Steven Pazen

Antwerp

Registered Auditor | Partner Advisory

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Locked-Box Leakage: Common Risks in M&A Transactions

Transactions

What is locked-box leakage in M&A transactions? Discover the typical risks, the impact on the transaction value, and how buyers can protect themselves contractually and financially through clear SPA provisions and buy-side due diligence.

Steven Pazen
stijn dom tas
| 3 min read | 01 Jun 2026

Locked box versus closing accounts

Transactions

Find out what makes a locked box or closing accounts more suitable in an M&A transaction. This article offers a clear transaction services perspective on pricing mechanisms, risk allocation, due diligence, working capital, debt position and purchase price adjustments, enabling buyers and sellers to make more informed deal decisions.

Steven Pazen
stijn dom tas
| 3 min read | 28 May 2026

What impact does a MAC have on enterprise value?

Transactions

An analysis of how a MAC clause can affect enterprise value, equity value, and negotiation dynamics in an M&A transaction.

Steven Pazen
stijn dom tas
| 4 min read | 21 May 2026
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Steven Pazen

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