Exchange and completion: acquisitions
A practice note detailing the exchange and completion processes in corporate acquisitions, focusing on share and asset purchases involving companies incorporated in England and Wales. The note outlines the two-stage process of signing and exchanging acquisition agreements, followed by completion, where legal formalities are executed to finalise the transaction. It also highlights the importance of managing completion conditions and post-completion steps. Key post-completion tasks include updating company books, filing obligations with Companies House and addressing stamp duty requirements. The note also discusses the logistics of virtual versus in-person completion, the role of lawyers' undertakings in funds flow and the use of escrow accounts to manage completion payments.
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