Mergers & acquisitions consulting services
Global HR support and employee benefits M&A services at Milliman
Milliman consultants have helped many clients manage human capital issues in their M&A transactions. Our objective is to help our clients achieve the goals of their investment thesis. People are often the most critical resource of an organization, and managing the complex issues that deal with people, rewards, and culture is our strength.
Our dedicated professionals have the knowledge and experience to be highly effective in the M&A deal environment. We can assist with thorough review of the human capital deal terms, benefit plan financials, program designs, plan documents, and possible changes to benefits when a merger, acquisition, or divestiture takes place. Years of experience with buyouts, mergers, and takeovers prove Milliman to be a global leader in M&A consulting.
Client case study: Acquiring a multinational business with significant pension obligations
Working to tight deadlines, our team helped a multinational business understand their potential pension exposure and model DB pension costs allowing them to quickly decide whether to proceed with the acquisition.
Challenge
- Reviewing pension matters associated with the purchase of a business with significant pension liabilities
- The client’s key concern was the expected cash cost of the UK pension plan.
Solution
- Advised stakeholders on the UK and Swiss pensions arrangements, including the associated risks, as well as market practice for funding and investment
- Developed a strategy regarding these matters post-transaction and gained a full understanding of their potential exposure.
Results
Following our initial advice, we analysed a number of DB pension cashflow scenarios. This allowed the client to integrate these scenarios with their valuation model for the business. They were then able to quickly make an informed decision on whether to proceed, based on their preferred approach to pension funding post-purchase.
Client case study: Private equity firm looking to acquire division of U.S. defence contractor
Our team helped a private equity firm understand the potential benefit obligations, risks and assets associated with the acquisition of a division of a U.S. defence contractor.
Challenge
- Assess financial and non-financial risks in significant retirement and healthcare plans
- Help client decide whether to take legacy pension and retiree medical, and negotiate with unions.
Solution
- Perform independent financial analysis of plans (liquidation basis)
- Estimate cost of health and other welfare benefits
- Review sale agreement.
Results
Successfully negotiated an agreement to keep union benefits whole through a new carve-out pension plan, in a financially sustainable and low risk manner. This meant our client was able to retain talent that was critical to the success of their business posttransaction.
MBWL: Global and multinational M&A services
MBWL is a partnership between Milliman, Barnett Waddingham, Lurse and Normandin Beaudry that helps multinationals of all sizes design and manage unique, strategic, innovative retirement and benefits programs in every country they do business. MBWL helps clients globally to identify and address M&A risk related to pensions and benefits through all transaction stages, from due diligence and negotiations to day-one readiness and post-completion integration.
MBWL has extensive M&A experience supporting PE firms as well as corporates. Whether you are buying or selling a business, MBWL consultants can tailor their support to complement your in-house M&A team. MBWL has the global coverage to ensure you get prompt access to local expertise, with a single point of accountability and consistent delivery.
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