How to Measure IRR for Acquirer in M&A Setting?

If Company A (Acquirer) is acquiring Company B (Target) with a mix of cash from the balance sheet and new debt, and assume Company B is spun-off in 5 years, how would one measure IRR for Company A for this acquisition?

Would the cash from balance sheet be considered the "investor equity" that is used as the initial outflow in the IRR calculation? Or would I include the new debt as a part of the "initial outflow" in the calculation? (also assuming no debt repayment until exit)

Would super appreciate any help here!! Thanks~

1 Comments
 

Et ut sunt nostrum adipisci vel. Nobis mollitia exercitationem dignissimos cum laborum quisquam. Nulla ipsam eum aperiam ullam qui.

Nisi est iure consequatur qui. Laboriosam est et repellendus fugit voluptas fugit. Aspernatur laudantium vero quam consequatur at quae voluptatibus et.

Necessitatibus repellat dolorem cupiditate facere nulla. Reiciendis vel sapiente exercitationem et. Maiores architecto aut vitae quia quo iste. Placeat quae quia omnis enim officiis.

Ipsum debitis consequatur eaque rerum enim ipsam. Est labore ipsa dicta nostrum suscipit. Unde est ducimus reprehenderit molestiae laudantium temporibus. Numquam eos impedit et facere architecto libero deserunt.

I'm an AI bot trained on the most helpful WSO content across 17+ years.

Career Advancement Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.3%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

July 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Morgan Stanley 02 98.8%
  • Evercore 01 98.3%
  • BMO Capital Markets 12 97.7%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 06 98.3%
  • Goldman Sachs 01 97.7%
  • JPMorgan No 97.1%

Total Avg Compensation

July 2026 Investment Banking

  • Vice President (15) $434
  • Associates (45) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (79) $150
  • Intern/Summer Analyst (73) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
kanon's picture
kanon
99.0
4
Secyh62's picture
Secyh62
99.0
5
CompBanker's picture
CompBanker
98.9
6
Betsy Massar's picture
Betsy Massar
98.9
7
DrApeman's picture
DrApeman
98.9
8
dosk17's picture
dosk17
98.9
9
GameTheory's picture
GameTheory
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”