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. Here is how 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 4 min read

1. Pitch for the mandate and sign the engagement letter

The process begins when bankers pitch to advise a company considering a sale. The pitch usually presents the bank’s credentials, perspective on valuation, potential buyers, recommended process, timeline, and fees. The goal is to demonstrate that the bank can position the business effectively and create competitive tension among buyers.

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