This sets out the standard sequence an acquisition generally follows, from first approach to post-completion.
Step 1 — Preliminary agreement and confidentiality
A term sheet or letter of intent, together with an NDA, generally precedes detailed due diligence, setting out the key commercial terms without yet creating binding obligations to complete.
Step 2 — Due diligence
Legal, financial and, where relevant, commercial due diligence is conducted against the categories that matter for this specific target, informing both price and structure.
Step 3 — Structure and documentation
Based on the due diligence findings, the transaction structure — share or asset purchase, or scheme of arrangement — is finalised and the sale and purchase agreement drafted.
Step 4 — Approvals and conditions precedent
Any regulatory approvals, third-party consents or internal authorisations required as conditions to completion are obtained.
Step 5 — Completion
Completion mechanics are executed — signing, payment, and transfer of shares or assets — followed by any post-completion filings, including SECP notifications where applicable.
Step 6 — Post-completion integration
Updating statutory registers, notifying counterparties of any change of control, and integrating the acquired business follow completion and should be planned for before, not after, the transaction closes.
What to do next
Identify which step your transaction is currently at, and confirm the documentation appropriate to that step is in place before moving to the next.