Project Northwind · acquisition, EV $180M

Diligence above 35% of feesPhase: due diligenceCorporate development lead: H. Varga · share deal, regulated target, 3 jurisdictions · Firm J (assigned 2 Jul) · read from deal CRM 2 min ago

Phase gate Review invoice 2026-3312

$1,500,000

Deal fee budget

0.83% of EV at plan

$1.65M

Predicted total deal fees

0.92% of EV · benchmark 0.78%

$758,000

Spent · 51% of plan

Diligence at 114% of phase budget

11 wk

Since LOI · comparable median 9 wk

Phases and invoices

Phases from LEDES task codes; budgets from the phase plan

Structuring$118K of $120K · done

Due diligence$640K of $560K · gate due

Draftingfcst $410K vs $380K

Negotiationfcst $330K vs $300K

Closingfcst $150K vs $140K

Invoice	Period	Billed	Adjusted	Paid	Status
2026-3102	Jul	$118,400	$2,100	$116,300	Paid
2026-3210	Aug	$312,000	$9,400	$302,600	Paid
2026-3290	Aug (legal-tech)	$48,200	$9,800	$38,400	Paid
2026-3312	Aug (Firm K, REG-0077)	$184,600	$18,250	—	In review · 24 days