Transaction

Sell-side carve-out

Pharmaceutical group owned by a private equity firm

Company
≈ 9,000 employees worldwide
Role
Interim CIO
Responsibility
30 direct reports; chair of the carve-out and TSA steering committee
Scope
8 sites in SE, ES, FR, IL; ≈ 140 applications; 8 workstreams
Period
2023–2024
Day Zero

Day-zero functionality of all critical business functions

EUR 350m

Resumption of a EUR 350 million carve-out, serious disputes defused

TOM

Target operating model set up for the divested company

Starting point

Incomplete agreements

The contractual basis had neglected IT; contradictions and delays were the result.

High complexity

A second carve-out ran in parallel, a data centre had to be replaced, sites with key staff were closed.

Conflicts on site

Individual employees at the sites being divested used the situation to settle old scores.

Objectives

  • Day-zero functionality of all critical business functions
  • Alignment of the contractual basis and compliance with it
  • Minimal cost and disputes, fast implementation

Measures

  • 180 IT services identified and prepared for decision and planning
  • 91 measures managed before and on the closing date
  • 41 decisive assumptions negotiated as the joint basis for both sides
  • 54 TSA documents adjusted and monitored
  • PMO and steering committee set up for the selling company

Decisive turning point: 41 decisive assumptions negotiated with the other side as the joint basis; serious disputes defused.

How I proceed

  1. Day 30Ability to act and decide

    Situation, risks and decision papers are on the table; the first decisions have been taken.

  2. Day 60Stabilisation and alignment

    Operations are stable, governance and reporting are running, the target picture is agreed.

  3. Day 90Ability to transform

    Organisation, plan and budget carry the implementation; it runs in phases with accepted outcomes.

More case studies

Situation

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