How do you carve out a division of a financial services company while it continues to operate, particularly when you have no idea who will buy it? As a fast process was the top priority for our client, we started at the very beginning of the M&A process by preparing for the carve-out. We separated the IT landscapes, migrated data and drafted service agreements for operations after the deal was closed. The success of this ‘open heart surgery’ on the client’s business is evident from the way that that heart has been beating for us ever since.