{"id":10307,"date":"2026-01-24T16:50:09","date_gmt":"2026-01-24T16:50:09","guid":{"rendered":"https:\/\/www.martinsdelima.com\/experiences-mergers-loi\/"},"modified":"2026-02-08T18:25:49","modified_gmt":"2026-02-08T18:25:49","slug":"experiences-mergers-loi","status":"publish","type":"page","link":"https:\/\/www.martinsdelima.com\/en\/experiences-mergers-loi\/","title":{"rendered":"Experiences mergers loi"},"content":{"rendered":"\t\t
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Experiences<\/b>
Mergers and Acquisitions<\/b>
Letter of intent in international transaction<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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In a complete M&A process, the Letter of Intent (LOI)<\/strong> is the piece that transforms a negotiation “of interest” into a pathway to closing<\/strong>, setting the scope of the transaction, the “how” of the price, the work plan, and the rules of the game<\/strong>. In this case, the LOI was structured for the purchase of 100% of the capital<\/strong> through an initial entry and subsequent mechanisms, making it clear that the document organized the process, but that certain obligations (such as exclusivity, confidentiality, costs, and due diligence framework<\/strong>) should be binding. <\/h6>
What made the negotiation especially demanding was the typical clash of “red lines”: the selling party wanted to ensure a minimum value consistent with the market<\/strong>, while the buyer set a multiple ceiling per tranche<\/strong>. That point, which often stalls operations for weeks, was addressed as a design problem (not a blockage): a structural solution was put on the table that would allow both red lines to be respected without breaking the economic logic<\/strong>. There were certain typical \u201cdeal-breakers\u201d<\/strong> and a fixed and variable payment architecture<\/strong> was proposed to \u201cclose the deal in a way that was positive for both parties.\u201d <\/h6>
This is where martinsdelima shines in financial consulting applied to M&A: we convert a valuation discussion into measurable and defensible contractual mechanisms<\/strong>. Instead of just discussing a number, a staggered structure was promoted with reciprocal purchase\/sale rights (put\/call)<\/strong>, so that the advancement of participation was linked to milestones and operational evolution<\/strong>, and not to a permanent renegotiation. The final LOI reflects this tranche and option approach, in addition to preserving the coherence of the transaction scope. <\/h6>
martinsdelima’s methodology in this phase was based on three pillars:<\/h6>
(i) risk map<\/strong> (what can break the agreement and how it is mitigated),<\/h6>
(ii) incentive design<\/strong> (what makes both parties want to continue moving forward), and<\/h6>
(iii) governance of the \u201cday after\u201d<\/strong> (how the company is managed during the transition period).<\/h6>
Therefore, the LOI was not limited to price and schedule: it incorporated a robust scheme of corporate governance, reserved matters, budget, and reporting<\/strong>, in addition to rules on transfers, lock-up, and preference rights<\/strong>. This reduces friction in the due diligence and prevents the SPA from becoming a battlefield.<\/strong> <\/h6>
In parallel, execution was shielded: confirmatory due diligence<\/strong> with data room and specific sessions, and a clear framework for negotiating the final documents (Investment\/Share Purchase and Stakeholders), along with exclusivity<\/strong> to protect the effort of both parties and avoid last-minute \u201cauctions\u201d<\/strong>. That set of clauses is what makes the difference between a \u201cnice\u201d LOI and an LOI that is operational, enforceable, and closure-oriented<\/strong>. <\/h6>
And how was an excellent resolution reached? Not by giving in, but by reframing<\/strong>: given the tension of the multiple<\/strong>, martinsdelima promoted alternatives that increased the potential value without distorting the income statement<\/strong>, such as compensation\/return formulas linked to results (without \u201cinflating\u201d EBITDA)<\/strong> and mechanisms for alignment with the performance of the buying group<\/strong>. This creativity, added to documentary discipline and technical negotiation, allowed us to go from \u201cdeal-breakers\u201d to a signable final text,<\/strong> where value, management, and the path to 100% were protected. <\/h6>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

ExperiencesMergers and AcquisitionsLetter of intent in international transaction In a complete M&A process, the Letter of Intent (LOI) is the piece that transforms a negotiation “of interest” into a pathway to closing, setting the scope of the transaction, the “how” of the price, the work plan, and the rules of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/template-pagebuilder-full-width.php","meta":{"footnotes":""},"class_list":["post-10307","page","type-page","status-publish","hentry"],"yoast_head":"\nExperiences mergers loi - Martinsdelima<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.martinsdelima.com\/en\/experiences-mergers-loi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Experiences mergers loi - 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