Seller's company: assets to be sold
Seller's financial adviser: the financial adviser of the equity seller, who mainly makes information memos, evaluates and communicates with potential buyers for the target company.
Seller's legal adviser: handle important matters according to law, notarize important resolutions, assist the seller to obtain the approval of the regulatory authorities, and draw up the equity purchase agreement (SPA).
Enterprise as buyer:
Buyer's company: the acquirer in the M&A transaction.
Buyer's financial adviser (contingent): the financial adviser of the buyer, mainly providing valuation, due diligence and financing services for enterprises.
Buyer's legal adviser: to deal with the corporate governance of the seller's company and other issues, and assist the buyer to obtain the approval of the regulatory authorities (such as SASAC).
Financing party (contingent): provide financing for the transaction (such as CDB and PE).
Management buyout
Buyers: Buyers are insiders, such as the management team, shareholders, directors or other related parties of the company.
Others are no different from ordinary buyers.
Financial investors:
Investment institution: private equity fund engaged in M&A transactions.
Others are no different from ordinary buyers.