How to Walk Through an M&A Process From Pitch to Close

Walking through an M&A transaction is a common investment banking interview test and a core skill on the job. A typical sell-side process moves from winning the mandate to preparing materials, contacting buyers, managing diligence, signing the agreement, and closing the deal.

Author: Michael Harris Updated 5 min read

1. Pitch for the mandate and sign the engagement letter

The process starts when bankers pitch to advise a company that is considering a sale. The pitch typically covers the bank’s credentials, valuation perspective, potential buyers, recommended process, timeline, and fees. Bankers aim to show that they can position the business well and create competitive tension among buyers.

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