In private-target M&A, working capital purchase price adjustments (PPAs) have become the norm – present in more than 90% of transactions today, up from 50% just a decade ago. What is behind this shift? What other PPA trends are emerging?
The 2026 SRS Acquiom M&A Working Capital Purchase Price Adjustment Study analyzes more than 1,500 private-target acquisitions, most of which are not publicly reported. These deals were valued at more than $385 billion with finalized PPAs. The study also includes drafting considerations and additional insights from SRS Acquiom in-house CPAs and Chartered Accountants who, together, have resolved more than 2,900 PPAs.
Learn more about:
- How are deal parties negotiating PPA provisions?
Explore trends in PPA customization based on deal dynamics. - What to know when sizing PPA escrows?
Glean insights about separate escrows and trends in claim sizes. - What actually happens?
Learn more about the time and process afforded to PPA reviews and resolutions.
Kip is a senior director leading the SRS Acquiom thought leadership practice, the mission of which is to share resourceful content built from SRS Acquiom expertise and proprietary data. In addition to facilitating scores of interactive presentations at M&A conferences and law firms, Kip authors a plethora of articles and data studies regularly utilized by the market.
Previously, Kip was a part of the SRS Acquiom Transactional Group, where he collaborated with clients and counsel to negotiate M&A documents including purchase, escrow, payments, and other transactional agreements. Before joining SRS Acquiom, he was an attorney with a Denver-based boutique business law firm working on middle-market M&A deals.
Kip holds J.D. and M.S. (Econometrics) degrees and is a member of the Colorado bar.