Stages of the process


When approaching the legal side of an M&A transaction, management will typically already have completed the stage of taking a strategic decision to buy or sell the specific unit or set of assets. As a model, transactions may be broken down into the following stages: […]


Once a decision has been taken to conclude a specific transaction, the parties will often sign a letter of intent. This is a form of expression of the intention of entering into a contract in the future. The actual contract will be concluded only following […]

Due diligence

The stage of legal analysis of the target, commonly referred to in Polish by its English name “due diligence”, derives from the Anglo-Saxon common law tradition and the ancient principle of caveat emptor-as the buyer proceeds at its own risk, the buyer should first examine […]

Negotiation and drafting of transaction documentation

After gaining information about the target, the parties begin negotiations toward a mutually satisfactory price (or mechanism for calculating the price) and transaction structure (i.e. the terms under which ownership of the target will pass to the buyer). A frequently encountered model is to sign […]


Depending on the nature of the agreement signed before (e.g. preliminary, conditional or promissory agreement, final agreement subject to a condition, or the like), the transaction is carried out by the parties signing the operative agreement, in the form required by law, together with enclosures […]

Post-closing actions

After the closing the buyer is required to pay taxes due and to file the relevant declarations with the tax authorities. The share ledger must be updated, as well as public registers affected by the transaction such as the National Court Register, the land and […]