Buy Or Sell Opportunity • Jun 05
Now 21% overvalued Over the last 90 days, the stock has fallen 6.8% to €124. The fair value is estimated to be €103, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last 3 years. Earnings per share has grown by 4.0%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings are also forecast to grow by 6.9% per annum over the same time period. Announcement • Jun 02
Vinci SA Appoints Thierry Mirville as Chief Financial Officer, Effective 1 June 2026 Vinci SA had appointed Thierry Mirville as Chief Financial Officer as from June 1, 2026. He succeeded Christian Labeyrie, who will retire at the end of this year. Thierry Mirville is a graduate of ESSEC Business School and of the Institut d'Etudes Politiques de Paris. Thierry Mirville began his professional career in 1991 at GTIE, a subsidiary of Compagnie Générale de Eaux (which became a VINCI subsidiary in 1997, renamed VINCI Energies in 2002). He was appointed Chief Financial Officer of VINCI Energies Deutschland in 2003 and became Chief Financial Officer of VINCI Energies in 2006. In 2018, he joined VINCI SA in charge of the Treasury, Financing and Tax Department. In 2021, he was appointed Chief Financial Officer of the new VINCI Construction division, which includes construction and road works activities. Thierry Mirville has been Deputy Chief Financial Officer and a member of VINCI’s Executive Committee since October 1, 2025. Buy Or Sell Opportunity • May 22
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at €123. The fair value is estimated to be €103, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last 3 years. Earnings per share has grown by 4.0%. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings are also forecast to grow by 6.7% per annum over the same time period. Announcement • Apr 25
Vinci SA to Report First Half, 2026 Results on Jul 29, 2026 Vinci SA announced that they will report first half, 2026 results on Jul 29, 2026 Announcement • Mar 04
Vinci SA, Annual General Meeting, Apr 14, 2026 Vinci SA, Annual General Meeting, Apr 14, 2026. Location: 252 rue du faubourg saint honore, paris France Announcement • Feb 27
VINCI Announces Governance Changes VINCI has announced governance changes. Patrick Richard has been appointed as Secretary General of VINCI with effect from March 1, 2026. He remains a member of the Executive Committee and continues to serve as Secretary to the Board of Directors. Sophie Deis-Beauquesne has been appointed as General Counsel of VINCI and joins its Executive Committee. She reports to Patrick Richard. Ms. Deis-Beauquesne holds a doctor of laws degree and was admitted to the Paris bar, having practised as a lawyer in Paris and then in Hong Kong for nearly 10 years. She joined the VINCI Group in 2011 as Head of Legal at VINCI Energies International & Systems. In 2014, Ms. Deis-Beauquesne was appointed as this entity’s General Counsel, before being named General Counsel, overseeing legal, compliance and insurance aspects, at VINCI Energies in April 2024, when she also became a member of its Executive Committee. Céline Acharian has been appointed as Director of Ethics and Conduct of VINCI and joins its Executive Committee. She reports to Patrick Richard. A graduate of the École Normale Supérieure, Ms. Acharian joined Inria, the French National Institute for Research in Digital Science and Technology, in 2006 as Head of Partnerships and Public Affairs, and went on to serve as its Director of Communications from 2012 until 2017. In 2017, she became Director of Communications at the Autorité de Sûreté Nucléaire (ASN), the French Nuclear Safety Authority. Ms. Acharian joined the VINCI Group in September 2022 as Chief Executive Officer of the think tank La Fabrique de la Cité and has also helped raise the profile of Leonard, the Group’s innovation and foresight platform. Announcement • Jan 13
VINCI Announces Appointment of Christophe Ferrer as Vice-President of Business Development and Thierry Mirville as Deputy Chief Financial Officer to the Executive Committee VINCI announced that Christophe Ferrer has been appointed Vice-President, Business Development of VINCI and joined the Executive Committee, replacing Christophe Pelissié du Rausas following his retirement. A graduate of HEC Paris, Christophe Ferrer started his professional career at VINCI in 2006 as Project Manager in the Investor Relations Department. He then built a largely international career at VINCI Construction, first as Administrative and Financial Manager on major projects then as Financial Director of Eurovia in the United Kingdom. He became the VINCI Group's Director of Cash Management and Financing in 2021, and also oversees the Tax Department. Thierry Mirville, who was appointed Deputy Chief Financial Officer of VINCI on October 1, 2025, has also joined the Group's Executive Committee. A graduate of ESSEC Business School and of the Institut d'Études Politiques de Paris, Thierry Mirville began his professional career in 1991 at GTIE (a subsidiary of Compagnie Générale de Eaux at the time, which became a VINCI subsidiary in 1997 and was renamed VINCI Energies in 2002). He was appointed Chief Financial Officer of VINCI Energies Deutschland in 2003 and became Chief Financial Officer of VINCI Energies in 2006. In 2018, he joined VINCI SA as head of the Treasury and Financing Department and Tax Department. In 2021, he was appointed Chief Financial Officer of the new VINCI Construction division, which includes construction and roadworks activities. Announcement • Oct 24
Vinci SA Confirms Earnings Guidance for the Year 2025 Vinci SA confirmed earnings guidance for the year 2025. For the year, the company expects its total revenue and earnings to rise again in 2025, before factoring in the increase in corporate tax rates in France. France’s 2025 budget includes an exceptional contribution increasing the corporate income tax rate for larger companies. The impact of this measure on VINCI’s 2025 net income is an additional charge estimated at €0.4 billion which will be paid at the end of 2025. Announcement • Oct 23
Vinci SA to Report Fiscal Year 2025 Results on Feb 05, 2026 Vinci SA announced that they will report fiscal year 2025 results at 5:45 PM, Central European Standard Time on Feb 05, 2026 Announcement • Jul 25
Vinci SA (ENXTPA:DG) signed an agreement to acquire S.C. EnergoBit S.A. Vinci SA (ENXTPA:DG) signed an agreement to acquire S.C. EnergoBit S.A. on July 24, 2025. For the period ending December 31, 2024, S.C. EnergoBit S.A. reported total revenue of RON 100 million. Announcement • Nov 13
The Schiphol Group and Vinci Reportedly to be Lining Up for Cairns Airport Owner North Queensland Airports Group The Schiphol Group (Royal Schiphol Group N.V.) and Vinci SA (ENXTPA:DG) are believed to be lining up for Cairns airport owner North Queensland Airports Group (North Queensland Airports Pty Limited), which is chasing a price of $3 billion. Global infrastructure investor Stonepeak (Stonepeak Partners LP) may also be in the mix, say sources. The understanding is that the process will be launched next month, and the first-round bids are due at the end of January in what will be a deal keeping investment bankers busy over the festive season when most typically take a break. But northern hemisphere groups often work through December and January, which is the likely explanation for the timing of the process. Global groups are drawn to the opportunity because, unlike other airport assets on offer where regulations stipulate they cannot own more than 49%, in this case they are allowed to own all of the airport business. Vinci was in the mix early on for the recent sale process of Gold Coast airport owner Queensland Airports, under which 74% of it was sold to Kohlberg Kravis Roberts and Skip Capital for $3 billion. Both KKR and Skip could be around the hoop for the North Queensland opportunity as well. Meanwhile, DEXUS (ASX:DXS) expressed some early interest in taking a look. North Queensland Airports Group owns Cairns and Mackay Airports, and the Mackay Airport Hotel. Based on its $3 billion price tag, it is more expensive than Perth Airport - the subject of a recent transaction – and Queensland Airports, from an earnings multiple perspective. The whole North Queensland Airports business is up for sale through Macquarie Capital. The sales pitch is the opportunity to transform Cairns into an international destination. Announcement • Nov 08
Vinci SA Announces Executive Changes On November 7, 2024, Xavier Huillard has named Nicolas Notebaert as Chief Executive Officer of Concessions at VINCI. In his new role, Mr. Notebaert reports to Pierre Anjolras, Chief Operating Officer of VINCI. Already in charge of the VINCI Concessions business line (notably including VINCI Airports, VINCI Highways, VINCI Railways and several public-private partnerships), Mr. Notebaert has thus been given responsibility for VINCI Autoroutes and VINCI Stadium as well. This appointment clarifies the Group’s organisation and will strengthen synergies between VINCI’s concession companies. As Pierre Coppey has resigned as Chairman of the motorway concession companies that make up VINCI Autoroutes, Mr. Notebaert now also serves in that role. Born in 1970, Mr. Notebaert is a graduate of the École Polytechnique and the École Nationale des Ponts et Chaussées and holds an MBA. He joined the VINCI Group in 2002 as head of the Operations Department at Cofiroute and moved to VINCI Concessions in 2004 as Director of Business Development for France. In February 2008, Mr. Notebaert was appointed Chairman of VINCI Airports. Under his leadership, VINCI Airports became the world’s largest private operator in its sector, with more than 70 airports across 14 countries. In June 2016, Mr. Notebaert was appointed Chief Executive Officer of VINCI Concessions and joined the VINCI Group’s Executive Committee. In particular, he has accelerated the development of VINCI’s motorway concessions outside France. Announcement • Jul 26
Vinci SA Approves Interim Dividend, Payable on 17 October 2024 The Board of Vinci SA approved a 2024 interim dividend of €1.05 per share, to be paid on 17 October 2024. 15 October 2024: Ex-date for the 2024 interim dividend. Announcement • May 06
VINCI Appoints Pierre Anjolras as Chief Operating Officer On 3 May 2024, the Board of Directors of VINCI unanimously approved the appointment of Pierre Anjolras as Chief Operating Officer of VINCI. Pierre Anjolras will report to Xavier Huillard, Chairman and Chief Executive Officer of VINCI, and will be responsible for overseeing the Group's operational activities in its various business lines. Pierre Anjolras joined the VINCI Group in 1999. He acquired an extensive experience in motorway concessions, becoming Chief Operating Officer of Cofiroute in 2004 before being appointed Chief Executive Officer of ASF in 2007 (two VINCI Autoroutes networks). In May 2010, Pierre Anjolras became Deputy Chief Executive Officer in charge of International Affairs and Public-Private Partnerships at Eurovia, then Chairman and Chief Executive Officer in 2014, and joined VINCI's Executive Committee. At the beginning of 2021, Xavier Huillard appointed Pierre Anjolras as Chairman of VINCI Construction and entrusted him with the task of bringing Eurovia and VINCI Construction together. The continuous improvement of VINCI Construction’s performance in this new scope attests to the success of this reorganization. Xavier Huillard's current terms of office as Director and Chairman of the Board of Directors of VINCI remain in force until the 2026 Annual General Meeting. Announcement • Apr 27
Vinci SA Provides Earnings Guidance for the Year 2024 Vinci SA provided earnings guidance for the full year 2024. For the period, the company expects its total revenue to rise again in 2024, although growth is likely to be more limited than in 2023. Earnings are expected to increase as well. This forecast does not take into account the negative impact of the new tax on long-distance transport infrastructure operators being introduced by the French government, estimated to around €280 million. Despite this negative impact, net income in 2024 could be close to its level achieved in 2023. Upcoming Dividend • Apr 16
Upcoming dividend of €3.45 per share Eligible shareholders must have bought the stock before 23 April 2024. Payment date: 25 April 2024. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of British dividend payers (6.1%). Higher than average of industry peers (3.5%). Buy Or Sell Opportunity • Mar 15
Now 20% undervalued Over the last 90 days, the stock has risen 1.2% to €117. The fair value is estimated to be €147, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 35%. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings are also forecast to grow by 5.2% per annum over the same time period. Declared Dividend • Feb 12
Final dividend of €3.45 announced Shareholders will receive a dividend of €3.45. Ex-date: 23rd April 2024 Payment date: 25th April 2024 Dividend yield will be 3.9%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 9.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 11
Full year 2023 earnings released: EPS: €8.28 (vs €7.55 in FY 2022) Full year 2023 results: EPS: €8.28 (up from €7.55 in FY 2022). Revenue: €69.6b (up 11% from FY 2022). Net income: €4.70b (up 10% from FY 2022). Profit margin: 6.8% (in line with FY 2022). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Feb 08
Vinci SA Proposes Final Dividend, Payable on 25 April 2024 On 7 February 2024, the Board of Directors of Vinci SA decided to propose a 2023 dividend of €4.50 per share to the Shareholders’ General Meeting on 9 April 2024, reflecting its confidence in the Group’s future prospects. Since an interim dividend of €1.05 per share was paid in November 2023, the final dividend payment on 25 April 2024 will be €3.45 per share, to be paid in cash, if approved at the Shareholders’ General Meeting. New Risk • Feb 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks High level of debt (69% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (8.3% increase in shares outstanding). Upcoming Dividend • Nov 07
Upcoming dividend of €1.05 per share at 3.8% yield Eligible shareholders must have bought the stock before 14 November 2023. Payment date: 16 November 2023. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of British dividend payers (6.5%). In line with average of industry peers (3.9%). Announcement • Oct 28
Vinci SA Provides Earnings Guidance for the Year 2023 Vinci SA provided earnings guidance for the year 2023. The Group confirms that for the full year, it expects: a further increase – although more limited than in 2022 – in revenue and operating income; Net income slightly higher than the level achieved in 2022, despite a substantial increase in financial costs. Announcement • Oct 05
Vinci SA (ENXTPA:DG) commences an Equity Buyback for 10% of its issued share capital, for €4,000 million. Vinci SA (ENXTPA:DG) commences share repurchases on September 28, 2023, under the program mandated by the shareholders in the Combined Shareholders’ General Meeting held on April 13, 2023. As per the mandate, the company is authorized to repurchase its own shares such that its holding in treasury does not exceed 10% of its share capital. The repurchases will be made at a maximum acquisition cost of €140 per share, for €4,000 million. The objective of the program is to transfer or exchange of shares upon the exercise of the rights attached to securities giving access to the company’s share capital, retention and future delivery for payment or exchange purposes in connection with transactions involving external growth, disposal or transfer of company shares to eligible employees and/or company officers of VINCI Group companies in the context of savings plans, share and/or share purchase option allocation plans, including disposal to any approved service provider appointed for the design, implementation and management of any employee savings or similar structure on behalf of the VINCI Group, and pledge of shares as guarantee under employee savings plans, ensuring market liquidity within the framework of a liquidity agreement and entrusted to an investment service provider acting independently, cancellation, as part of the company's financial policy. The program will be valid for a period of 18 months until October 12, 2024. Announcement • Sep 08
CTG Bids for Control of Elecnor's Renewables Unit China Three Gorges Corporation (CTG) is at the forefront of the bidding race for the acquisition of a controlling stake in Enerfin, S.A., the wind and solar subsidiary of Spanish infrastructure builder Elecnor SA (BME:ENO), Spanish media outlet Voz Populi reported on September 6, 2023, citing sources close to the transaction. The Chinese state-owned power company is said to be more interested in Enerfin's wind farms in Spain, where it wants to grow its presence, rather than in its assets in other markets, least of all Australia and the US, the report states. Elecnor began the search for a partner that would acquire a controlling stake in Enerfin in June 2023, after an unsuccessful attempt to find a buyer for a "significant but not majority stake" for over a year. In addition to CTG, the new quest attracted bidders such as Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) and French concessionaire and construction group Vinci SA (ENXTPA:DG). Reported Earnings • Jul 30
First half 2023 earnings released: EPS: €3.70 (vs €3.29 in 1H 2022) First half 2023 results: EPS: €3.70 (up from €3.29 in 1H 2022). Revenue: €32.9b (up 14% from 1H 2022). Net income: €2.09b (up 13% from 1H 2022). Profit margin: 6.4% (in line with 1H 2022). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • May 13
Vinci SA (ENXTPA:DG) completed the acquisition of a 55% stake in Entrevias Concessionária de Rodovias S.A. from Patria Investimentos Ltda. Vinci SA (ENXTPA:DG) agreed to acquire 55% stake in Entrevias Concessionária de Rodovias S.A. from Patria Investimentos Ltda on December 1, 2022. The transaction is expected to close in 2023.
Vinci SA (ENXTPA:DG) completed the acquisition of a 55% stake in Entrevias Concessionária de Rodovias S.A. from Patria Investimentos Ltda on May 11, 2023. Upcoming Dividend • Apr 18
Upcoming dividend of €3.00 per share at 3.7% yield Eligible shareholders must have bought the stock before 25 April 2023. Payment date: 27 April 2023. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of British dividend payers (5.8%). In line with average of industry peers (3.7%). Reported Earnings • Feb 10
Full year 2022 earnings released: EPS: €7.47 (vs €4.56 in FY 2021) Full year 2022 results: EPS: €7.47 (up from €4.56 in FY 2021). Revenue: €62.3b (up 24% from FY 2021). Net income: €4.26b (up 64% from FY 2021). Profit margin: 6.8% (up from 5.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Feb 09
Vinci SA Proposes Dividend for the Year 2022, Payable on 27 April 2023 Vinci SA announced that on 8 February 2023, the Board of Directors decided to propose a 2022 dividend of €4.00 per share to the Shareholders’ General Meeting on 13 April 2023, reflecting its confidence in the Group’s prospects. Since an interim dividend of €1.00 per share was paid in November 2022, the final dividend payment on 27 April 2023 will be €3.00 per share, to be paid in cash, if approved in the Shareholders’ General Meeting. Upcoming Dividend • Nov 08
Upcoming dividend of €1.00 per share Eligible shareholders must have bought the stock before 15 November 2022. Payment date: 17 November 2022. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (4.1%). Announcement • Sep 15
Vinci SA, Annual General Meeting, Apr 09, 2024 Vinci SA, Annual General Meeting, Apr 09, 2024, at 10:00 Central European Standard Time. Reported Earnings • Jul 30
First half 2022 earnings released First half 2022 results: Net income: (down €682.0m from profit in 1H 2021). Upcoming Dividend • Apr 19
Upcoming dividend of €2.25 per share Eligible shareholders must have bought the stock before 26 April 2022. Payment date: 28 April 2022. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of British dividend payers (4.6%). In line with average of industry peers (3.5%). Reported Earnings • Feb 05
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €4.51 (up from €2.23 in FY 2020). Revenue: €50.0b (up 13% from FY 2020). Net income: €2.60b (up 109% from FY 2020). Profit margin: 5.2% (up from 2.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 14%, compared to a 3.3% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Buying Opportunity • Jan 18
Now 20% undervalued Over the last 90 days, the stock is up 6.1%. The fair value is estimated to be €122, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 24% per annum over the last 3 years. Upcoming Dividend • Nov 09
Upcoming dividend of €0.65 per share Eligible shareholders must have bought the stock before 16 November 2021. Payment date: 18 November 2021. Trailing yield: 1.4%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (2.2%). Reported Earnings • Aug 03
First half 2021 earnings released: EPS €1.20 (vs €0.53 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €23.0b (up 22% from 1H 2020). Net income: €682.0m (up €976.0m from 1H 2020). Profit margin: 3.0% (up from net loss in 1H 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 13
Upcoming dividend of €2.04 per share Eligible shareholders must have bought the stock before 20 April 2021. Payment date: 22 April 2021. Trailing yield: 2.3%. Lower than top quartile of British dividend payers (4.2%). In line with average of industry peers (2.4%). Reported Earnings • Feb 07
Full year 2020 earnings released: EPS €2.20 (vs €5.88 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €43.9b (down 10% from FY 2019). Net income: €1.24b (down 62% from FY 2019). Profit margin: 2.8% (down from 6.7% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 07
Revenue beats expectations Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is forecast to grow 7.6%, compared to a 37% growth forecast for the Construction industry in the United Kingdom. Announcement • Oct 03
VINCI SA (ENXTPA:DG) entered into a non-binding proposal to acquire Industrial Services Division from ACS Servicios, Comunicaciones y Energía, S.L. for €5.2 billion. VINCI SA (ENXTPA:DG) entered into a non-binding proposal to acquire Industrial Services Division from ACS Servicios, Comunicaciones y Energía, S.L. for €5.2 billion on October 2, 2020. Under the terms, VINCI will pay €2.8 billion in cash and the remaining part being paid in shares or in cash. The final terms and conditions of the proposed transaction will be agreed upon at the end of the due diligence process. In 2019, Industrial Services Division generated revenue of €6.3 billion. Transaction is subject to due diligence, regulatory approvals and including merger control. 
