This report was prepared by the leadership team of Bain & Company’s Global M&A and Divestitures practice, with special direction from Les Baird, partner; David Harding, advisory partner; Andrew Grosshans, partner; Kai Grass, partner; Suzanne Kumar, practice vice president; Madhurima Bhattacharya, associate partner; Joerg Ohmstedt, practice director; and an editorial team led by David Diamond.