Signing refers to the date and act of execution of the SPA by all transaction parties — marking the definitive contractual commitment between seller and acquirer. It precedes closing (the date of actual ownership transfer and price payment), which may be simultaneous or separated by a period of weeks to months depending on conditions precedent to be satisfied (regulatory approvals, financing confirmations, employee consultation). At signing, the parties' obligations are crystallised and the conditions precedent period begins.

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Example: in a CHF 35.0 million Swiss industrial group acquisition, signing occurs on March 15. Conditions precedent include COMCO merger control clearance and banking financing confirmation. Closing occurs 6 weeks later on April 28 — when the price is wired, shares are transferred via the share movement register and the buyer assumes operational control of the target.

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Hectelion coordinates signing and closing logistics in every M&A mandate, ensuring legal compliance and timeline management across French and Swiss jurisdictions.