How Do You Buy a Company for $1 Billion?

Someone from the acquiring company might hand over cashier?s checks?either one for the whole company or smaller ones for each shareholder?or initiate a wire transfer that had been lined up in advance. To do the latter, an executive present at the closing would simply make a phone call to the company?s bank, and send an email to confirm the instruction. A representative for the acquired company would then follow with another phone call, to confirm that the transfer had been received on the other end. There?s not much suspense in the room, however. While waiting for the closing to go through, executives often make small talk about other subjects?sports, the weather?or they might fiddle on their phones. Finally, the companies shake hands and usually agree to meet up later for a celebratory dinner. Altogether the closing shouldn?t take more than two or three hours.

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