Can anyone briefly answer the difference between what someone would do in an M&A Advisory at consulting/Big 4 compared to IB M&A work? Sort of a how is it different, and how is it similar? Thanks if anyone could answer.
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Hey FinBall4, sorry about the delay, but are any of these useful:
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You're welcome.
The M&A work within the realm of consulting really breakdown into the different functions: There is Due-Diligence before an acquisition, there is valuation advisory held by the Corp. Fin. arm of the Consulting groups (like Deloitte/EY Corporate Finance), and then post-merger integration: merging HR Benefit plans, merging IT Systems and Data Integration, Cultural integration, Operational integration.
What I've seen is that M&A in the consulting realm refers to the wholistic process of merging a company with another aside from the financial analyses/rationale that make up about 20% of the M&A work.
I have not worked in IB, and do not have the best understanding, but from what I've seen, IB M&A team focuses more on the strategic and financial rationale of the companies, they help define why the merger makes sense, prepare a comprehensive valuation model that capture and quantifies the strategic rationale (shared distribution channels, cross-selling capabilities, cost savings from administrative capabilities).
From what I've seen, the IB firm does not aid in the post-merger integration as a consulting firm would.
I work in IB, and I agree with this comment.
Thanks for your help, really appreciate your insights on consulting M&A work.
The actual M&A team focuses on the execution/structuring of the deal whereas the coverage group will help define the actual rationale / strategic part. The bankers will lean on the M&A advisory consulting firms for financial/commercial diligence during the deal but the company will lean on them far more for the integration process across all functions
Yep this is correct. One additional caveat though is that the big 4 firms will have their own M&A Advisory / Corporate Finance teams that do actual IB work but for lower mid-market / mid-market deals
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