M&A stands for Mergers & Acquisitions. It covers everything that happens when businesses buy, sell, or combine with each other: from strategy and preparation, through valuation and due diligence, to negotiation, agreements and the final transfer.
At virksomhedssalg.dk, we most often just call it "selling a business" or "buying a business", because those are the terms most owner-managers actually search for. But professionally, it's the same field: M&A. On this page we gather our articles on the topic, so you — whether you're a seller, buyer, advisor, or just curious about the terminology — can find your way through the whole process.
Why it matters to you as a business owner
Most owner-managers only encounter a business deal once in a lifetime — the day they themselves sell, buy or merge. Advisors, lawyers and private equity funds work with it every day, and they consistently use M&A language: Enterprise Value, LOI, due diligence, SPA, earn-out, closing. If you don't know the words, you're in practice worse equipped to understand what's actually being negotiated — and to see through whether an offer, a clause, or a process is reasonable.
This applies whichever role you're in:
- Selling your business: it's the language of your counterparty and your own advisors. Understand it, and you can ask the right questions and recognize when something is moving unnecessarily fast or seems off.
- Buying or growing through acquisitions: the M&A process is the toolbox itself: how to find targets, structure an offer, and avoid overpaying or missing a risk in due diligence.
- Considering a merger with another business: it's not just about law — it's about understanding ownership, valuation and tax in an entirely different structure than an ordinary sale.
This page isn't a theoretical dictionary. It's meant as a practical entry point: read what's relevant to your situation right now, and let the rest wait until you need it.
M&A basics
Start here if you want to understand the terms and the process before getting started.
- What is M&A? Mergers & Acquisitions explained
- The M&A process: From strategy to closing
- What does an M&A lawyer do?
- Accountant, lawyer or broker? Who should you use?
- How to choose the right advisor
- M&A glossary: DCF, LOI, SPA, EV and the other abbreviations
Buying and acquisitions
Looking to grow through acquisitions, or want to understand who typically buys businesses like yours?
- Acquiring a business: Asset purchase or share purchase
- Strategic or financial buyer: Who do you sell to fastest?
- MBO or MBI: When management — or an external leader — takes over the business
- When the seller also becomes an investor: Reinvestment and buy & build
- Looking for an investor for your business? (currently in Danish)
- Private equity: How a private equity fund works
- LBO — Leveraged buyout explained
- Joint venture as an alternative to an acquisition
Mergers
A merger is an alternative to an ordinary sale — two businesses are combined instead of one simply changing owner.
- Mergers of businesses: When is it an alternative to a sale?
- Merger or acquisition — what's the difference?
Value and financing
What's the business worth, and how does the price relate to debt, cash and working capital?
- Business valuation
- Enterprise value vs. equity value
- Net debt when selling a business
- Working capital adjustment
- Seller financing
- Earn-out when selling a business
- Taxation of an earn-out
- How to achieve the maximum price
The transaction process and agreements
From the first signals to the signed agreement.
- Teaser: The anonymous document designed to catch a buyer's interest
- Information Memorandum (IM)
- Letter of intent (LOI) when selling a business
- The transfer agreement: What should it contain?
- The significance of company structure when selling
Due diligence
The buyer's investigation of the business before the deal becomes final.
- Due diligence when selling a business
- HR due diligence: Employee matters
- Beneficial owners and due diligence
- Vendor due diligence: When the seller investigates themselves first
- Financial due diligence in depth
- Legal due diligence in depth
Agreements, risk and security
How is the price finally set, and what happens if something later turns out to be wrong?
- Locked box vs. completion accounts
- Warranties in the transfer agreement
- Indemnification when selling a business
- Escrow and holdback when selling a business
- W&I insurance when selling a business
Danish regulation
Some deals require regulatory approval before they can be completed.
- Merger control: When does an acquisition need to be notified?
- FDI screening: When a foreign investor wants to buy
After the deal
The signature isn't the end of the story.
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