The M&A Process
There are two major types of M&A engagements:
- Buy-side: Investment bank represents a client looking to purchase a company. Buy-side engagements are riskier for an investment bank because the bank receives a success fee only if the client outbids all of the other potential buyers.
- Sell-side: Investment bank represents a client who wants to sell all or part of their business. Sell-side engagements are typically more certain than buy-side engagements.