M&A pathway: Panel discussion - M&A across three worlds

Wednesday 14 October 2026 | 18:00 - 20:30 | Evening Event

M&A across three worlds: Large-cap, aggregators, private equity

Mergers and acquisitions absorb enormous amounts of capital and management attention, and most large deals still fail to deliver the value their architects promised. What separates the transactions that work from those that do not usually sits outside the valuation model: who is buying and why, what the buyer’s own economics demand, and how much of the promised value survives the years after closing.

Over this four-part series discover how leading organisations approach M&A, from executing public company transactions to building acquisition-led growth and creating value in private equity.

Each session is led by an experienced practitioner and built around a real transaction: the Sky takeover battle, acquisitions within a high-growth software company, and the 2005 Hertz buyout.

Participants will:

• Understand what drives M&A and why many deals fail
• Examine how different buyer economics shape pricing, strategy and returns
• Analyse landmark transactions from deal execution through to integration and exit

This in-person session

Most large deals fail to deliver the value promised at announcement, and the reasons rarely sit in the valuation model. This panel brings together practitioners who buy companies for very different reasons - large public acquirers, companies that acquire as a matter of routine, and financial sponsors working against a fixed fund life - to compare how each decides what a business is worth, what it will pay, and what has to happen after closing.  

Expect a candid conversation about where value is actually won and lost: pricing discipline, the distance between strategic rationale and integration reality, and how current financing and exit conditions are changing the calculus for buyers of every kind. 

 Learning Outcomes 

• Understand how different buyer types evaluate acquisition targets, determine value, and approach pricing decisions.
• Explore the factors that most commonly drive success or failure in delivering deal value after close.
• Learn how strategic rationale, integration planning, and execution interact to influence transaction outcomes.
• Gain insights into how financing markets, capital availability, and exit conditions are shaping M&A decision-making.
• Compare the priorities, constraints, and investment horizons of corporate acquirers and financial sponsors.
• Identify practical lessons for maintaining pricing discipline and avoiding value erosion throughout the deal lifecycle. 

Who Should Attend? 
This event is is suitable for portfolio managers, research analysts, asset owners

Speakers:
 
Federico Mennuni, CFA, Founding Partner Empiriant 
Federico Mennuni, CFA, is Founding Partner of Empiriant, a strategic and financial advisory partnership serving an international client base of corporations, family offices, and entrepreneurs. His expertise encompasses the full advisory spectrum, including cross-border M&A, corporate strategy, and the design of complex governance frameworks for intergenerational wealth preservation.  

Federico began his career as an investment banker in the Financial Institutions Group (FIG) at Credit Suisse, subsequently serving as a research analyst with a focus on risk arbitrage. Prior to founding Empiriant in 2022, he returned to private markets to lead a boutique advisory firm specialising in the sports and entertainment sector. Federico holds degrees from Bocconi University and the London School of Economics (LSE). 

Andrea Lisi, Director Corporate Development team, Finastra 
Andrea Lisi is a Director in the Corporate Development team at Finastra, a leading provider of financial software solutions. His expertise spans the full M&A lifecycle, including acquisitions, divestitures, valuation, deal structuring, due diligence, and value creation, with a particular focus on software, fintech, and financial services businesses.  

Prior to Finastra, Andrea was a strategy consultant at Boston Consulting Group and Oliver Wyman, where he advised leading financial institutions and private equity investors on M&A, growth strategy, commercial due diligence, and large-scale transformation programs. He also co-founded a health-tech startup and gained private equity experience through roles with UK-based investment firms during his MBA. Andrea holds a BSc and MSc in economics from Bocconi University and an MBA from London Business School. 

Find the other sessions in the series here:

M&A pathway: M&A primer and large-cap case study
M&A pathway: M&A as a growth engine - Lessons from serial acquirers and strategic buyers
M&A pathway: PE M&A - The sponsor’s logic

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