{"id":17541,"date":"2023-03-13T12:06:43","date_gmt":"2023-03-13T11:06:43","guid":{"rendered":"https:\/\/wiersholm.no\/?post_type=newsletter&#038;p=17541"},"modified":"2025-03-11T19:14:42","modified_gmt":"2025-03-11T18:14:42","slug":"carve-out-transactions-involving-data-two-essential-considerations-you-need-to-make","status":"publish","type":"newsletter","link":"https:\/\/wiersholm.no\/en\/newsletters\/carve-out-transactions-involving-data-two-essential-considerations-you-need-to-make\/","title":{"rendered":"Carve-out transactions involving data: two essential considerations you need to make"},"content":{"rendered":"<h1 class=\"wp-block-post-title\">Carve-out transactions involving data: two essential considerations you need to make<\/h1>\n\n\n<figure class=\"wp-block-image alignwide size-full\"><img decoding=\"async\" src=\"https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2023\/03\/binary-code_16-9-foto-scaled-1.jpg\" alt=\"\" class=\"wp-image-21142\"\/><\/figure>\n\n\n<p class=\"t2-ingress t2-ingress wp-block-t2-ingress wp-block-t2-ingress\">Carve-out transactions (i.e. the sale or purchase of a subsidiary, a division or other part of a larger business enterprise\/group) will often raise a number of important issues for both the seller and the buyer when it comes to the split and transfer of the business data involved. Understanding these issues, and taking the right actions, is becoming increasingly important in M&amp;A transactions and traditional approaches to M&amp;A will often not provide sufficient protection.<\/p>\n\n<div class=\"t2-post-dynamic-part is-source-filter filter-competence_tags competence-tags wp-block-t2-post-dynamic-part\"><div class=\"wp-block-post-terms\"><a href=\"https:\/\/wiersholm.no\/en\/expertise\/mergers-and-acquisitions-ma\/\" rel=\"tag\">Mergers and Acquisitions (M&amp;A)<\/a><\/div><\/div>\n\n\n<p>In carve-out transactions, data is often shared, bundled or otherwise located \u201coutside\u201d the carved-out business.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"379\" src=\"https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2023\/03\/illustrasjon-6.png\" alt=\"\" class=\"wp-image-22524\" srcset=\"https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2023\/03\/illustrasjon-6.png 768w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2023\/03\/illustrasjon-6-300x148.png 300w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/figure>\n\n\n\n<p><em>Illustration 1: Example of transaction structure<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"458\" src=\"https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2023\/03\/illustrasjon-7.png\" alt=\"\" class=\"wp-image-22525\" srcset=\"https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2023\/03\/illustrasjon-7.png 768w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2023\/03\/illustrasjon-7-300x179.png 300w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/figure>\n\n\n\n<p><em>Illustration 2: Detailed transaction perimeter where the data pertaining to the Target Group is in fact located in the Seller Group, and vice versa<\/em><\/p>\n\n\n\n<p>This results in some key concerns:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>How will you get comfort that the data needed to operate the carved-out business is actually transferred or made available to the buyer; and<\/li>\n\n\n\n<li>How can and will the carved-out business utilise the relevant data post-closing?<\/li>\n<\/ul>\n\n\n\n<p>If these concerns are not properly addressed, the seller may not get paid full value for the business, the buyer may not get what it is looking for and, in the worst case, the transaction may end up collapsing as a result.<\/p>\n\n\n\n<p>With this back-drop, this newsletter raises two considerations which it is essential to take into account prior to entering into a carve-out transaction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-consideration-1-conduct-a-mapping-to-get-an-understanding-of-who-possesses-and-controls-the-data\">Consideration 1: Conduct a mapping to get an understanding of who possesses and controls the data<\/h2>\n\n\n\n<p>Data as an \u201casset\u201d has no legal framework and there is no specific law that regulates the ownership to data \u201cas such\u201d, unlike what is normally the case for the traditional IP-rights, such as patents, copyrights, trademarks and trade secrets. In general, without any restrictions in law or agreement, the \u201cowner\u201d of the data will in practice often be the party that actually \u201cpossesses\u201d and \u201ccontrols\u201d the data.<\/p>\n\n\n\n<p>To provide and get comfort in carve-out transactions, it is essential that both the seller and the buyer conduct a mapping of the business in question to understand (i) where the data is located, (ii) what it is used for, (iii) whether there are any restrictions on use and (iv) if and how the data should be transferred in the transaction. Since possession and control of data is key, it is important to make sure;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>if you are the seller,<ul><li>that no data you want to retain is in fact located in the carved-out business, and<\/li><\/ul>\n<ul class=\"wp-block-list\">\n<li>that commercial sensitive data which you do not want the carved-out business to have access to post-closing is sufficiently \u201cring fenced\u201d (i.e. that prior access is restricted, the data separated or that access control is implemented);<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>if you are the buyer,\n<ul class=\"wp-block-list\">\n<li>that no data you need for the acquired business is located in the business retained by the seller; and<\/li>\n\n\n\n<li>that commercial sensitive data which you do not want the seller to have access post-closing to is sufficient ring-fenced; and<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>in any case, that data which is supposed to be part of the transaction can actually be transferred in practice (i.e. no restrictions, either by law or contract).<\/li>\n<\/ul>\n\n\n\n<p>Further, a clear understanding of the above key elements is important for the parties\u2019 legal protection. Simply stating in the purchase agreement that \u201call data pertaining to the carved-out business shall be transferred\u201d (or similar types of wording) will in many cases <em>not be sufficient<\/em> legal protection, since;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the data is also often used by the seller\u2019s group, which means that this type of wording will not give a clear answer as to who has the right to the data;<\/li>\n\n\n\n<li>certain data can be bundled and may in practice not be possible to transfer separately; and<\/li>\n\n\n\n<li>the wording will likely not capture the actual structuring of data or any embedded data, just the underlying raw data.<\/li>\n<\/ul>\n\n\n\n<p>To summarise, a mapping is essential to identify who possesses and controls the data. Being in possession and control of the data will give you better protection, both legally and in practice. If you do not possess the data, you need to be (more) diligent in the mapping and be specific on what you need in the transaction agreements.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-consideration-2-data-vs-user-accounts-what-do-you-really-need\">Consideration 2: Data vs. user accounts \u2013 what do you really need?<\/h2>\n\n\n\n<p>In general, it is important to understand how the data is utilised and how to best utilise the data going forward when transferring and integrating the data to a new (receiving) environment and structure. A specific topic in this context is how to consider <em>user accounts<\/em> with pertaining data in carve-out transactions.<\/p>\n\n\n\n<p>More and more often, data is integrated with the IT-system in which it is used, in particular when it comes to algorithms and AI that utilise and create knowledge regarding the use of data. Therefore, in many cases, it is not possible to separate the data from the system in which it is embedded.<\/p>\n\n\n\n<p>For example:<\/p>\n\n\n\n<p>In the above illustrated carve-out transaction of the target group, half of the target group\u2019s revenue is created by ad-tech and generated through online advertisement on Facebook or other channels. Such online advertisement is based on quality data regarding consumer groups securing specific and targeted marketing, developed over time, and all such data is located in seller\u2019s google analytics account. If you as the buyer agree in the transaction agreement to only get \u201cthe data pertaining to the target group business\u201d and not the actual user account, you will have to start at scratch post-closing on building new quality data and you will lose the knowledge embedded in the user account developed over time. As an effect, the advertisement will likely be poor and not sufficiently targeted for a period post-closing, which in turn may result in lost revenue.<\/p>\n\n\n\n<p>In other words, the real value lies in the user account, and not in the data itself. When engaging in a carve-out transaction, a key consideration should therefore be whether the data itself is enough, or if you need the actual user account with the knowledge and embedded structured data.<\/p>\n\n\n\n<p>Wiersholm\u2019s M&amp;A Tech group has broad experience in advising on the issues related to transfers of data in M&amp;A transaction. Please reach out to our team if you want to discuss.<\/p>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h2 class=\"wp-block-heading\" id=\"h-key-contacts\">Key Contacts<\/h2>\n\n\n<div class=\"t2-featured-content-layout alignwide alignwide wp-block-t2-featured-content-layout\" role=\"list\">\n<div class=\"t2-featured-single-post t2-featured-content is-post-type-employee authorisation_tax-advokat competence_area_tax-commercial-contracts competence_area_tax-company-law-and-corporate-law competence_area_tax-ma competence_area_tax-private-equity competence_area_tax-technology-communication-and-digitalisation competence_area_tax-venture-capital-and-growth-financing role_tax-partner wp-block-t2-featured-single-post\" role=\"listitem\"><a class=\"t2-post-link wp-block-t2-post-link\" href=\"https:\/\/wiersholm.no\/en\/people\/kai\/\">\n<figure class=\"t2-post-featured-image has-image-ratio-4-3 wp-block-t2-post-featured-image\"><img decoding=\"async\" src=\"https:\/\/personapi.wiersholm.no\/ProfilbilderCV\/kai_cv.jpg\" alt=\"\" \/><\/figure>\n\n<div class=\"wp-block-group t2-post-inner-content is-layout-flow wp-block-group-is-layout-flow\">\n\t<h3 class=\"t2-post-title wp-block-t2-post-title\"> Kai Th\u00f8gersen<\/h3>\n\t<p class=\"has-x-small-font-size\">Partner<\/p>\n<\/div>\n\n<\/a>\n<\/div>\n<\/div><\/div>\n\n\n<div class=\"t2-post-dynamic-part is-source-filter filter-published_date_group wp-block-group published-date wp-block-t2-post-dynamic-part\"><div class=\"wp-block-group published-date has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\"><div class=\"wp-block-group less-gap is-content-justification-left is-nowrap is-layout-flex wp-container-core-group-is-layout-2 wp-block-group-is-layout-flex\"><p>Published:&nbsp;<\/p><div class=\"wp-block-post-date\">13.03.2023<\/div><\/div><div class=\"wp-block-group less-gap is-content-justification-left is-nowrap is-layout-flex 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1536w, https:\/\/wiersholm.no\/content\/uploads\/sites\/2\/2025\/10\/Finans-02-16-9-2048x1152.jpg 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n<div class=\"wp-block-group t2-post-inner-content is-layout-flow wp-block-group-is-layout-flow\">\n\t<h3 class=\"t2-post-title wp-block-t2-post-title\">Norwegian Rules on Ownership Assessment for Financial Institutions in Breach of EEA Law<\/h3>\n\t<p class=\"has-x-small-font-size\">Newsletters<\/p>\n<\/div>\n\n<\/a>\n<\/div>\n<\/li><\/ul><\/div>\n<\/div>\n","protected":false},"featured_media":21142,"template":"","meta":{"editor_notices":[]},"tags":[],"competence_area_tax":[35],"class_list":["post-17541","newsletter","type-newsletter","status-publish","has-post-thumbnail","hentry","competence_area_tax-ma"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Carve-out transactions involving data: two essential considerations you need to make - Law firm Wiersholm<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wiersholm.no\/en\/newsletters\/carve-out-transactions-involving-data-two-essential-considerations-you-need-to-make\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Carve-out transactions involving data: two essential considerations you need to make\" \/>\n<meta property=\"og:description\" content=\"In carve-out transactions, data is often shared, bundled or otherwise located \u201coutside\u201d the carved-out business. 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