Until an investment banking M&A transaction is publicly announced, investment bankers should always use an M&A project name in place of the actual company name. This helps maintain the confidentiality of the transaction and prevents any material nonpublic information from being disclosed to members of the public before it’s properly disseminated to everyone.
It is recommended that an M&A project name be picked using a random project name generator.
Why use M&A project names?
Upon undertaking any new assignment, code names should be used for:
The name of the project or transaction;
The name of the client; and
Any proposed business combination partner or counterparty
An M&A project name should be used in place of actual company names as much as possible, even during communications among members of the Investment Banking team and with members of Legal or Compliance, as well as in any expense reports and any other oral or written communications.
Different parties interested in the same potential M&A candidate may not necessarily use the same M&A project name. For example, if two investors are looking at a potential target company to acquire and are working with an investment bank, each of the investors may have a different code name for the project that they use with the bank.
Random Name Generator
Investment banking code names should be selected randomly and bear no relationship to the name of any company or industry that would permit a clever third party to see through the code name and identify the parties involved. An M&A project name should be arbitrary and exclusive.
Some companies such as Goldman Sachs have started using random, software-generated code names to remove the risk of using names that hint at the name of a company. Read more about Goldman Sachs project names here -> https://www.wsj.com/code-names-for-deals.
Thank you for reading this CFI guide to an investment banking M&A transaction.
To keep learning and advancing your career, these additional CFI resources will be a big help:
Take your learning and productivity to the next level with our Premium Templates.
Upgrading to a paid membership gives you access to our extensive collection of plug-and-play Templates designed to power your performance—as well as CFI's full course catalog and accredited Certification Programs.
Already have a Self-Study or Full-Immersion membership? Log in
Access Exclusive Templates
Gain unlimited access to more than 250 productivity Templates, CFI's full course catalog and accredited Certification Programs, hundreds of resources, expert reviews and support, the chance to work with real-world finance and research tools, and more.