In principle STAGE:

Gather high level information and accept at face value.
Determine a fair value and structure for the deal.
Agree transaction parameters with sellers and/or management.
Obtain in-principle approval from investment committee.
Timing can vary but generally will take approximately ten days from agreeing parameters to obtaining approval.

Due diligence and documentation STAGE:

Perform business, financial, legal and tax due diligence.
Submit Competition Commission submission.
Obtain final approval from investment committee.
Draft and conclude legal agreements.
Timing will vary and generally will take one to three months depending on the availability of information.