How does PPA work in a carve-out, and which stranded costs must you consider?

Carve-out PPA values the assets and liabilities transferred, including standalone intangibles, leases, pensions, tax assets, and environmental obligations. Stranded costs are seller costs that remain after divestiture or buyer costs needed to replace group services. Model TSAs, standalone corporate costs, IT, finance, HR, procurement, and facility costs separately from historical allocations.