End-to-End M&A Deal Analysis & LBO Model
A complete sell-side / buy-side workup on Microsoft's $68.7B all-cash acquisition of Activision Blizzard — built from 10-K and 10-Q filings. Includes a 3-statement model, DCF, trading & transaction comps, a fully-mechanic LBO with IRR, and a 12-slide pitch deck presented as an IB Analyst would to an MD.
Why this deal — and why this project.
Mergers and acquisitions are the heartbeat of investment banking. This project demonstrates the full analyst toolkit: building a clean 3-statement model from raw 10-K filings, valuing the target under multiple methodologies (DCF, trading comps, precedent transactions), stress-testing a buyout with a leveraged finance lens, and packaging the recommendation into a Managing-Director-ready deck.
I chose Microsoft / Activision Blizzard because it sits at the intersection of three live themes Ameriprise advisors track every day: large-cap consolidation, cross-border regulatory risk (FTC, CMA, EC), and platform-driven synergy realization. The deal closed in October 2023 after 21 months of regulatory scrutiny — a rare modern case study with a complete public record from announcement to close.
Unlevered FCF projection, WACC build, terminal value, sensitivity.
Trading multiples vs peers; recent gaming-sector transactions.
Sources & uses, debt schedule, returns waterfall, IRR & MoIC.
12-slide MD-ready investment memo and recommendation.
Regulatory, integration, console-exclusivity, talent retention.