PKF Munich carve-out solutions
The carve-out strategy defines what has to be done when and how during the execution of the spin-off:
The following challenges and milestones must be successfully implemented within the framework of the carve-out:
- Establishment of a common carve-out understanding within the (target) organization (M1)
- Definition of the business in scope: E.g. subsidiaries, business units, cost centers, etc. (M2)
- Quantity of countries, companies or permanent establishments in scope influences complexity of carve-out processes (legal and tax-wise) (M3)
- Early detection of operational complexity and securement of operational performance before, during and after carve-out ("Day 1 readiness") (M4)
- Tax-optimized structure of new corporate structures (M5)
- Clear distinction of relevant assets and liabilities (M6)
- Implementation of a coherent reporting system due to lack of historical financial data. This includes the provision of carve-out financials and fact books for IPO (roadshow) (M7).
- Identification of type and scope of group interdependencies (shared services such as IT and HR) (M8)
- If necessary, continuous coordination with the buyer (under antitrust law aspects between signing and closing) (M9)
- Company valuation as well as purchase price determination and, if necessary, complex (re-)negotiations with the buyer (necessity of compliance solutions) (M10)
- Achievement of planned savings and synergies (e.g. through transparency in key financial figures) (M11)
- Where appropriate, merger support and post-merger integration (M12)
Learn more about our carve-out services.