M&A - Mergers and Acquisitions Professionals

what’s the general difference between m&a transaction advisory like ODD/FDD and m&a consulting?

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M&A consulting is helping sort out the pieces through a transaction or divestiture like target operating model, one time or stranded costing, synergy analysis, org structure, etc. FDD I don’t have much experience with but is more auditing and vetting reporting to ensure everyone is in agreement I believe. ODD is more of a 2-4 engagement that also falls into m&a consulting where you perform an analysis on the acquirer’s expectations and how the target folds up into the acquirer through TOM, synergy analysis, risk analysis, etc. you work with the bankers to get info and make assumptions with management to help inform them on a final acquisition decision

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Transaction advisory don't do ODDs

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Not true, they do at EY

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I worked in FDD and unfortunately it is not “auditing”. Auditing would mean to confirm the numbers and in FDD we trust that the counterparty gives us correct information. FDDs goal is to give input to the final purchase price mechanism and it might have an impact on the SPA as well. FDD leans a lot on the information provided by the target and thus if target does not give sufficient information it is also our job to identify & warn about potential risks.

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