Transaction support

We are the leading global provider of TMT commercial due diligence, with an unparalleled track record of advising on financial and prominent TMT strategies in debt and equity financing, IPO and M&A across six continents. Our support is tailored to meet the requirements of these specific processes. Our expertise spans digital infrastructure (sub-sea and terrestrial fibre, mobile/towers and data centres), enterprise and cloud, satellite, fintech, e-commerce and telecoms real estate. We provide proven processes and methodologies for robust market appraisals, including competitive and regulatory issues; business plan reviews; and material business or commercial risk appraisals.

Our in-house technical practice advises on the consistency of business plans with network evolution and technology strategy. We provide careful opinions on the appropriateness of network strategy and deployment. We also validate (or build bottom-up, where necessary) capital expenditure requirements consistent with network scaling, traffic demands and technological evolution. We advise on operational support structures and the integrity of network-related cost projections. We provide comprehensive risk assessments for procurement/vendor selection, network architecture resilience, network performance, service level agreements and fault repair. Most often we are providing full scope commercial and technical due diligence services in tandem, ensuring integrity across both strategies, the business plan and associated cashflow projections.

We have proven capabilities in managing and advising on large post-merger integration programmes, ensuring the realisation of transaction value. We have particular expertise in the interface between commercial imperatives and network and IT stack integration; this includes supporting product portfolio rationalisation, the management of legacy with new, and subsequent platform migration to yield operational efficiency. Our deep expertise in the OSS/BSS domain includes programme review, management, optimisation and assurance – drawing on our skills in transformation derived from regular work on full-system transformation projects on behalf of the world’s largest telecoms operator groups.

Whether for shareholder requirements or debt draw-down certification processes, we are regularly appointed to provide market updates, appraise operational and technical advancement during extended network build-out/commercialisation processes, review budgets and provide formal periodic certifications. We have completed, and have ongoing, assignments in the fields of subsea and terrestrial cable, mobile infrastructure, satellite and defence infrastructure. Often following on from initial diligence processes, we use the same capabilities to identify and assess the potential impact of developing risks, and the robustness of mitigation plans.

We support strategic investors in their early-phase appraisals of inorganic assets, portfolio expansion and growth opportunities. We are experts at outside-in appraisal of the economics of operations and the associated construction of business plans, often developing these with progressive information flows as a potential deal develops. Our pre-deal support typically includes preliminary valuations supporting initial approaches, and the elucidation of key areas for further diligence.

Investors are increasingly seeking companies with robust ESG initiatives. As a result, ESG considerations have become an important part of any responsible investment decision. From a buy-side perspective, including ESG aspects in the due diligence process adds important information about the value of a company and therefore decreases unnecessary risk (commercial, reputational, legal). From a sell-side perspective, clearly demonstrating ESG efforts may attract investors and lead to new investment opportunities. We can use our deep knowledge of the TMT market and long track record of commercial and due diligence projects to support clients in understanding the relevance of key ESG issues as part of a transaction decision.