Net Debt and Net Working Capital (NWC) are two of the most negotiated and misunderstood components of M&A transactions. When not clearly defined and analyzed, these metrics can lead to major disagreements, unexpected adjustments to purchase price, and misaligned expectations between buyers and sellers.

This session will walk through the foundational concepts and practical application of ND and NWC analysis in M&A. Jonathan Moore, Partner-in-Charge of Advisory Services at PKF O’Connor Davies, will share real-world examples, help demystify the true-up process, and offer insights into how these concepts directly impact valuation and deal outcomes.

Discussion Topics:

• Why Net Debt and Net Working Capital matter in deal structuring

• Typical components of ND and NWC—what to include and what to watch for

• Negotiating Target vs. Closing NWC and understanding the true-up

• Practical examples of debt-like items and working capital adjustments

• Common pitfalls and best practices for optimizing outcomes

Why Join Live?

• Learn how ND and NWC analysis affects purchase price in real-world deals

• Gain insight into how these metrics are used to protect value for buyers and sellers

• Explore practical frameworks for analyzing and negotiating these components

• Ask your questions during an open Q&A with Jonathan Moore

This session is designed for private equity professionals, corporate development teams, M&A advisors, and finance leaders looking to sharpen their transaction analysis skills and ensure smoother deal execution.

Participants will earn 1.0 CPE credit in the Field of Study: Specialized Knowledge.