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.
Broad benefit insights
Identifying and understanding the risks and potential costs of the benefits programs is critical for the success of all divestiture and acquisition transactions. Milliman has developed sophisticated tools for analyzing these risks, and we can confidently guide clients through the complexities of each proposal. Our services include pre-merger analysis, comprehensive due diligence, current plan analysis and comparison, benefit design, employee communication, plan changes, day one readiness, and post-merger integration.
Strategy. Implementation. Communication.
At Milliman, we listen closely to each company’s goals to provide stability and perspective during transitions in today’s volatile economic environment. Our consultants will work with you to develop the critical strategy that establishes your direction, deliver a smooth implementation, and effectively communicate with internal and external stakeholders to assure buy-in and achievement of your goals.
Compensation and total rewards offerings
We help you navigate the complexities of executive, sales, and workforce compensation to design competitive and cost effective compensation programs that drive performance and value generation. We review compensation in the context of financial and non-financial rewards and as part of the total reward offering.
Change management and communications
We offer a spectrum of comprehensive change management and communications services to provide necessary information, generate excitement about the value that the transaction brings to clients, employees, and other relevant stakeholders, and manage risk. We will help you prepare for day one, and provide ongoing support for leader communications, customized risk management, and broader employee and client communications.
Global experience, local presence
Clients rely on us as industry experts, trusted advisors, and creative problem-solvers. A global perspective is more important than ever as the marketplace grows and businesses cross borders. With offices in principal cities worldwide, Milliman combines international experience with local expertise. We help our clients understand how business is affected by developments around the world.
Comprehensive HR support
Milliman’s experts can provide comprehensive HR support that addresses all stages of the deal—whether our role is to lead the HR element of the transaction or manage one key component.
| Pre-acquisition | Closing | Post-acquisition |
|---|---|---|
|
|
|
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.
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.
We’re here to help
Ask the tough questions. We’re ready for them.