OWN
Ownership and control
Group structure, UBO, UCB, minority interests, state exposure and related entities.
M&A Risk IntelligenceEvaluate what the buyer
Evaluate what the buyer
will actually inherit.
Pre-transaction intelligence on ownership, control, economics, operations and hidden dependencies surrounding an acquisition target.
Complement formal diligence
Investigate the target beyond the data room.
Legal and financial diligence validate disclosed information. Tevuna examines the wider economic, operational and control system around the target, including relationships and dependencies that may not be formally disclosed.
- Acquisition targets and material subsidiaries
- Controlling parties and related entities
- Critical customers, suppliers and operating partners
- Management, key-person and jurisdictional exposure
- Evidence gaps requiring confirmatory diligence
Acquisition intelligenceTARGET SYSTEM
Legal entityDisclosed targetDATA ROOM
Control systemOwners, UBO and UCBRECONSTRUCTED
Operating systemDependencies and counterpartiesASSESSED
Transaction riskWhat transfers to buyerEXPLAINED
Assessment dimensions
Connect ownership, economics and operations.
The investigation is configured around the transaction thesis, materiality and the decisions still open before signing or closing.
ECO
Economic dependencies
Revenue concentration, financing relationships, major customers, suppliers and value-flow dependencies.
OPS
Operational reality
Footprint, capabilities, critical locations, operating partners and discrepancies from disclosed operations.
MGT
Management exposure
Key-person dependence, control concentration, external relationships and continuity risk.
LEG
Legal and regulatory
Litigation, enforcement, licenses, sanctions and material jurisdictional constraints.
REP
Reputation and conduct
Credible adverse information, historical controversies and connected-party exposure.
Control intelligence
Determine who can influence the target after the transaction.
Ownership percentages alone may not explain actual control. Tevuna distinguishes formal UBO evidence from Ultimate Controlling Beneficiary attribution and examines governance, financing, management and related-party mechanisms.
- Direct and indirect ownership percentages
- Voting rights, board influence and reserved matters
- Trust, family, nominee and state interests
- Management and contractual control
- Financing and economic dependence
Control mapPOST-TRANSACTION
EquityShares and voting
GovernanceBoard and rights
EconomicsFinance and benefit
CONTROLintegrated assessment
InfluenceWho directs decisions
DependencyWhat cannot be replaced
RiskWhat survives closing
Operational intelligence
Test whether the target functions as represented.
Operational analysis examines the observable footprint, critical relationships and practical dependencies that underpin the investment case.
01
Footprint
Locations, facilities, licenses, assets and operating jurisdictions.
02
Commercial network
Critical customers, suppliers, agents, distributors and joint-venture relationships.
03
Capability
Observable evidence supporting or contradicting stated capacity, activity and market position.
04
Continuity
Dependencies on individuals, related parties, state access, financing or non-transferable relationships.
Decision output
Convert intelligence gaps into diligence actions.
- Executive risk assessment aligned to the transaction thesis
- Ownership, UBO, UCB and relationship maps
- Economic and operational dependency analysis
- Material contradictions and undisclosed relationships
- Evidence, confidence and alternative hypotheses
- Questions for management, counsel and confirmatory diligence
Transaction outputACTIONABLE
01
Findings
What the evidence establishes.
02
Gaps
What remains unverified.
03
Implications
Why it matters to value and integration.
04
Actions
What to test before the decision.
Pre-transaction evaluation
Start with the target and the investment thesis.
Tevuna will define the intelligence work around the material decisions that remain open.