M&A Foundations · glossary
A small, named group permitted to see the most competitively sensitive information exchanged during a deal (customer pricing, margins), walled off from colleagues who could misuse it. Keeps the parties on the right side of competition law and confidentiality obligations while diligence proceeds. Chapter 5
Explained in Chapter 5, Preparing for a Deal, of M&A Foundations.
Also explained in Legal Due Diligence.
Clean teams. Where the buyer competes with the target, the most sensitive data — customer-by-customer pricing, margins, pipeline — raises two dangers. Competition law limits sharing between competitors, and if the deal dies the buyer has seen its rival's playbook. The answer is a clean team: a ring-fenced group, often external advisers only, who review the sensitive material and report only aggregated conclusions to the wider deal team.Read Chapter 5, Preparing for a Deal →
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