The reality of liability limitations in M&A: the mechanisms that are supposed to provide certainty — de minimis thresholds, baskets, caps — are only as reliable as the drafting and the commercial logic behind them. And yet, for all the time deal teams spend arguing over warranty schedules and disclosure
In September 2021, Intuit paid $12 billion in cash and stock for Mailchimp — an email marketing platform that had never raised a single dollar of outside capital. Co-founders Ben Chestnut and Dan Kurzius had spent twenty years building the company from a side project into a machine generating $800 million
In October 2019, Forescout Technologies agreed to sell itself to private equity firm Advent International for $1.9 billion. By the time the pandemic had rearranged the world five months later, Advent wanted out. The mechanism it reached for was not a material adverse effect clause — the obvious exit ramp
Most deal teams treat the choice of pricing mechanism — completion accounts versus locked box — as a drafting preference rather than what it actually is: a structural decision about where economic risk sits, who controls the information, and how much trust you are willing to place in your counterparty. The thesis
Executive Summary Between August 1995 and March 2000, the NASDAQ Composite rose from 1,006 to 5,048—a 400% gain fuelled by the conviction that the internet would render every prior valuation framework obsolete. It did not. By October 2002, the index had collapsed 78% to 1,114, erasing
Executive Summary Between 3 September 1929 and 8 July 1932, the Dow Jones Industrial Average fell 89.2% — from its intraday peak of 381.17 to a trough of 41.22 — destroying approximately $30 billion in market capitalisation (equivalent to roughly $500 billion in today's dollars) and triggering
In July 2025, a UK High Court judge ordered Mike Lynch's estate to pay Hewlett Packard Enterprise $945 million — the culmination of a 14-year legal battle rooted in the question of what Autonomy's sellers had represented about the business they were selling. HP had paid $11.
Executive Summary Every great fortune in the history of capitalism has been built on the same foundation: a technological advantage that competitors could not immediately replicate. From Richard Arkwright’s water frame in the 1770s to Jensen Huang’s GPU architecture in the 2020s, the pattern is remarkably consistent. A
Executive Summary The Japanese asset bubble of 1986–1991 remains the single most important case study in the mechanics of credit-fuelled asset inflation and its aftermath. At its peak on 29 December 1989, the Nikkei 225 closed at 38,915.87. By August 1992, it had lost more than 60
Modern finance teams face a defining question: * Are we recording value or creating it? The traditional finance model was built for stability: periodic closes, annual budgets, compliance cycles, and post-mortem analysis. But today’s environment — defined by technological disruption, AI automation, capital volatility, and compressed decision cycles — demands something else.
For more than thirty years, the spreadsheet has been the most important piece of intellectual infrastructure in finance. Every budget, valuation, forecast, acquisition model, restructuring plan, and board deck ultimately resolves to a grid of cells in Microsoft Excel. Despite waves of new BI tools, ERPs, and analytics platforms, Excel
Executive Summary In January 2026, EQT AB announced the acquisition of Coller Capital in a transaction valued at $3.2bn upfront, with a $500m performance-based earn-out, bringing total potential consideration to $3.7bn. The deal marks EQT’s first major entry into the private equity secondaries market and establishes a
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