In this section, we demonstrate how to model a merger of two public companies in Excel. Each topic contains a spreadsheet with which you can interact within your browser to inspect cell equations and read comments, or download and open in Excel. This is a very detailed M&A model, loaded with bells and whistles and built using “best-practices” for financial modeling, that should address most of the M&A situations you may encounter. However, it is not intended as a template for modeling all M&A transactions; just like snowflakes, no two deals are alike. The topics in this section are presented in sequential order, as if you were building the model from scratch, but you are welcome to skip to any page that fulfills your particular education needs.