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Earn-out or not? Lessons learned from earn-out and put/call structure in 250 M&A transactions


In 20%+ of our deals, earn-outs and put/call options were part of the final transaction structure


  • 22% of all deals were structured with a performance-based purchase price component (15% with an earn-out agreement and 7% with a put/call option)
  • Particularly in business services, consumer internet and software transactions an increase of performance-based purchase price components can be observed
Mark Miller
Mark Miller LinkedIn
Managing Partner
Deals without performance-based purchase price components
Deals with put/call option
Deals with earn-out

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