Corporate Finance and Restructuring

Transaction Opinions

Our Transaction Opinions solutions span fairness opinions, solvency opinions, ESOP/ERISA advisory, board and special committee advisory, and complex valuations.
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Kroll’s team has particular expertise in situations where advisor independence is paramount, and scrutiny is elevated. 

Our Opinions practice helps boards of directors and special committees formed by boards fulfill their fiduciary responsibilities when considering many corporate transactions. Over the past 20 years, we have provided 1,500+ fairness opinions and 1,400+ solvency opinions with more than $11 trillion in deal value. 

Key Services

Key Situations

  • Dividend Recapitalization Transactions
  • Share Repurchase Transactions
  • General Partner (GP)-led Secondary Recapitalization Transactions
  • Private Equity Fund-to-Fund Transactions
  • Mergers and Acquisitions Transactions
  • Liability Management Transactions
  • Spin-Off/Split-off Transactions
  • Going-Private Transactions
  • Related-Party Transactions

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Fairness Opinions

Our Opinions Practice is a global leader in Fairness Opinions and Special Committee Advisory, ranking #1 for total number of fairness opinions Globally, in EMEA and the U.S. for 2024 according to LSEG (FKA Refinitiv).

Fairness Opinions

Solvency Opinions

Kroll’s Opinions practice is a globally recognized leader in solvency opinions. Since 2005, we have rendered more than 1,341 solvency opinions with an aggregate deal value over $10 trillion.

Solvency Opinions

Commercially Reasonable Debt Opinions

Advisory on capital structure, interest rate, and the other economic terms of debt securities.

Commercially Reasonable Debt Opinions

How Much is Your Management Company Worth in a REIT Roll-up Transaction?

REIT Roll up feature

Learn more in Sherry Cefali's article published by GlobeStreet.com that explores management company valuations.

Read more

Preparing a Family Business for Sale

Kroll Client Stories with Bob Bartell

Discover how Kroll’s M&A Advisory and Investigations teams helped a family company sell their business through constructing a robust financial projection model to attract lenders and investors.

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FEATURED CASE STUDIES

Broadway Hospitality Group
Towerbrook
The Duff & Phelps Opinions Practice of Kroll Rendered a Fairness Opinion to Andretti Acquisition Corp. in Connection with Its Proposed Merger with Zapata AI
The Opinions Practice of Kroll Rendered a Fairness Opinion to capiton in Connection with the €248 million GP-led Secondary Transaction of Raith and AEMtec
The Opinions Practice of Kroll Rendered a Fairness Opinion to Pathfinder Acquisition Corporation
Grindr
Bardstown Bourbon Company
Bath & Body Works
Macy’s, Inc. (NYSE:M)
Neon Therapeutics
Eneco
NN. Inc.
Xtant Medical
Isramco
Syncora Holdings Ltd
Elanco
Elanco
Broadway Hospitality Group
Towerbrook
The Duff & Phelps Opinions Practice of Kroll Rendered a Fairness Opinion to Andretti Acquisition Corp. in Connection with Its Proposed Merger with Zapata AI
The Opinions Practice of Kroll Rendered a Fairness Opinion to capiton in Connection with the €248 million GP-led Secondary Transaction of Raith and AEMtec
The Opinions Practice of Kroll Rendered a Fairness Opinion to Pathfinder Acquisition Corporation
Grindr
Bardstown Bourbon Company
Bath & Body Works
Macy’s, Inc. (NYSE:M)
Neon Therapeutics
Eneco
NN. Inc.
Xtant Medical
Isramco
Syncora Holdings Ltd
Elanco
Elanco
Explore Insights
Middle-Market M&A Could Defy Gloomy Predictions Despite Recent Volatility
M&A Updates
Middle-Market M&A Could Defy Gloomy Predictions Despite Recent Volatility

Middle-Market M&A Could Defy Gloomy Predictions Despite Recent Volatility

Following a turbulent start to Q2, there are promising indications of recovery in M&A activity, particularly in sectors better insulated from international trade uncertainties. Read more.
Food and Beverage M&A Industry Insights–Spring 2025
M&A Updates
Food and Beverage M&A Industry Insights–Spring 2025

Food and Beverage M&A Industry Insights–Spring 2025

Our Food and Beverage M&A Industry Insights Spring 2025 report aims to identify trends and provide insights across the food and beverage sector, focusing on key themes, issues and opportunities. Read more.
Global Oil and Gas M&A Outlook–Q4 2024
Valuation Outlook
Global Oil and Gas M&A Outlook–Q4 2024

Global Oil and Gas M&A Outlook–Q4 2024

Kroll’s Global Oil and Gas M&A Outlook–Q4 2024 examines the latest trends in commodity prices, leading sector indicators, valuation developments, and M&A deals from the quarter. Read more.
Navigating Working Capital in M&A Transactions
M&A Updates
Navigating Working Capital in M&A Transactions

Navigating Working Capital in M&A Transactions

Working capital is the short-term capital necessary to run a business and is typically defined as current assets minus current liabilities. Working capital is an important, complex, and potentially overlooked component of M&A transactions.
Industrial Technology & Engineered Products Industry Insights–Q1 2025
M&A Updates
Industrial Technology & Engineered Products Industry Insights – Q1 2025

Industrial Technology & Engineered Products Industry Insights–Q1 2025

The integration of artificial intelligence (AI) is driven by organizations seeking to capture competitive advantages and optimize operations. Leading tech companies, such as the Magnificent Seven, continue to increase budgets for investment in cloud computing to better understand internal and external data and make decisions from those learnings.
Convertible Notes, the Path to Cheaper Financing in an Uncertain World
M&A Updates
Convertible Notes, the Path to Cheaper Financing in an Uncertain World

Convertible Notes, the Path to Cheaper Financing in an Uncertain World

Financing is essential to early-stage entities – given the significant, upfront investment necessary to research, develop, and bring new products and services to markets, entities will often turn to complex debt and equity transactions to infuse cash into the business.
Aerospace Defense Government Services 2024 Year in Review / 2025 Outlook
M&A Updates
Aerospace Defense Government Services 2024 Year in Review / 2025 Outlook

Aerospace Defense Government Services 2024 Year in Review / 2025 Outlook

Most segments of the ADG industry are experiencing positive momentum. Strong demand for commercial air travel with continued year-over-year growth in revenue passenger miles is benefiting operators and driving demand for aftermarket parts and services. Learn more.
Building Products & Materials Industry Insights—Winter 2025
M&A Updates
Building Products & Materials Industry Insights—Winter2025

Building Products & Materials Industry Insights—Winter 2025

High interest rates and a low supply of homes headlined the U.S. housing market in 2024. Despite three consecutive rate cuts in 2024, the average 30-year fixed-rate mortgage was 6.72% in December 2024. In response to the high-interest-rate environment, the number of single-family home starts marginally decreased by 2.1% in 2024. Read more.
Food and Beverage M&A Industry Insights–Winter 2025
M&A Updates
Food and Beverage M&A Industry Insights–Winter 2025

Food and Beverage M&A Industry Insights–Winter 2025

The food and beverage industry experienced moderately strong and consistent deal flow in Q4 2024 that was likely supported by lower interest rates in Canada and the U.S. but limited by the uncertainty stemming from the U.S. election and global conflicts. Read more.
What Are the 10 Largest REIT IPOs?
Fairness and Solvency Opinions
What Are the 10 Largest REIT IPOs?

What Are the 10 Largest REIT IPOs?

Our globally ranked Opinions Practice rendered fairness opinions on six of the ten largest REIT IPOs. Learn more.
Canadian M&A Industry Insights–Winter 2025
M&A Updates
Canadian M&A Industry Insights–Winter 2025

Canadian M&A Industry Insights–Winter 2025

Canadian M&A activity declined in volume and disclosed value in 2024 when compared to 2023. Heightened buyer precautions, challenging credit conditions and general economic uncertainty have led to an overall decrease in Canadian deal flow. Learn more.
Politicians to Take Notice of Private Debt in 2025
Valuation Outlook
Politicians to Take Notice of Private Debt in 2025

Politicians to Take Notice of Private Debt in 2025

As the world awaits Donald Trump’s second term, private credit is set to become a major force in markets and that will attract the attention of politicians. Read more.
See all Transactions
Kroll's Consumer & Restaurant Investment Banking Team Advised Broadway Hospitality Group (DBA Tavern in the Square) on Its Sale to Authentic Restaurant Brands
Sell Side Advisor
Kroll's Consumer & Restaurant Investment Banking Team Advised Broadway Hospitality Group (DBA Tavern in the Square) on Its Sale to Authentic Restaurant Brands
March 6, 2025
Kroll’s Opinions Practice Rendered a Fairness Opinion in Connection with TowerBrook’s Acquisition of R1 RCM
Fairness Opinion
Kroll’s Opinions Practice Rendered a Fairness Opinion in Connection with TowerBrook’s Acquisition of R1 RCM
January 23, 2025
Kroll Rendered Solvency Opinions in Connection with Howard Hughes Holdings’ Spinoff of Seaport Entertainment Group
Solvency Opinion
Kroll Rendered Solvency Opinions in Connection with Howard Hughes Holdings’ Spinoff of Seaport Entertainment Group
August 6, 2024
The Duff & Phelps Opinions Practice of Kroll Rendered a Fairness Opinion for Lineage’s Management Company Internalization Transaction in Connection with Its IPO
Fairness Opinion
The Duff & Phelps Opinions Practice of Kroll Rendered a Fairness Opinion for Lineage’s Management Company Internalization Transaction in Connection with Its IPO
July 29, 2024
Kroll Corporate Finance Advised Microcel Corporation on Its Sale to TDL Gentek
Sell Side Advisor
Kroll Corporate Finance Advised Microcel Corporation on Its Sale to TDL Gentek
July 29, 2024
The Duff & Phelps Opinions Practice of Kroll Rendered a Fairness Opinion to the Partnership Board of Grant Thornton LLP
Fairness Opinion
The Duff & Phelps Opinions Practice of Kroll Rendered a Fairness Opinion to the Partnership Board of Grant Thornton LLP
May 15, 2024

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