Big Tech strategics
Buying talent, reach or a product gap. Structured stock deals and heavy retention.
Read the playbookLarge cap · $150M and above
A transformative transaction.
Where strategy, regulation and markets meet.
Above $150 million, buyers are listed technology companies, large sponsors and sovereign or strategic investors. Consideration often includes stock, approvals can include antitrust and foreign investment review, and the board weighs a sale against an IPO or a recapitalisation. The work is to find the buyers for whom the strategic logic is strongest, and to start the right conversations early.
- Common consideration mix
- Cash + stock
- Common consideration mix
- Approach to completion
- 9-15 months
- Approach to completion
- Antitrust and FDI planning
- Multi-market
- Antitrust and FDI planning
Large-cap origination desk
Board confidential
- Strategic buyer mapPhase 1
- Board alignment on objectivesPhase 1
- Senior introductionsPhase 2
- Bilateral or targeted auctionPhase 3
- Regulatory filingsPhase 4
- Signing, approvals, completionPhase 5
Introductions are made only to buyers the board approves.
Why this size is different
The buyer list is short. The strategic logic has to be obvious.
Only a handful of companies can write a cheque this size for any given asset. Each one has its own strategy, board calendar and regulatory exposure. Reaching the right executive with the right thesis, at the right point in their planning cycle, matters more than reaching many buyers.
- Strategic fit and synergies drive price more than trading multiples.
- Stock consideration links your outcome to the buyer’s share price.
- Antitrust and foreign investment reviews set the timetable.
- A dual-track with IPO or recapitalisation keeps alternatives real.
Deal considerations
What large-cap boards weigh
| Topic | What to decide | Why it matters |
|---|---|---|
| Consideration | Cash, stock or a mix; collars on stock | Stock shifts value risk to sellers until they can sell |
| Regulatory | Antitrust, FDI and sector licences by market | Sets the signing-to-close gap and break-fee terms |
| Process | Bilateral, targeted auction or dual-track | Balances confidentiality against price tension |
| People | Retention, leadership roles, integration plan | Talent is often what the buyer is paying for |
| Protection | Reverse break fee, MAC definition, W&I | Protects sellers if approvals or financing fail |
Who buys at this size
The large-cap buyer universe.
Legacy enterprises
Large cash balances, slow approvals, demanding integration plans.
Read the playbookLarge sponsors and sovereigns
Take-privates, carve-outs and platform deals with complex financing.
Other deal sizes
Every size runs differently.
- $1M to $10MFounder-led exits, bootstrapped SaaS, content and e-commerce.
- $10M to $50MInstitutional process, QofE, CIM and several PE and strategic bidders.
- $50M to $150MComplex capital structures, sponsor auctions and cross-border buyers.
- Buyer archetypesWho buys at each size, and how each one behaves at the table.
Questions
What founders and boards ask us.
What is a dual-track process?
Preparing for an IPO and a sale at the same time, so the board can choose the better outcome. It adds cost but keeps real price tension.
Should we accept stock as consideration?
Stock can carry a higher headline and tax deferral, but your outcome then depends on the buyer’s share price. Collars, lock-up terms and a cash portion manage that risk.
How long do regulatory approvals take?
Simple filings can clear in one to two months. Deals that raise competition or national-security questions can take six to twelve months or longer, which is why they are mapped before signing.
What is a reverse break fee?
A payment from the buyer to the seller if the deal fails for reasons on the buyer’s side, such as regulatory refusal or lack of financing.
Exits from $150M and above
Tell us about the business.
A few details are enough to start. A senior member of the team reads every enquiry and will be in touch to discuss it in detail. Nothing is shared with any buyer without your written approval.
- Strict NDA before any numbers are shared.
- No buyer contact without your sign-off.
- No obligation to sell.