Draft
Generated TodayGolden Hour — Separation Economics
Project: Golden Hour Divestiture
Executive Summary
The headline sale price of $200M appears favorable relative to the original acquisition price of $162M. However, stranded costs and revenue dis-synergies reduce the estimated true net proceeds to a range of $165M-$185M, with a base case of $175M. The largest uncertainty drivers are IT separation, HR restructuring, vendor repricing, and customer cross-sell attribution.
Key Metrics / Facts
Seller / RemainCo
InBev
Buyer
PepsiCo
Original acquisition price
$162M
Headline sale price
$200M
True net proceeds range
$165M-$185M
Base case
$175M
Approximately $25M below headline price
Confidence
Medium
Recommendation
Proceed with caution
Pending further diligence
Main Report Body
Net Proceeds Bridge
The bridge reflects base-case assumptions and should be read as a scenario-based estimate rather than a single-point valuation conclusion.
| Item | Amount |
|---|---|
| Headline sale price | $200M |
| Less stranded costs | ($39M) |
| Less dis-synergies | ($11M) |
| Add recovery actions | $25M |
| Base case true net proceeds | $175M |
Key Drivers
| Driver | Impact Range | Confidence | Notes |
|---|---|---|---|
| HR / People | $8M-$14M | Medium | Partial retained roles and reorganization cost |
| IT / Technology | $10M-$18M | Low-Medium | ERP separation, software licensing, TSA dependency |
| Finance | $4M-$8M | Medium | Reporting, close, controls, budgeting support |
| Contracts / Procurement | $5M-$12M | Low | Vendor repricing and lost purchasing scale |
| Revenue Dis-Synergies | $8M-$15M | Low | Cross-sell loss, go-to-market disruption |
Data Gaps
- Incomplete HR census / stay-go classification
- Incomplete ERP separation estimate
- Unclear vendor repricing terms
- Limited customer cross-sell attribution
- TSA cost and duration assumptions require validation
Recommendations
- Validate ERP separation and TSA cost assumptions
- Resolve partial-role mapping in HR census
- Confirm vendor repricing triggers and minimum commitments
- Pressure-test cross-sell and customer transition risk
- Use scenario ranges and confidence levels in executive communication
Synthetic data for capstone demonstration. Not a valuation opinion, fairness opinion, legal advice, tax advice, or financial due diligence conclusion.