The equity bridge is the reconciliation from enterprise value to equity value. Typical items are net debt, pension provisions, further debt-like items, non-operating assets as well as deviations from the agreed working capital level.<\/p>\n\n\n\n
The equity value corresponds to the sellers\u2019 gross claim. The purchase price actually paid out may deviate from this due to earn-outs, a vendor loan, reinvestment and an escrow retention. Which items are treated as \u2018debt-like\u2019 or \u2018cash-like\u2019 is regularly the subject of intensive negotiation. This topic is examined in more detail in our article<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"