transforming the core business model for efficiency and effectiveness, and ensuring that a recently adopted REIT structure was not impaired by either move. Key levers included consolidation of operations; migration to shared, outsourced services; and a restructuring of key processes such as order to cash. The combined benefits generated more than $300 million in recurring benefits for a $4 billion global corporation.

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Financial services

Preparation for spin-out to create two focused Fortune 500 players in financial services and education

Strategy& helped a leading financial services client in preparing for an announced spin-out to form two separate, focused businesses. Efforts included application of our Fit for Growth methodology to ensure each entity would carry forward with an optimal cost structure and capabilities essential to perform in its market, as well as detailed financial work to prepare for legal and financial separation. The transformative separation plan was ultimately executed through a private sale of one of the divisions to a leading private equity firm.

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