What are typical transaction fees in an M&A deal, and how are they treated in accounting?

Typical fees include advisory, legal, due diligence, accounting, tax, financing, commitment, bridge, and integration-related costs. M&A advisory and legal transaction costs are usually expensed as incurred for business combinations. Financing fees are capitalized / amortized against debt using effective interest logic. Equity issuance costs reduce equity proceeds. Treatment matters for EPS, cash flow, and adjusted EBITDA.