Transaction Opinions

Our Transaction Opinions solutions span fairness opinions, solvency opinions, ESOP/ERISA advisory, board and special committee advisory, and complex valuations.

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Kroll’s team has particular expertise in situations where advisor independence is paramount, and scrutiny is elevated.

Our Opinions practice helps boards of directors and special committees formed by boards fulfill their fiduciary responsibilities when considering many corporate transactions. Over the past 20 years, we have provided 1,500+ fairness opinions and 1,400+ solvency opinions with more than $11 trillion in deal value.

Key Services

Fairness Opinions
Special Committee Financial Advisory
Solvency Opinions and Surplus Opinions
Commercially Reasonable Debt Opinions
Reasonably Equivalent Value Opinions
ESOP and ERISA Advisory
Complex Valuation Opinions

Key Situations

Dividend Recapitalization Transactions
Share Repurchase Transactions
General Partner (GP)-led Secondary Recapitalization Transactions
Private Equity Fund-to-Fund Transactions
Mergers and Acquisitions Transactions
Liability Management Transactions
Spin-Off/Split-off Transactions
Going-Private Transactions
Related-Party Transactions

Connect with Us

Christopher Janssen

Managing Director and Global Head of Transaction Opinions

Transaction Opinions

+1 312 697 4643 Chris Janssen

David Lee

Managing Director and Head of EMEA Transaction Opinions

Transaction Opinions

+1 212 871 0241 David Lee

David Liu

Regional Managing Director, Asia-Pacific

Alexandre Pierantoni

Alexandre Pierantoni

Alexandre Pierantoni

Managing Director

Mergers and Acquisitions (M&A) Advisory

+55 11 3192 8103 Alexandre Pierantoni

Stay Ahead with Kroll

Fairness Opinions

Our Opinions practice is a global leader in Fairness Opinions and Special Committee Advisory, ranking #1 for total number of fairness opinions in the U.S. and Globally over the last 20 years according to LSEG (fka Refinitiv).

Fairness Opinions

Solvency Opinions

Kroll’s Opinions practice is a globally recognized leader in solvency opinions. Over the last 20 years, we have rendered more than 1,400 solvency opinions with $10+ trillion in deal value.

Solvency Opinions

Commercially Reasonable Debt Opinions

Advisory on capital structure, interest rate, and the other economic terms of debt securities.

Commercially Reasonable Debt Opinions

How Much is Your Management Company Worth in a REIT Roll-up Transaction?

REIT Roll up feature

How Much is Your Management Company Worth in a REIT Roll-up Transaction?

Learn more in Sherry Cefali's article published by GlobeStreet.com that explores management company valuations.

Preparing a Family Business for Sale

Kroll Client Stories with Bob Bartell

Preparing a Family Business for Sale

Discover how Kroll’s M&A Advisory and Investigations teams helped a family company sell their business through constructing a robust financial projection model to attract lenders and investors.

Request Our Qualifications

FEATURED CASE STUDIES

Bath & Body Works

Neon Therapeutics

NN. Inc.

Xtant Medical

Isramco

Syncora Holdings Ltd

Elanco

Bath & Body Works

Neon Therapeutics

NN. Inc.

Xtant Medical

Isramco

Syncora Holdings Ltd

Elanco

Explore Insights

Food and Beverage M&A Industry Insights–Spring 2025

Food and Beverage M&A Industry Insights–Spring 2025

Food and Beverage M&A Industry Insights–Spring 2025

Our Food and Beverage M&A Industry Insights Spring 2025 report aims to identify trends and provide insights across the food and beverage sector, focusing on key themes, issues and opportunities. Read more.

Global Oil and Gas M&A Outlook–Q4 2024

Valuation Outlook

Global Oil and Gas M&A Outlook–Q4 2024

Global Oil and Gas M&A Outlook–Q4 2024

Kroll’s Global Oil and Gas M&A Outlook–Q4 2024 examines the latest trends in commodity prices, leading sector indicators, valuation developments, and M&A deals from the quarter. Read more.

Navigating Working Capital in M&A Transactions

Navigating Working Capital in M&A Transactions

Navigating Working Capital in M&A Transactions

Working capital is the short-term capital necessary to run a business and is typically defined as current assets minus current liabilities. Working capital is an important, complex, and potentially overlooked component of M&A transactions.

Industrial Technology & Engineered Products Industry Insights–Q1 2025

Industrial Technology & Engineered Products Industry Insights – Q1 2025

Industrial Technology & Engineered Products Industry Insights–Q1 2025

The integration of artificial intelligence (AI) is driven by organizations seeking to capture competitive advantages and optimize operations. Leading tech companies, such as the Magnificent Seven, continue to increase budgets for investment in cloud computing to better understand internal and external data and make decisions from those learnings.

Convertible Notes, the Path to Cheaper Financing in an Uncertain World

Convertible Notes, the Path to Cheaper Financing in an Uncertain World

Convertible Notes, the Path to Cheaper Financing in an Uncertain World

Financing is essential to early-stage entities – given the significant, upfront investment necessary to research, develop, and bring new products and services to markets, entities will often turn to complex debt and equity transactions to infuse cash into the business.

Aerospace Defense Government Services 2024 Year in Review / 2025 Outlook

Aerospace Defense Government Services 2024 Year in Review / 2025 Outlook

Aerospace Defense Government Services 2024 Year in Review / 2025 Outlook

Most segments of the ADG industry are experiencing positive momentum. Strong demand for commercial air travel with continued year-over-year growth in revenue passenger miles is benefiting operators and driving demand for aftermarket parts and services. Learn more.

Building Products & Materials Industry Insights—Winter 2025

Building Products & Materials Industry Insights—Winter2025

Building Products & Materials Industry Insights—Winter 2025

High interest rates and a low supply of homes headlined the U.S. housing market in 2024. Despite three consecutive rate cuts in 2024, the average 30-year fixed-rate mortgage was 6.72% in December 2024. In response to the high-interest-rate environment, the number of single-family home starts marginally decreased by 2.1% in 2024. Read more.

Food and Beverage M&A Industry Insights–Winter 2025

Food and Beverage M&A Industry Insights–Winter 2025

Food and Beverage M&A Industry Insights–Winter 2025

The food and beverage industry experienced moderately strong and consistent deal flow in Q4 2024 that was likely supported by lower interest rates in Canada and the U.S. but limited by the uncertainty stemming from the U.S. election and global conflicts. Read more.

What Are the 10 Largest REIT IPOs?

Fairness and Solvency Opinions

What Are the 10 Largest REIT IPOs?

What Are the 10 Largest REIT IPOs?

Our globally ranked Opinions Practice rendered fairness opinions on six of the ten largest REIT IPOs. Learn more.

Canadian M&A Industry Insights–Winter 2025

Canadian M&A Industry Insights–Winter 2025

Canadian M&A Industry Insights–Winter 2025

Canadian M&A activity declined in volume and disclosed value in 2024 when compared to 2023. Heightened buyer precautions, challenging credit conditions and general economic uncertainty have led to an overall decrease in Canadian deal flow. Learn more.

Politicians to Take Notice of Private Debt in 2025

Valuation Outlook

Politicians to Take Notice of Private Debt in 2025

Politicians to Take Notice of Private Debt in 2025

As the world awaits Donald Trump’s second term, private credit is set to become a major force in markets and that will attract the attention of politicians. Read more.

See all Transactions

Kroll's Consumer & Restaurant Investment Banking Team Advised Broadway Hospitality Group (DBA Tavern in the Square) on Its Sale to Authentic Restaurant Brands

Sell Side Advisor

Kroll's Consumer & Restaurant Investment Banking Team Advised Broadway Hospitality Group (DBA Tavern in the Square) on Its Sale to Authentic Restaurant Brands

Kroll’s Opinions Practice Rendered a Fairness Opinion in Connection with TowerBrook’s Acquisition of R1 RCM

Fairness Opinion

Kroll’s Opinions Practice Rendered a Fairness Opinion in Connection with TowerBrook’s Acquisition of R1 RCM

January 23, 2025

Kroll Rendered Solvency Opinions in Connection with Howard Hughes Holdings’ Spinoff of Seaport Entertainment Group

Solvency Opinion

Kroll Rendered Solvency Opinions in Connection with Howard Hughes Holdings’ Spinoff of Seaport Entertainment Group

The Duff & Phelps Opinions Practice of Kroll Rendered a Fairness Opinion for Lineage’s Management Company Internalization Transaction in Connection with Its IPO

Fairness Opinion

The Duff & Phelps Opinions Practice of Kroll Rendered a Fairness Opinion for Lineage’s Management Company Internalization Transaction in Connection with Its IPO

Kroll Corporate Finance Advised Microcel Corporation on Its Sale to TDL Gentek

Sell Side Advisor

Kroll Corporate Finance Advised Microcel Corporation on Its Sale to TDL Gentek

The Duff & Phelps Opinions Practice of Kroll Rendered a Fairness Opinion to the Partnership Board of Grant Thornton LLP

Fairness Opinion

The Duff & Phelps Opinions Practice of Kroll Rendered a Fairness Opinion to the Partnership Board of Grant Thornton LLP

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