Todd Henrich, SVP Head of Corporate Development at Booking Holdings (NASDAQ: BKNG)
Today's M&A market conditions are volatile, regulatory scrutiny is high, and the pressure to find value is greater than ever. The risks of entering a deal without a firm understanding of today’s market dynamics have never been more pronounced. How do you ensure your strategic acquisitions stay on course?
In this episode of the M&A Science Podcast, we explore the best practices for executing strategic M&A in today's market with Todd Henrich, SVP Head of Corporate Development at Booking Holdings.
Things you will learn:
• The ripple effects of regulatory overreach on M&A and investment
• Shaping strategy through M&A setbacks
• Using M&A as a tool, not a strategy
• How global regulatory collaboration is impacting M&A activity
• Key targets and red flags when building an investment thesis
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This episode is sponsored by Grata. Grata is the leading platform for private market dealmaking. With innovative AI and diligence-grade data, Grata makes it easy to find and evaluate targets from the outside looking in. Win more with Grata.
This episode is also sponsored by DealRoom AI, the latest innovation from DealRoom designed specifically for M&A professionals. DealRoom AI automates the analysis and extraction of key information from due diligence documents, empowering teams to save up to 80% of their time on document analysis and focus on what really matters—closing the deal.
Ready to streamline your M&A process? Visit dealroom.net today.
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Episode Timestamps
00:00 Intro
05:02 The impact of changing regulations on M&A deals
08:01 The ripple effects of regulatory overreach on M&A and investment
11:40 Shaping strategy through M&A setbacks
12:49 Using M&A as a tool, not a strategy
15:59 How global regulatory collaboration is impacting M&A activity
18:13 Adapting to regulatory rules
19:21 Ensuring strategic alignment and long-term value in M&A
22:49 Sourcing deals
23:38 The Rocketmiles acquisition success story
26:48 Key targets and red flags when building an investment thesis
30:16 The AI hype
31:38 Managing the hidden costs of M&A
36:08 The importance of an integration team in M&A success
37:39 Balancing valuation and integration costs in M&A
39:19 Other reasons deals can go awry
43:39 Key lessons in M&A: Doing deals that matter
46:59 Handling surprises in M&A deals
53:21 The importance of buyer-led M&A processes for long-term success
55:09 Craziest Thing in M&A
Charles Webb, Lead Antitrust Counsel at FedEx (NYSE: FDX)
When it comes to mergers and acquisitions, everyone loves to talk about synergies, growth, and market share. However, these enticing prospects can quickly dim if regulatory compliance risks are overlooked. While not the most glamorous aspect of M&A, compliance forms the bedrock that ensures deals are legally sound and smoothly executed.
In this episode of the M&A Science Podcast, Charles Webb, Lead Antitrust Counsel at FedEx, discusses how to manage regulatory compliance risks in M&A.
Things you will learn:
• Different types of regulatory compliance risks in M&A
• Applicability of antitrust framework to companies
• The evolution of antitrust laws
• The importance of avoiding Gun Jumping
• Increased aggressiveness of antitrust regulators
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This episode is sponsored by Grata. Grata is the leading platform for private market dealmaking. With innovative AI and diligence-grade data, Grata makes it easy to find and evaluate targets from the outside looking in. Win more with Grata.
This episode is also sponsored by DealRoom AI, the latest innovation from DealRoom designed specifically for M&A professionals. DealRoom AI automates the analysis and extraction of key information from due diligence documents, empowering teams to save up to 80% of their time on document analysis and focus on what really matters—closing the deal.
Ready to streamline your M&A process? Visit dealroom.net today.
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Episode Timestamps
00:00 Intro
06:40 Different types of regulatory compliance risks in M&A
14:41 Applicability of antitrust framework to companies
20:47 Impact of HSR filing on the deal timeline
22:43 What does the HSR form look like?
24:56 How to land the narrative in a merger
28:25 The Origins of the Sherman Act
29:47 The Magna Carta of Free Enterprise
30:03 Fast forward 1914
30:36 Amendments and the Hart-Scott-Rodino Act
31:33 The evolution of antitrust laws
33:47 Risks during the waiting period
39:33 The importance of avoiding Gun Jumping
42:22 Best practices for internal communication during a deal
44:01 Understanding deal review risk in advance
46:11 What happens if a deal is rejected?
50:11 Increased aggressiveness of antitrust regulators
51:41 Real consequences for gun jumping
53:05 Balancing integration planning with gun jumping risks
57:43 The key to preparing for regulatory compliance
58:52 Craziest Thing in M&A
Henry Ward, CEO and Co-founder at Carta,
M&A has become a critical tool for companies to stay competitive in today’s fast-changing market. But success in acquisitions now requires more than just speed—it demands a strategic approach that aligns with long-term goals and adapts to industry shifts.
In this episode of the M&A Science Podcast, Henry Ward, CEO and Co-founder of Carta, shares his insights on how businesses can refine their M&A strategies to thrive in an evolving corporate landscape.
Things you will learn:
• Building the case for actionability
• How to convince founders to sell
• Valuing high-growth companies
• Bounded vs. unbounded acquisitions
• Balancing disciplined acquisitions with opportunistic ventures
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This episode is sponsored by Grata. Grata is the leading platform for private market dealmaking. With innovative AI and diligence-grade data, Grata makes it easy to find and evaluate targets from the outside looking in. Win more with Grata.
This episode is also sponsored by DealRoom AI, the latest innovation from DealRoom designed specifically for M&A professionals. DealRoom AI automates the analysis and extraction of key information from due diligence documents, empowering teams to save up to 80% of their time on document analysis and focus on what really matters—closing the deal.
Ready to streamline your M&A process? Visit dealroom.net today.
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00:00 Intro
06:30 First failed acquisition story
09:13 Lessons learned during early deals
14:06 Building the case for actionability
16:31 Convincing founders to sell
26:06 Valuing high-growth companies
28:26 Bridging valuation gaps
31:48 Acquihires and product tuck-ins
35:39 Bounded vs. unbounded acquisitions
40:40 Lessons from unbounded M&A deals
44:22 Strategic capital allocation
46:33 Evaluating pipelines and allocating resources
48:10 How to make successful Corp Dev team and CEO relationships
50:25 Integration expectations from stakeholders
53:31 Thoughts on international expansion
56:02 Craziest thing in M&A
Camilo Franco, Director of M&A Integration and Operations and Matt Arsenault, VP of Corporate Development & Strategic Alliances at Jamf (NASDAQ: JAMF)
Too often in M&A, diligence and integration operate in separate lanes. Diligence focuses on uncovering risks, while integration is left scrambling to make everything fit once the ink is dry. It’s a classic case of working in silos, and it’s leaving value on the table. But there's a way to break down those barriers from the start.
In this episode of the M&A Science Podcast, Matt Arsenault, VP of Corporate Development & Strategic Alliances at Jamf, and Camilo Franco, Director of M&A Integration and Operations, show us how to transform these silos into synergy by aligning diligence and integration from day one.
In this episode, you’ll learn:
• Implementing a proactive buyer-led M&A strategy
• Synchronizing diligence and integration planning
• The importance of integration-led diligence
• Building and refining the integration thesis
• Collaborating with sellers to shape a seamless integration plan
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This episode is sponsored by Grata. Grata is the leading platform for private market dealmaking. With innovative AI and diligence-grade data, Grata makes it easy to find and evaluate targets from the outside looking in. Win more with Grata.
This episode is also sponsored by DealRoom AI, the latest innovation from DealRoom designed specifically for M&A professionals. DealRoom AI automates the analysis and extraction of key information from due diligence documents, empowering teams to save up to 80% of their time on document analysis and focus on what really matters—closing the deal.
Ready to streamline your M&A process? Visit dealroom.net today.
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00:00 Intro
04:46 Implementing a proactive buyer-led M&A strategy
06:21 Synchronizing diligence and integration planning
09:12 The importance of integration-led diligence
10:25 Early integration planning pre-LOI
13:05 Building and refining the integration thesis
15:58 Balancing due diligence and integration
19:10 Building confidence in early integration planning
21:53 Collaborating with sellers to shape a seamless integration plan
24:48 Measuring success from diligence to integration
27:44 Balancing aggressive integration goals with realistic expectations
29:59 Balancing AI hype with core business strategy in M&A pipelines
32:04 Best practices for evaluating intangible factors in an acquisition
33:52 Craziest thing in M&A