Divestitures and Spin-Offs: Lessons Learned in the Trenches of the World’s Largest M&A Deals

Description

The world of M&A has always been complex and nuanced. Corporations encounter their toughest business problems during a divestiture or a merger. At the same time, optimal execution of divestitures can also create high value for the seller as well as the buyer. This book is a collection of leading practices on Divestitures and covers end to end transaction life cycle from readiness through execution including post deal transformation. It contains the synthesis of experiences across a wide array of clients across industries, ranging from $500 million to $100 billion in revenue. Each chapter in this book can stand on its own as an authority on leading practices related to the topic it presents, and together, these chapters provide a comprehensive set of perspectives needed to successfully complete a divestiture. The highlight of the book is valuable real-life examples and references that a business can benefit from, when it is considering, analyzing or implementing a divestiture. Front Matter ....Pages i-xix Front Matter ....Pages 1-1 Preface (Joseph Joy)....Pages 3-9 Taming the Elephant: Introduction to Divestitures (Joseph Joy)....Pages 11-18 Front Matter ....Pages 19-19 Being a “Prepared Seller” and Identifying the “Right Buyer” (Joseph Joy)....Pages 21-29 Upping the Ante: Enhancing Deal Value (Joseph Joy)....Pages 31-38 Defining the Deal Timeline: Balancing Legal, HR, IT, and Finance (Joseph Joy)....Pages 39-46 Slicing the Pie: Asset Allocation in Divestiture (Joseph Joy)....Pages 47-54 Financial Aspects of Carve-Out (Joseph Joy)....Pages 55-66 Clean Financial Separation (Joseph Joy)....Pages 67-82 Building the Arsenal: Setting Up an Effective Separation Team and Governance (Joseph Joy)....Pages 83-95 Working Under the Tent: Confidentiality and Restricted Information Disclosure (Joseph Joy)....Pages 97-109 Getting Ready for Announcement: Kickoff Planning (Joseph Joy)....Pages 111-121 Building the Execution Roadmap (Joseph Joy)....Pages 123-130 Front Matter ....Pages 131-131 Managing the People Side of Divestiture: Retention and Motivation (Joseph Joy)....Pages 133-143 Shaking Things Up: Reorganizing (Joseph Joy)....Pages 145-156 Legal Entity Operating Structure (Joseph Joy)....Pages 157-168 Managing Banking and Treasury Implications During Divestiture (Joseph Joy)....Pages 169-183 Legal and Tax Aspects of Divestitures (Joseph Joy)....Pages 185-202 Accelerating Divestitures Through Minimal Rebranding (Joseph Joy)....Pages 203-211 Managing Customer and Partner Transitions During a Separation (Joseph Joy)....Pages 213-220 Managing the Application Separation Life Cycle (Joseph Joy)....Pages 221-240 Simplifying IT Infrastructure Separation (Joseph Joy)....Pages 241-255 Managing IT in Divestiture: Orchestration, Instrumentation, and Measurement (Joseph Joy)....Pages 257-263 Testing: Making the IT Separation Foolproof (Joseph Joy)....Pages 265-274 Cutover: Getting Ready for the Launch (Joseph Joy)....Pages 275-296 Command Center: Setting Up Round-the-Clock Monitoring During Cutover (Joseph Joy)....Pages 297-312 Protecting the Organization During Vulnerable Times (Joseph Joy)....Pages 313-330 Transform as You Separate (Joseph Joy)....Pages 331-343 Managing Data Separation and Migration During a Divestiture (Joseph Joy)....Pages 345-360 Front Matter ....Pages 361-361 Real Estate and Site Separation (Joseph Joy)....Pages 363-371 Transition Services Agreements (TSAs): Approach to De-risk Divestitures (Joseph Joy)....Pages 373-387 Contract Separation: Early Identification and Negotiations (Joseph Joy)....Pages 389-397 Expediting TSA Exits to Enable Strategic Transformation (Joseph Joy)....Pages 399-411 Managing Separation Costs, Stranded Costs, and Dis-synergies (Joseph Joy)....Pages 413-424 Cost Reduction Through Outsourcing (Joseph Joy)....Pages 425-437 Front Matter ....Pages 439-439 Separation Management Office: Leading Practices (Joseph Joy)....Pages 441-449 Summing It All Up (Joseph Joy)....Pages 451-457 Back Matter ....Pages 459-476