Mergers and Acquisitions - Information Memorandum (IM)

Mergers and Acquisitions - Information Memorandum (IM) free download

Overview of the IM

This course provides an overview of the Information Memorandum (IM). The IM is a key transaction document in sell side M&A transactions. Since the IM is a lengthy transaction document, many times more than 1 advisors will need to work on such a document, each one of them contributing to specific sections. For instance, 1 - 2 advisors may work on the 'market research' section of the report, while another 1-2 advisors may work on the 'financial performance' section of the report. IMs usually range from 20 pages, all the way up to 100 pages. The main factor affecting the number of pages is the size of the entity that is being sold. The IM for a large entity with operations in various countries will be larger than an IM of a local entity with just 70 employees. So, in large M&A deals, an IM of 100 pages would take many days to be drafted by only 1 - 2 advisors. So, in this case, more advisors are involved in the drafting phase of the IM.

After the successful completion of this course, students will gain a solid grasp of the following:

• What is an IM and what does it include

• What person prepares an IM and who is the end user

• Main sections of an IM