{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Mastering Carve-Out Transactions with Keith Crawford","description":"Keith Crawford, Global Head of Corporate Development and M&A at State Street Corporation Keith Crawford, Global Head of Corporate Development and M&A at State Street Corporation, brings over 20 years of expertise executing some of the most intricate custody business carve-outs in financial services. In this episode, Keith breaks down the realities of carve-out transactions\u2014from proactive deal sourcing and dependency mapping to navigating TSAs and post-close integration. He shares hard-won lessons on avoiding common pitfalls like scope creep, third-party contract renegotiations, and employee retention challenges that can derail even the most promising deals. Things You'll Learn Why carve-out transactions demand bespoke approaches: No two deals are alike\u2014discover how to identify the 20% of unknowns that templates can't capture and build flexibility into your diligence process. How to source carve-out opportunities proactively: Learn State Street's strategy for targeting custody business carve-outs, including the "why us" narrative and who to approach (hint: not the business unit leader). The integration secrets that prevent deal failure: From embedding integration experts early in diligence to managing employee retention and TSA timelines, Keith reveals how to align synergy assumptions with operational reality. ____________________ Share Your M&A Experience for the Chance at $500 Giftcard M&A moved fast in 2025. But what actually changed? We're collecting real insights from practitioners\u2014not consultants on the sidelines\u2014to understand how corp dev teams, PE firms, and advisors are adapting. Takes 10 min. Get early access to results + chance at $500 gift card. Share your experience: https:\/\/hubs.ly\/Q03Rr89G0 ____________________ This episode is brought to you by S&P Global. Today's episode of M&A Science is brought to you by S&P Global Market Intelligence. If you're in corp dev or PE, you know the pain \u2014 good private company data is hard to come by. Everyone's still chasing clean, reliable, up-to-date data. I started out using CapIQ Pro for public comps, but didn't realize until recently how deep their private company coverage has gotten. Over 58 million private companies, global reach, and actually usable for real deal work.  This isn't surface-level. You get real metrics \u2014 ownership, financials, funding rounds, even asset-level insights. So if you're still toggling between a dozen tools trying to piece together the picture, maybe it's time to stop guessing and start sourcing better.  Learn More Here: https:\/\/www.spglobal.com\/market-intelligence\/en\/solutions\/products\/private-company-data?utm_source=podcast&utm_medium=video&utm_campaign=MAScienceH225 _______________ Episode Chapters: [00:03:30] From Accountant to M&A Leader \u2013 Keith's journey from audit to becoming a dealmaking general contractor [00:06:00] The General Contractor Mindset \u2013 Why successful M&A requires orchestrating expert teams across tax, operations, IT, and risk [00:06:30] The 80\/20 Rule of Carve-Outs \u2013 Why templates work for most deals but the 20% whitespace requires bespoke analysis [00:10:00] Third-Party Contract Landmines \u2013 How change-of-control provisions can blow up your valuation assumptions [00:16:00] Building Strategic Alignment Early \u2013 Embedding integration experts into diligence to bridge deal models with operational reality [00:23:00] Proactive Deal Sourcing Strategy \u2013 State Street's approach to targeting custody business carve-outs with a clear "why us" narrative [00:35:00] Leveraging Banker Networks Strategically \u2013 How mid-tier investment banks often have better contacts for carve-out opportunities [00:48:00] Culture Preservation in Integration \u2013 Lessons from the Charles River acquisition on maintaining employee morale and retention [00:52:30] Major Deal Breakers \u2013 The two red flags that cause State Street to walk away from carve-out transactions [00:55:00] The Craziest M&A Moment \u2013 A hospital room negotiation that almost derailed a major international carve-out ____________________ Questions, comments, concerns?Follow Kison Patel for behind-the-scenes insights on modern M&A. ","author_name":"M&A Science","author_url":"http:\/\/www.mascience.com","html":"