Navigating Global M&A with Regulatory Precision
When a multinational company pursued a strategic acquisition across borders, they faced a maze of regulatory valuation requirements. Kroll stepped in to guide the process, ensuring compliance and clarity every step of the way.
The Challenge
A leading private equity consortium set out to acquire Applus, a global leader in Testing, Inspection, and Certification (TIC), operating in over 70 countries. Their €12.78 per share bid had to meet strict regulatory standards under Article 10 of Royal Decree 1066/2007 and Spain’s CNMV.
With high stakes and tight timelines, the consortium needed a valuation that was not only regulator-compliant but also robust enough to withstand scrutiny across jurisdictions. Any misstep could jeopardize the entire acquisition.
Kroll's Solution
Kroll mobilized a cross-border team with deep TIC sector knowledge and regulatory expertise, working seamlessly between Madrid and Chicago.
Our Valuation Advisory Services and Transaction Opinions teams collaborated closely with the consortium and legal advisors at Linklaters. We delivered a comprehensive valuation report that exceeded CNMV expectations—combining advanced financial modeling with precise regulatory alignment.
We addressed valuation sensitivities, refined projections, and ensured every detail met Spanish securities standards. Our responsiveness and technical depth absorbed complexity that would have strained internal resources.
The Impact
The consortium secured CNMV approval for their €12.78 bid and gained majority control of Applus. Kroll’s expertise saved the client dozens of hours in internal work, enabling sharper deal execution and focus on post-acquisition strategy. Our regulatory precision gave them the confidence to navigate one of Spain’s most scrutinized M&A processes.
This success highlights the power of combining deep sector knowledge with global regulatory insight - unlocking strategic value in a critical industry.
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Kroll’s Valuation Advisory Services team combines global reach with deep regulatory expertise to help you navigate complexity with confidence. Whether you're facing a cross-border acquisition or a high-stakes valuation challenge, we're here to support your success.
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Valuation Services
When companies require an objective and independent assessment of value, they look to Kroll.
Transaction Opinions
Our Transaction Opinions solutions span fairness opinions, solvency opinions, ESOP/ERISA advisory, board and special committee advisory, and complex valuations.
Investment Banking
Kroll’s Investment Banking practice specializes in middle-market transactions, offering tailored M&A advisory and capital-raising services to private equity firms, corporations, and business owners.