Steps and complexities involved in a carve-out?

Hi everyone:

For those who are familiar with the process, would you mind sharing your insights on what are the steps and complexities involved in a carve-out please? I've read on deal website/newsletters that there are likely more carve-outs going forward; I haven't worked on one myself yet, but would love your insights on what are the steps / difficulties involved, and if there are any materials and methods I can use to self-study, i'd love to hear that too!

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