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Post-merger integration
We designed and delivered a post merger target operating model for a UK challenger bank merging with a large African financial institution
We were asked by a client to provide merger and project management expertise to ensure the deal closed successfully and in the shortest time possible
The challenge
Henderson Global Investors and Janus Capital announced their merger in October 2016, to create a $6bn active investment manager with assets under management of c. $330bn.
Henderson established a programme team including corporate and legal advisors to work on the key tasks of closing the corporate transaction and preparing for the integration of the two businesses.
Closing the deal was complex as Henderson was listed on the London and Australian stock exchanges and Janus on the New York Stock exchange. The merger required shareholder approvals, notice periods, delisting and relisting, as well as a large number of regulatory approvals due to the geographic spread of both organisations.
Having worked with PEN previously, Henderson sought our merger and project management expertise to ensure the deal closed successfully and in the shortest time possible.
Our approach
We quickly deployed a small team of experienced consultants who set about understanding the requirements of the deal, the key stakeholders, milestones and dependencies.
Having appropriate governance in place to oversee deal completion and decision making was critical. We set up and then chaired the Joint Deal Steering Committee and Working Group through to completion.
The deal involved a large number of requirements and dependencies which made creating the timetable for the merger challenging. However using our experience of working on similar projects we were able to define the best case options and gain agreement to a preferred plan.
We worked collaboratively with the workstream leads to build out more detailed plans, to track and report on progress, including escalating and resolving risks and issues with the Steering Committee.
The outcome
All aspects of the deal completion were delivered on time.
Our experience and methodical project planning and delivery approach were recognised on all sides as a significant contributor to the success of the merger.
Based upon our input we were asked to continue to work for the newly merged business for the next phase of delivery – post-merger integration. Specifically to support setting up the Integration Programme governance, planning and reporting as well as working with key workstreams to define and implement their integration plans and deliverables e.g. people, process and systems integration.
We continued to work with the Head of Integration and programme team to a point where the majority of the change initiatives had stabilised and they were able to fully resource an internal team to take forward the ongoing integration efforts.
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