The process of completing a merger or acquisition involves multiple steps and can be complex and time-consuming. This includes setting criteria, searching for potential targets, valuation analysis, negotiation, and consolidation of assets. The final purchase price is determined after completion of the transaction, which can take several months to complete. This is done through a completion mechanism that calculates the final price for the target company. The entire M&A process includes planning, research, due diligence, and concludes with the exchange of contracts and closing.