With an LOI partner chosen, negotiations then take place to finalize the terms of the transaction while buyer diligence continues.

Once terms are agreed upon, the purchase and other definitive transaction documents are signed.

There may be a gap between signing and closing (a “deferred closing”) in order to obtain shareholder and regulatory approvals, transfer key contracts, or satisfy other closing conditions.

The transaction is completed when the conditions are met, wire transfers are sent and received, and the deal is legally closed.

After closing, there may be post-closing adjustments based on working capital or other agreed-upon metrics.